Invesco second quarter 2016 results

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1 Invesco second quarter 2016 results Martin L. Flanagan President and Chief Executive Officer Loren M. Starr Chief Financial Officer July 28, 2016

2 Forward-looking statements This presentation, and comments made in the associated conference call today, may include forward-looking statements. Forward-looking statements include information concerning future results of our operations, expenses, earnings, liquidity, cash flow and capital expenditures, industry or market conditions, AUM, geopolitical events and their potential impact on the company, acquisitions and divestitures, debt and our ability to obtain additional financing or make payments, regulatory developments, demand for and pricing of our products and other aspects of our business or general economic conditions. In addition, words such as believes, expects, anticipates, intends, plans, estimates, projects, forecasts, and future or conditional verbs such as will, may, could, should, and would as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions. There can be no assurance that actual results will not differ materially from our expectations. We caution investors not to rely unduly on any forward-looking statements and urge you to carefully consider the risks described in our most recent Form 10-K and subsequent Forms 10-Q, filed with the Securities and Exchange Commission. You may obtain these reports from the SEC s website at We expressly disclaim any obligation to update the information in any public disclosure if any forward-looking statement later turns out to be inaccurate. 1

3 Presentation of Q results This presentation includes the following non-gaap financial measures: net revenue (and by calculation, net revenue yield on AUM), adjusted operating income, adjusted operating margin, adjusted net income attributable to Invesco Ltd., and adjusted diluted earnings per share (EPS). We believe these non-gaap measures provide greater transparency into our business on an ongoing operations basis and allow more appropriate comparisons with industry peers. Management uses these performance measures to evaluate the business and for internal management reporting. The most directly comparable U.S. GAAP measures are operating revenues (and by calculation, gross revenue yield on AUM), operating income, operating margin, net income attributable to Invesco Ltd., and diluted EPS. The information in this presentation is meant to supplement the information contained in the earnings release and includes a more detailed reconciliation format of the income statement from U.S. GAAP to a non-gaap presentation. We believe that this presentation is useful, as it aggregates the various non-gaap adjustments to illustrate adjusted revenue and expense categories and allows more transparency into the calculation of the non-gaap financial measures. 2

4 Discussion topics Second quarter overview Investment performance and flows Financial results Questions Appendix 3

5 Second quarter overview Continued strong investment performance and our focus on meeting client needs contributed to long-term net inflows and solid operating results despite volatile markets Maintained strong, long-term investment performance 68% and 73% of actively managed assets in top half of peer group on a 3- and 5-year basis Strong investment performance helped drive institutional and passive demand that led to long-term net inflows of $4.5 billion Adjusted operating margin* of 38.6% (up from 37.5% in first quarter) Quarterly dividend of $0.28 per share, up 3.7% over the prior year. Returned $318 million to shareholders during the second quarter through dividends and buybacks Past performance is not a guarantee of future results. Please see page 7 of this presentation for more information on investment performance *Non-GAAP financial measures - See Appendix to this presentation for a reconciliation of adjusted operating expenses and adjusted operating income (and by calculation adjusted operating margin), to the most directly comparable U.S. GAAP financial measure. 4

6 Summary of second quarter 2016 results Assets under management Flows Overall adjusted operating results* June 30, 2016, AUM of $779.6 billion, versus $771.5 billion at March 31, 2016 Average AUM was $784.5 billion, versus $747.5 billion for the first quarter of 2016 Long-term net inflows of $4.5 billion Total net inflows of $2.7 billion Adjusted operating income was $330 million versus $307 million in the prior quarter Adjusted operating margin was 38.6% in the quarter versus 37.5% in the prior quarter Adjusted diluted EPS for the quarter was $0.56 versus $0.49 in the prior quarter Capital management Quarterly dividend of $0.28 per share, an increase of 3.7% versus the prior year Repurchased $200 million of stock during the quarter representing 7.4 million shares * Non-GAAP financial measures - See Appendix to this presentation for a reconciliation of net revenues, adjusted operating income (and by calculation adjusted operating margin), and adjusted net income (and by calculation adjusted diluted EPS) to the most directly comparable U.S. GAAP financial measure. 5

7 Discussion topics Second quarter overview Investment performance and flows Financial results Questions Appendix 6

8 Investment performance overview Aggregate performance analysis asset weighted Percent of actively managed assets in top half of peer group* 1-Year 3-Year 5-Year 62% 68% 73% 38% 32% 27% Assets top half of peer group Assets bottom half of peer group * Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. Data as of 6/30/2016. Includes AUM of $463.6 billion (59% of total IVZ) for 1 year, $449.3 billion (58% of total IVZ) for three year, and $447.4 billion (57% of total IVZ) for 5 year. Peer group rankings are sourced from a widely-used third party ranking agency in each fund s market (Lipper, Morningstar, IA, Russell, Mercer, evestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior monthend for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor s experience. 7

