Invesco Perpetual UK Equities Investment Trusts

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1 Invesco Perpetual

2 Investment risks The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested. When making an investment in an investment trust/company you are buying shares in a company that is listed on a stock exchange. The price of the shares will be determined by supply and demand. Consequently, the share price of an investment trust/company may be higher or lower than the underlying net asset value of the investments in its portfolio and there can be no certainty that there will be liquidity in the shares. As the Invesco Perpetual UK Smaller Companies Investment Trust plc is a smaller companies product, investors should be prepared to accept a higher degree of risk than for a product with a broader investment mandate. The Invesco Perpetual UK Smaller Companies Investment Trust plc, Invesco Perpetual Select Trust plc, Edinburgh Investment Trust plc, Perpetual Income and Growth Investment Trust plc and Keystone Investment Trust plc use derivatives for efficient portfolio management which may result in increased volatility in the NAV. The Invesco Perpetual UK Smaller Companies Investment Trust plc, Invesco Perpetual Select Trust plc, Edinburgh Investment Trust plc, Perpetual Income and Growth Investment Trust plc, Invesco Income Growth Trust and Keystone Investment Trust plc use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall. Further details of the Company s Investment Policy and Risk and Investment Limits can be found in the Report of the Directors contained within the Company s Annual Financial Report. 02 Invesco Perpetual

3 Your guide to the managed by Invesco Perpetual The Edinburgh Investment Trust plc Perpetual Income and Growth Investment Trust plc Currently, a relatively concentrated portfolio of predominantly large cap companies. Deputy manager Mark Barnett James Goldstone Launched 1 March 1889 The Company invests primarily in UK securities with the long term objective of achieving: 1) an increase of the Net Asset Value per share in excess of the growth in the ; and 2) growth in dividends per share in excess of the rate of UK inflation. UK Equity Income Dividend yield 1 3.9% m Typical number of holdings Ongoing charge (incl AMF) 0.57% Annual Management Fee (AMF) based on Market Cap 0.55% Currently, wide exposure to UK plc, including mid, small cap and unquoted stocks. Deputy manager Mark Barnett Martin Walker Launched 21 March 1996 To provide shareholders with capital growth and real growth in dividends over the medium to longer term from a portfolio of securities listed mainly in the UK equity markets. UK Equity Income Dividend yield 1 3.9% m Ongoing charge (incl AMF) 0.70% Annual Management Fee (AMF) On first 900m on gross assets 0.60% Thereafter 0.40% 100m 7.75% debenture stock m 364 day credit facility with Bank of New York Mellon. 60m 4.37% Senior Secured Notes m overdraft facility with Bank of New York Mellon. United Kingdom 91.6 Switzerland 4.5 United States 3.5 Cash/cash equivalent 0.4 United Kingdom 91.8 Switzerland 4.1 United States 3.9 Cash/cash equivalent 0.2 FTSE 100 index 50.4 Financials 37.6 FTSE 100 index 46.0 Financials 35.8 FTSE 250 index 28.5 FTSE Small Cap 10.3 Consumer goods 13.5 Industrials 12.8 Health care 11.5 Consumer services 10.5 FTSE 250 index 26.6 FTSE Small Cap 14.0 Health care 16.5 Industrials 13.5 Consumer goods 12.0 Consumer services 9.5 International equities 7.9 Oil & Gas 8.6 International equities 7.0 Oil & Gas 7.3 Other split cap and 2.4 Cash/cash equivalent 0.5 Telecommunications 4.1 Utilities 1.4 Other split cap and 6.3 Cash/cash equivalent 0.1 Telecommunications 4.2 Utilities Invesco Perpetual

