The benefits of using an external asset manager Presented by: Paul Mueller and David Todd

1. The benefits of using an external asset manager Presented by: Paul Mueller and David Todd

2. Table of Contents

3. 3 Invesco: Independent, global investment manager

4. Range of products and clients Our ability to deliver the strategies you need in the way you want them is demonstrated by an asset base diversified across channels, asset classes and geography. Our distribution channels are nearly equally split between retail and institutional clients. And we have a strong and growing position in the private wealth management business. More than half of our total assets under management are nontraditional equities. 40% of assets under management are outside the U.S. And we service clients in more than 100 countries. Our ability to deliver the strategies you need in the way you want them is demonstrated by an asset base diversified across channels, asset classes and geography. Our distribution channels are nearly equally split between retail and institutional clients. And we have a strong and growing position in the private wealth management business. More than half of our total assets under management are nontraditional equities. 40% of assets under management are outside the U.S. And we service clients in more than 100 countries.

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7. Section 2  Invesco track record

8. AIM LINK� Remote makes trading quicker and more efficient by supplying on-line, real-time access to your accounts (view information, execute purchases and redemptions, etc.) in the AIM Institutional Funds through a direct connection with AIFS. The system services only institutions, processing their accounts in either an omnibus position or by way of a subaccounting package. AIM LINK� Remote is completely menu-driven with user-friendly prompts, requires little hardware and offers reporting flexibility. AIM LINK� Remote makes trading quicker and more efficient by supplying on-line, real-time access to your accounts (view information, execute purchases and redemptions, etc.) in the AIM Institutional Funds through a direct connection with AIFS. The system services only institutions, processing their accounts in either an omnibus position or by way of a subaccounting package. AIM LINK� Remote is completely menu-driven with user-friendly prompts, requires little hardware and offers reporting flexibility.

9. Investment returns

10. Section 3  How Invesco control interest rate and counterparty risk

11. Structured, disciplined risk control

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17. Something else to think about�Government Guaranteed Bank Debt

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19. Appendices

20. Credit Research � 38 full-time, 7 banking & insurance

21. Example of dissemination of change in c/party view�

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25. Interest rate risk � How Invesco form a view Long term outlook with 6 month time horizon UK Growth versus Inflation expectations Global GDP growth expectations Other asset classes Short term view with 2-3 weeks time horizon Examine positioning of other investors Supply and demand projections including coupon flows Market irregularities

26. Very important to quantify interest rate risk

27. Invesco Gilt fund comparative track record

28. Important information