9 Quarterly long-term flows Positive passive flows during a volatile quarter Quarterly long-term flows ($ billions) Total Active Passive Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Gross sales Gross redemptions Net long-term flows 8

10 Quarterly long-term flows Strong institutional demand during the quarter Quarterly long-term flows ($ billions) Retail (a) Institutional (b) Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Gross sales Gross redemptions Net long-term flows (a) Retail AUM and flows are distributed by the company s retail sales team and generally includes retail products in the U.S., Canada, U.K., Continental Europe, Asia and our offshore product line. Retail AUM and flows excludes the PowerShares QQQ product (b) Institutional AUM and flows are distributed by the company s institutional sales team and generally includes our institutional investment capabilities in the U.S., Canada, U.K., Continental Europe and Asia. Institutional excludes money market 9

11 Our team has built a broad and robust profile in EMEA AUM by Channel AUM by Asset Class Employees by Office 14% 31% 36% 15% 33% 32% 33% 19% 19% 68% UK Retail Cross Border Retail* EMEA Institutional Fixed Income 2 UK Equities 3 Non-UK Equities Quantitative Strategies 5 Alternatives 1 4 UK Ex-UK 0.0 (20.0) (40.0) (60.0) (80.0) (100.0) Daily Average Net Outflows (in $m) (29.6) YTD Pre-Brexit Vote (77.6) June MTD Pre-Brexit Vote (13.0) Brexit Vote through July MTD 6 Source: Invesco Finance as at end June *Includes EMEA PowerShares 1 Invesco Perpetual (IP) and Invesco Fixed Income managed 2 IP managed 3 All investment centres 4 Invesco Quantitative Strategies and PowerShares 5 IP Global Targeted Returns, Invesco Real Estate, and Invesco Global Asset Allocation. 6 Data as of July 26 th 10

12 Discussion topics Second quarter overview Investment performance and flows Financial results Questions Appendix 11

13 Total assets under management 2Q16 vs. 1Q16 ($ billions) 2Q-16 1Q-16 % Change Beginning Assets $771.5 $775.6 (0.5)% Long-Term Inflows % Long-Term Outflows (41.3) (44.1) (6.3)% Long-Term Net flows 4.5 (1.3) N/A Net flows in Invesco PowerShares QQQ (3.8) (2.6) 46.2% Net flows in Inst. Money Market Funds (47.4)% Total Net Flows 2.7 (0.1) N/A Market Gains and Losses/Reinvestment 10.7 (3.0) N/A Acquisitions/Dispositions, net 2.4 (3.6) N/A Foreign Currency Translation (7.7) 2.6 N/A Ending Assets $779.6 $ % Average Long-Term AUM $681.8 $ % Average AUM $784.5 $ % Net Revenue Yield (annualized)** 43.7bps 43.8bps Net Revenue Yield Before Performance Fees (annualized)** 43.2bps 42.9bps ** Non-GAAP financial measure - See the Appendix to this presentation for a reconciliation of net revenues, adjusted operating income (and by calculation adjusted operating margin), and adjusted net income (and by calculation adjusted diluted EPS) to the most directly comparable U.S. GAAP financial measure. 12

14 U.S. GAAP operating results 2Q16 vs. 1Q16 ($ millions) 2Q-16 1Q-16 % Change Operating Revenues Investment Management Fees % Service and Distribution Fees % Performance Fees (38.6)% Other % Total Operating Revenues 1, , % Operating Expenses Third-Party Distribution, Service and Advisory Expenses % Employee Compensation % Marketing % Property, Office and Technology % General and Administrative % Total Operating Expenses % Operating Income % Other Income/(Expense) Equity in Earnings of Unconsolidated Affiliates 4.6 (12.2) N/A Interest and Dividend Income (30.6)% Interest Expense (22.1) (23.9) (7.5)% Other Gains and Losses, net (4.2) (4.7) (10.6)% Other income/(expense) of CIP, net 37.9 (7.5) N/A Income before income taxes % Effective Tax Rate 26.1% 31.3% Net Income % Net (Income)/Loss attributable to Non-Controlling Interests (11.0) 3.2 N/A in Consolidated Entities Net Income attributable to Invesco Ltd % Diluted EPS $0.54 $ % Operating Margin 25.3% 23.9% Average AUM ($ billions) % Headcount 6,796 6, % 13