4 Keystone Investment Trust plc Invesco Perpetual Select Trust plc UK Equity Share Portfolio Currently, broad exposure to the UK equity market, including small, mid cap and unquoted companies. James Goldstone 3 Launched 17 September 1954 To provide shareholders with long-term growth of capital, mainly from UK investments. UK All Companies Dividend yield 1 3.3% 293.7m Ongoing charge (incl AMF) 0.55% Annual Management Fee (AMF) based on Market cap 0.45% Performance fee 15% of any outperformance of the FTSE All-Share Index on a total return basis subject to a minimum outperformance of 1.25% per annum and up to a maximum of 1% of gross assets less the basic management fees or an amount which, if added to the basic management fee, would not exceed 1.5% of gross assets less basic management fees. 100% of the performance fee will be charged to capital. Part of a multi-asset investment trust that gives shareholders the option to switch between the four share portfolios on a quarterly basis, without triggering a chargeable gain for tax purposes. James Goldstone Launched 23 November 2006 To provide shareholders with an attractive real long-term total return by investing primarily in quoted UK equities. UK All Companies Dividend yield 1 3.7% 77.0m Ongoing charge (incl AMF) 0.81% Annual Management Fee (AMF) 0.55% Performance fee 12.5% of any outperformance of the subject to a minimum outperformance of 1% per annum. The amount that can be earned in any one year is limited to 0.55% of net assets. Any underperformance of the benchmark, or performance above the cap, is carried forward to subsequent periods. The investment trust has the following charges: 7,000, % debenture stock ,968, % debenture stock million 5% cumulative preference share United Kingdom 95.0 Ireland 2.4 North America 2.8 Cash/cash equivalent -0.2 The Company, as a whole, has a 25m 364 day multi-currency credit facility with Bank of New York Mellon. United Kingdom 94.5 Ireland 2.8 North America 2.8 Cash/cash equivalent -0.1 FTSE 100 index 42.0 Financials 40.2 FTSE 100 index 45.1 Financials 37.2 FTSE Small Cap 24.2 (ex- FTSE 250 index 19.3 Consumer services 14.9 Consumer goods 11.3 Industrials 9.7 Health Care 7.3 FTSE Small Cap 23.6 (ex- FTSE 250 index 19.5 Consumer services 16.9 Industrials 13.9 Consumer goods 12.3 Oil & Gas 7.4 Other split cap and 10.9 International equities 3.7 Cash/cash equivalent -0.1 Oil & Gas 7.1 Basic Materials 5.1 Telecommunications 2.9 Utilities 0.8 Other split cap and 6.4 International equities 5.6 Cash/cash equivalent -0.2 Basic Materials 5.0 Health Care 3.3 Telecommunications 2.4 Utilities 0.9 Technology 0.7 Technology Invesco Perpetual

5 Invesco Income Growth Trust plc Invesco Perpetual UK Smaller Companies Investment Trust plc A well diversified portfolio, with broad UK market exposure, comprising mainly UK equities and equity related securities. Ciaran Mallon Launched 27 March 1996 To produce income and capital growth superior to that of the UK stock market and dividends paid quarterly that, over time, grow above the rate of inflation. UK Equity Income Dividend yield 1 3.9% 180.7m Ongoing charge (incl AMF) 0.74% Annual Management Fee (AMF) On first 150m based on market cap 0.65% Thereafter 0.55% Broad exposure to what the portfolio managers consider to be higher-quality UK smaller companies including AIM stocks. Dividends are supplemented from capital profits each year in recognition of the continued attractiveness of dividend yield to shareholders. Fund manager Deputy manager Jonathan Brown Robin West Launched 1 March 1988 To achieve long-term total return for shareholders primarily by investment in a broad cross-section of small to medium sized UK quoted companies. Numis Smaller Companies index UK Smaller Companies Dividend yield 1 3.5% 169.5m Typical number of holdings Ongoing charge (incl AMF) 0.85% Annual Management Fee (AMF) 0.65% Performance fee 12.5% of any outperformance of the Numis Smaller Companies Index (excluding Investment Companies), but may not exceed 1.0% of the value of the investment trust s average funds under management in any one year. 100% of the performance fee will be charged to capital. 25m overdraft facility with Bank of New York Mellon. 15m overdraft facility with Bank of New York Mellon. United Kingdom 98.6 Fixed Interest 0.8 Cash/cash equivalent 0.6 United Kingdom 99.4 Cash/cash equivalent 0.6 FTSE 100 index 72.5 FTSE Small Cap 13.4 (ex- FTSE 250 index 11.7 Other Split Cap and 1.0 Fixed Interest 0.8 Cash/cash equivalent 0.6 Consumer services 26.6 Financials 16.5 Industrials 15.2 Utilities 10.9 Consumer goods 9.2 Oil & Gas 7.1 Health Care 5.9 Basic Materials 4.1 Telecommunications 3.2 Technology 1.3 Industrials 31.7 Consumer services 19.1 Financials 16.3 Health Care 10.4 Technology 9.0 Consumer goods 7.4 Oil & Gas 3.8 Telecommunications 1.2 Basic materials Invesco Perpetual

