Presented by Stuart Parks, Head of Asian Equities Asia grows - grow with it March 2006 This presentation is aimed at professional investors and market.

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1 Presented by Stuart Parks, Head of Asian Equities Asia grows - grow with it March 2006 This presentation is aimed at professional investors and market counterparties and should not be distributed or redistributed to any other persons.

2 2 Table of contents Section01 Asian economies and market outlook Section 02 Valuations Section 03 Portfolio positioning Section 04Performance review Section 03 Appendix: Investment process Table of contents This document is exclusively for use by investment professionals in Continental Europe and is not for consumer use. Data as at February 2006, unless otherwise stated. For information on fund registrations, please refer to the appropriate internet site or your local INVESCO office. This marketing document does not form part of any prospectus. Whilst great care has been taken to ensure that the information contained herein is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. Opinions and forecasts are subject to change without notice. The value of investments and the income from them can go down as well as up (this may partly be the result of exchange rate fluctuations in investments which have an exposure to foreign currencies) and investors may not get back the amount invested. Past performance is not necessarily a guide to the future. The performance data shown does not take account of the commissions and costs incurred on the issue and redemption of units. There is potential for increased volatility in emerging stock markets, and only a modest proportion of investable wealth should be invested in them. Investing in funds focused on specific themes, particular areas of the market or small capitalisation companies may increase the risk associated with them due to the volatility and/or the concentrated nature of these investments. You should read the fund prospectus for specific risk factors and further information. This document is not an invitation to subscribe for shares in the fund and is by way of information only. Asset management services are provided by INVESCO in accordance with appropriate local legislation and regulations. www.invescoeurope.com

3 3 01 Asian Economies and market outlook

4 4 Source: CSFB as at 1 st March 2006 Real GDP (y-y%) 20042005 China10.19.5 Hong Kong8.67.3 India7.18.1 Indonesia4.95.6 Korea4.64.0 Malaysia7.15.4 Philippines6.05.1 Singapore8.96.4 Taiwan6.14.1 Thailand6.24.4 2006F 10.1 4.7 8.5 4.3 4.4 6.5 5.1 7.0 5.0 4.7 Forecast Summery

5 5 Asian economies: exports and domestic demand driving growth Source: UBS, as at February 28, 2006 (% YoY) (LHS)(RHS)

6 6 Asia: becoming a region of spenders Source: CLSA, United Nations. Actual data to & estimates made at 1 st April 2005

7 7 China: cost competitiveness Source: Bloomberg; China Statistical Yearbook; BNP Paribas Peregrine to 31st December 2004.

8 8 100 90 80 70 60 50 1985 1990199520002005 120 115 110 105 100 95 90 Chinese: Unit Labor Costs* (LHS) Export Prices** (RHS) Low labour costs: Exporting deflation Source: © BCA Research 2005 *BCA calculation, rebased to Jan. 1995 = 100. **defined as U.S. import prices from China. Hong Kong re-export prices prior to December 2003.

9 9 Central banks are comfortable Source: CLSA, as at 20th January, 2006

10 10 02 Valutations

11 11 Asian six-month forward P/E Source: UBS as at 28 th February 2006

12 12 Asian aggregate price-to-book value vs. ROE Source: UBS as at 28th February 2006

13 13 2006 Asian earnings growth Source: UBS. Data & estimates as at 1 st March 2005 EPS growth200120022003200420052006E Banks & Finance18.1%0.5%12.7%37.3%13.4%11.3% Basic Materials-33.1%60.4%71.4%82.2%7.6%-16.1% Consumer Cyclicals-7.5%82.3%1.2%26.2.%-2.8%17.9% Consumer Non-cyclicals5.3%30.2%10.0%3.8%8.0%15.9% Energy-12.4%13.8%31.1%57.5%23.9%17.0% Healthcare66.6%48.6%18.5%-0.7%-7.6%36.0% Industrial-10.6%23.3%28.7%18.7%-9.4%35.8% Real Estate-5.7%8.4%5.5%29.2%4.2%17.5% Technology-76.7%156.4%19.3%116.0%-19.6%32.0% Telecom16.1%2.3%16.6%28.4%14.8%12.1% Utilities5.1%24.5%-1.9%12.8%4.4%9.4% Asia ex Japan-17.0%24.9%20.2%43.2%6.4%14.9%

14 14 Valuation discount to developed markets We believe the sharp discount is unwarranted and expect Asia to continue to outperform global equities Source: UBS estimates as at 1 st March 2006 P/EP/BYield 060706070607 Asia ex Japan12.410.91.81.63.03.4 World14.312.92.32.12.42.6 S&P 50014.613.12.72.51.92.0 Europe13.612.32.11.93.13.3

15 15 03 Portfolio Positioning

16 16 SectorFeb-06Benchmark% active Cash7.40.07.4 Cons. Staples8.03.94.1 Cons. Discretionary 12.48.63.8 Industrials13.011.11.9 Health Care1.30.80.5 Telecomms Svs.6.17.3-1.2 Utilities2.24.6-2.4 Materials3.66.2-2.6 IT20.323.6-3.3 Financials23.227.3-4.1 Energy2.46.9-4.5 INVESCO Asian Equity Fund – Sector over/underweights Source: INVESCO as at 28 th February 2006. Benchmark: MSCI AC Asia Free ex Japan *financials weighting includes positions in conglomerates Jardine Matheson and Jardine Strategic