15 Non-GAAP operating results 2Q16 vs. 1Q16 ($ millions) 2Q-16 1Q-16 % Change Adjusted Revenues Investment Management Fees % Service and Distribution Fees % Performance Fees (40.0)% Other % Third-Party Distribution, Service and Advisory Expenses (350.7) (349.4) 0.4% Net Revenues % Adjusted Operating Expenses Employee Compensation % Marketing % Property, Office and Technology % General and Administrative % Total Adjusted Operating Expenses % Adjusted Operating Income % Adjusted Other Income/(Expense) Equity in Earnings of Unconsolidated Affiliates 6.1 (1.1) N/A Interest and Dividend Income (32.6)% Interest Expense (22.1) (23.9) (7.5)% Other Gains and Losses, net (0.3) (7.7) (96.1)% Adjusted Income before income taxes % Effective Tax Rate 26.5% 26.5% Adjusted Net Income % Adjusted Net (Income)/Loss attributable to Non-Controlling Interests - - N/A in Consolidated Entities Adjusted Net Income attributable to Invesco Ltd % Adjusted Diluted EPS $0.56 $ % Adjusted Operating Margin 38.6% 37.5% Average AUM ($ billions) % Headcount 6,796 6, % Non-GAAP financial measures - See the Appendix to this presentation for a reconciliation of net revenues, adjusted operating income (and by calculation adjusted operating margin), and adjusted net income (and by calculation adjusted diluted EPS) to the most directly comparable U.S. GAAP financial measure. 14

16 We are uniquely positioned to meet client needs Success driver Deep understanding of client needs Pure focus on investment management Experienced, stable and accountable investment leadership Organizational strength 15 Invesco position Deep knowledge of clients and their evolving needs Comprehensive, all-weather, high-conviction fundamental and factor investing product line Demonstrated ability to combine a broad range of capabilities to construct portfolios aligned with client investment objectives by channel and by region No competing lines of business to support Strong investment reputation Independence Infrastructure and client support platforms that enable our investors to spend more time focused on investing Specialized, stable investment teams with discrete investment perspectives and experience across diverse market cycles Disciplined, repeatable investment philosophy and processes Strong risk management and oversight Compensation aligned with performance and client interests Broad and deep global presence in key markets Solid margins, financial strength and resources to ensure long-term investment in the business 6,500+ highly engaged and motivated employees focused on client needs Proven management team with a solid track record

17 Second quarter overview Continued strong investment performance and our focus on meeting client needs contributed to long-term net inflows and solid operating results despite volatile markets Maintained strong, long-term investment performance 68% and 73% of actively managed assets in top half of peer group on a 3- and 5-year basis Strong investment performance helped drive institutional and passive demand that led to long-term net inflows of $4.5 billion Adjusted operating margin* of 38.6% (up from 37.5% in first quarter) Quarterly dividend of $0.28 per share, up 3.7% over the prior year. Returned $318 million to shareholders during the second quarter through dividends and buybacks Past performance is not a guarantee of future results. Please see page 7 of this presentation for more information on investment performance *Non-GAAP financial measures - See Appendix to this presentation for a reconciliation of adjusted operating expenses and adjusted operating income (and by calculation adjusted operating margin), to the most directly comparable U.S. GAAP financial measure. 16

18 Discussion topics Second quarter overview Investment performance and flows Financial results Questions Appendix 17

19 Discussion topics Second quarter overview Investment performance and flows Financial results Questions Appendix 18

20 We are diversified as a firm Delivering a diverse set of solutions to meet client needs By client domicile By channel By asset class 3% 15% 66% 12% 9% 65% 35% 25% 45% 10% 9% 6% ($ billions) 1-Yr Change ($ billions) 1-Yr Change ($ billions) 1-Yr Change U.S. Canada U.K. Europe Asia $512.5 $23.1 $93.8 $72.8 $77.4 (3.4)% (7.2)% (15.3)% (5.5)% 28.6% Retail Institutional $504.3 $275.3 (6.8)% 5.0% Equity Balanced Money Market Fixed Income Alternatives $348.8 $47.4 $71.1 $196.3 $116.0 (11.6)% (11.6)% 4.7% 4.7% 16.1% Total $779.6 (3.0)% Total $779.6 (3.0)% Total $779.6 (3.0)% As of June 30,