6 Investment manager profiles Mark Barnett Head of UK Equities Mark began his investment career with Mercury Asset Management in Mark joined our company in Since then, he has become one of the team s most experienced fund managers, becoming Head of UK Equities in 2014, specialising in UK equity income investing. He graduated in French and Politics from Reading University in 1992 and has passed the associate examinations of the Association for Investment Management and Research (AIMR). Ciaran Mallon Ciaran began his investment career in 1994, joining HSBC where he was an investment analyst before moving to United Friendly Asset Management (UFAM) in 1999 as a fund manager and joining our company in He holds an MA in Chemistry from Oxford University, the Securities Institute Diploma and is a CFA Charterholder. Jonathan Brown Jonathan began his investment career with Lazard Asset Management in 1997, where he specialised in private client fund administration, before joining our company within a similar role in In 2004 Jonathan joined our UK Equities team as a trainee fund manager and, after three years specialising in the UK small cap sector, became a fund manager in his own right. Jonathan graduated with a BSc in Bio- Chemistry from UMIST and has also secured both the Investment Management Certificate from the CFA Society of the UK and the Securities Institute Diploma. In group: 22 years Experience: 26 years In group: 13 years Experience: 24 years In group: 17 years Experience: 20 years Robin West Robin started his career at KPMG and joined Invesco first time around in 1995, where he spent eight years as a smaller companies fund manager. Robin went on to join Oriel Securities where he worked as a small companies analyst and subsequently Aviva Investors in 2004 before returning to us in July Robin graduated from Cambridge University with a MA in Natural Sciences. He is also an Associate of the Institute of Chartered Accountants and is a CFA Charterholder. James Goldstone Prior to joining Invesco Perpetual in August 2012, James was co-head of pan- European sales at Banco Espirito Santo in London. James began his career in equity sales at Credit Lyonnais in 2001 and went on, via HSBC and Dresdner Kleinwort, to specialise in UK equity sales. James graduated with a BA in French from Manchester University. Martin Walker Martin began his investment career in 1997 after previous experience as an investment analyst with BWD Rensburg. Martin joined our company in 1999 as a trainee fund manager and has developed his career within the Henley-based UK Equities team, managing UK equity portfolios since Further recognition and a higher profile were provided as he took over some of the portfolio management responsibilities of veteran fund manager, Ed Burke, upon his retirement in Martin holds a BA in Financial Economics from Liverpool University and has also attained the Securities Institute Diploma. In group: 4 years Experience: 22 years In group: 6 years Experience: 17 years In group: 19 years Experience: 21 years 06 Invesco Perpetual

7 Notes 1 This is calculated by dividing the current financial year s dividends by the current ordinary share price. 2 Companies in the AIC UK Equity Income, UK All Companies and UK Smaller Companies sectors will have at least 80% of their assets in UK securities. This provides the portfolio managers with the flexibility to invest up to 20% of their assets in overseas listed companies in order to extend holdings in favoured sectors. 3 James Goldstone became portfolio manager of Keystone Investment Trust on 1 April Contact details For further information regarding the range of investment trusts managed by Invesco Perpetual, please contact us: Client Services investmenttrust@invescoperpetual.co.uk Telephone calls may be recorded. Important information All information is as at 31 March 2018, sourced from Invesco Perpetual unless stated otherwise. Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. If you are unsure whether our product is suitable for you, you should seek advice from a financial adviser. For details of your nearest financial adviser, please contact IFA Promotion at For more information on our products, please refer to the relevant Key Information Document (KID), Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half-Yearly Financial Reports. This information is available using the contact details shown. Issued by Invesco Fund Managers Limited Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire RG9 1HH, UK Authorised and regulated by the Financial Conduct Authority EMEA4340/63777/PDF/130618