17 17 CountryFeb-06 Bench- mark % active Cash7.40.07.4 Hong Kong16.714.62.1 Indonesia3.62.21.4 Thailand3.52.70.8 Singapore8.27.50.7 UK0.70.00.7 Philippines1.30.70.6 Malaysia4.64.20.4 India8.38.9 -0.6 Taiwan16.620.1 -3.5 Korea22.926.5 -3.6 China6.112.2 -6.1 INVESCO Asian Equity Fund – Country over/underweights Source: INVESCO as at 28 th February 2006 Benchmark: MSCI AC Asia Free ex Japan

18 18 Stock example: United Phosphorus – acquisitive in agrochemicals Supportive industry backdrop –Reduction in arable land => increased need for farm inputs –Shift from branded/patented to generic agrochemicals –high entry barriers, highly consolidated, distributor controlled Expanding into high margin export markets –organically –acquisitions Attractive valuations Source: Bloomberg as at 26 February 2006 Purchased here

19 19 Stock example: Orion Corp. Leading confectionary manufacturer in Korea with consistently rising market share, plus successful expansion into China New lottery, management and media businesses significantly exceeding forecasts Source: Goldman Sachs, Bloomberg as at 28 February 2006 Purchased here

20 20 04 Performance Review

21 21 Discrete year performance (%) – INVESCO Asian Equity Fund Source: Standard & Poors on a mid-price, UK non taxpayer basis with gross income reinvested in US dollars. Quartile rank & sector position refer to the S&P Offshore Equity Asia ex Japan sector. As at 31st January 2006. Past performance is not a guide to the future 199819992000200120022003200420052006 ytd INVESCO Asian Equity Fund (%)-3.687.8-28.72.30.250.9 16.621.28.6 Quartile212111 2 21 Sector position30/10319/11851/13833/15121/16142/17153/17865/18632/194 MSCI AC Asia Free ex Japan (%)-7.864.7-35.2-3.8-8.347.017.723.27.3 The fund has a track record of outperforming the peer group and benchmark in bull and bear market conditions.

22 22 Fund awards

23 23 05 Appendix: Investment Philosophy & Process

24 24 Process Overview Portfolio construction tilts growth / defensive large / small cap sector market position size Top Down Bottom Up liquidity backdrop country analysis sector research divergence from consensus expectations valuation performance catalysts potential returns

25 25 Liquidity Trend Analysis Liquidity conditions are the key determinant in shaping the environment for equities Liquidity is best gauged by changes to balance of payments conditions Findings of liquidity trend analysis determines the portfolio bias to growth or value stocks, large vs. small caps A projected deterioration of liquidity conditions will emphasise need for capital preservation Source: UBS to October 2005 TopDown

26 26 Company Research Research aims to –gain intimate understanding of the company (strategy, track record, growth potential, financial strength) –establish where consensus may be wrong in its assessment of the companys prospects Primary research –company visits in Asia (3-4 trips per annum per fund manager) –conference calls from Henley –company meetings / conferences in London –team coverage: more than 700 company meetings per year Secondary research –sellside analysis helps to establish where consensus is BottomUp

27 27 Portfolio Construction If expected investment return of a stock looks attractive compared with the return outlook for the asset class, include in portfolio If expected investment return of a stock is negative, then zero weight irrespective of benchmark weight Size of holding in portfolio is determined by diversification, not benchmark considerations: large cap target weight 2%, small cap target weight 1% Risk control Bottom up: usually no more than 5% in single holding, 60-85 stocks in the portfolio, maximum 50% in small caps Top down: maximum double or half-weighted in core markets or sectors. Maximum 10% cash BottomUp

28 28 Wichtige rechtliche Hinweise Dieses Dokument dient ausschließlich der Information und stellt weder eine konkrete Anlageempfehlung noch ein Angebot dar. Die Wertentwicklung der Anteile in der Vergangenheit bietet keine Garantie für den Erfolg in der Zukunft. Der Wert von Anteilen und deren Ertrag können sowohl steigen als auch fallen. Auch Wechselkursänderungen können den Wert einer Anlage sowohl steigen als auch fallen lassen. Es besteht daher die Möglichkeit, dass Sie bei der Rückgabe Ihrer Anteile weniger als den ursprünglich angelegten Betrag zurück erhalten. Fonds, die in Schwellenländern (Emerging markets), in Unternehmen mit geringer Marktkapitalisierung oder nur in bestimmten Regionen oder Industriezweigen anlegen, können verstärkt Wertschwankungen ausgesetzt sein. Diese Fonds empfehlen sich grundsätzlich nur für Anleger, die gewillt und in der Lage sind, das mit derartigen Anlagen verbundene höhere Risiko in Kauf zu nehmen. Sämtliche Informationen in diesem Dokument wurden von INVESCO Mitarbeitern im Rahmen ihrer Berufsausübung erstellt. Die hier dargestellten Meinungen sind, soweit nicht anders angegeben, die der Autoren zum Stand Februar 2006, die ständigen Änderungen unterworfen sind. Obwohl große Sorgfalt darauf verwendet wurde, sicherzustellen, dass die in diesem Dokument enthaltenen Informationen korrekt sind, kann ebenso wenig eine Verantwortung für Fehler oder Auslassungen irgendwelcher Art übernommen werden, noch für alle Arten von Handlungen, die auf diesen basieren Dieses Dokument sollte stets im Zusammenhang mit dem Verkaufsprospekt des Fonds, der weitere wichtige Hinweise und Informationen enthält, gelesen werden. Zeichnungen von Anteilen werden nur auf der Grundlage des vollständigen und aktuellen Verkaufsprospektes angenommen. Verkaufsprospekte und Rechenschaftsberichte sind als Druckstücke kostenlos erhältlich bei INVESCO Asset Management Österreich GmbH, Rotenturmstraße 16-18, 1010 Wien, Tel: +43 (0)1 31620-0, Fax -20, www.invesco.at;www.invesco.at Members of the AMVESCAP Group