21 Investment performance By investment objective (actively managed assets)* Equities U.S. Core U.S. Growth U.S. Value 100% 100% 100% 28% AUM above benchmark 1 st quartile 2 nd quartile Sector 100% 3% 4% 0% 6% 17% 0% 1-Yr 3-Yr 5-Yr 67% 28% 37% 28% 28% 28% 8% 1-Yr 3-Yr 5-Yr 34% 35% 30% 33% 33% 33% 1-Yr 3-Yr 5-Yr 1% 14% 1% 5% 3% 3% 5% 2% 1-Yr 3-Yr 5-Yr U.K. Canadian Asian European 100% 100% 100% 100% 100% 100% 93% 90% 89% 100% 65% 85% 90% 97% 7% 3% 3% 1-Yr 3-Yr 5-Yr 48% 8% 29% 38% 21% 21% 21% 1-Yr 3-Yr 5-Yr 59% 55% 51% 18% 23% 27% 1-Yr 3-Yr 5-Yr 77% 51% 63% 63% 45% 9% 16% 11% 1-Yr 3-Yr 5-Yr * Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. Data as of 6/30/2016. AUM measured in the one, three, and five year quartile rankings represents 59%, 58%, and 57% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five year basis represents 74%, 70%, and 68% of total Invesco AUM, respectively, as of 6/30/16. AUM measured in the one, three, and five year quartile rankings represents 58%, 57%, and 56% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five year basis represents 72%, 69%, and 67% of total Invesco AUM, respectively, as of 3/31/16. Peer group rankings are sourced from a widely-used third party ranking agency in each fund s market (Lipper, Morningstar, IA, Russell, Mercer, evestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor s experience. 20

22 Investment performance By investment objective (actively managed assets)* (CONTINUED) Equities Other AUM above benchmark 1 st quartile 2 nd quartile Global Global ex-u.s. and Em. Mkts. Alternatives Balanced 100% 100% 100% 100% 98% 98% 86% 45% 66% 90% 52% 89% 88% 98% 53% 56% 30% 56% 59% 48% 52% 54% 39% 37% 50% 28% 8% 33% 32% 28% 11% 19% 10% 18% 9% 10% 1% 7% 12% 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr 1-Yr 3-Yr 5-Yr Fixed income Money market U.S. fixed income Global fixed income Stable value 100% 100% 100% 100% 96% 31% 95% 96% 100% 100% 100% 30% 37% 21 68% 68% 86% 89% 89% 11% 9% 9% 1-Yr 3-Yr 5-Yr 62% 62% 83% 79% 7% 19% 1-Yr 3-Yr 5-Yr 43% 25% 54% 23% 2% 40% 16% 13% 3% 1-Yr 3-Yr 5-Yr 93% 70% 63% 7% 1-Yr 3-Yr 5-Yr * Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. Data as of 6/30/2016. AUM measured in the one, three, and five year quartile rankings represents 59%, 58%, and 57% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five year basis represents 74%, 70%, and 68% of total Invesco AUM, respectively, as of 6/30/16. AUM measured in the one, three, and five year quartile rankings represents 58%, 57%, and 56% of total Invesco AUM, respectively, and AUM measured versus benchmark on a one, three, and five year basis represents 72%, 69%, and 67% of total Invesco AUM, respectively, as of 3/31/16. Peer group rankings are sourced from a widely-used third party ranking agency in each fund s market (Lipper, Morningstar, IA, Russell, Mercer, evestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor s experience.

23 Investment performance (5-year) By investment objective (actively managed assets)* Percentages in parentheses represent % AUM of each investment objective as a ratio of all objectives (Total ranked AUM of $447.4 billion) Equities U.S. Core (4%) % of assets top half of peer group U.S. Growth (5%) U.S. Value (12%) Sector (1%) % of assets bottom half of peer group U.K. (6%) Canadian (1%) Asian (3%) European (4%) * Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. Data as of 6/30/2016. Includes AUM of $447.4 billion (57% of total IVZ) for five year. AUM as of 3/31/16 was billion (56% of total IVZ). Peer group rankings are sourced from a widely-used third party ranking agency in each fund s market (Lipper, Morningstar, IA, Russell, Mercer, evestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor s experience. 22

24 Investment performance (5-year) By investment objective (actively managed assets)* (CONTINUED) Percentages in parentheses represent % AUM of each investment objective as a ratio of all objectives (Total ranked AUM of $447.4 billion) Equities Global (3%) 20 Global ex-us and Em. Mkts (5%) 2 Other 26 % of assets top half of peer group Alternatives (8%) Balanced (11%) % of assets bottom half of peer group Fixed income Money market (16%) U.S. fixed income (9%) Global fixed income (7%) Stable value (5%) * Excludes passive products, closed-end funds, private equity limited partnerships, non-discretionary funds, unit investment trusts, fund of funds with component funds managed by Invesco, stable value building block funds and CDOs. Certain funds and products were excluded from the analysis because of limited benchmark or peer group data. Had these been available, results may have been different. These results are preliminary and subject to revision. Data as of 6/30/2016. Includes AUM of $447.4 billion (57% of total IVZ) for five year. AUM as of 3/31/16 was billion (56% of total IVZ). Peer group rankings are sourced from a widely-used third party ranking agency in each fund s market (Lipper, Morningstar, IA, Russell, Mercer, evestment Alliance, SITCA, Value Research) and asset-weighted in USD. Rankings are as of prior quarter-end for most institutional products and prior month-end for Australian retail funds due to their late release by third parties. Rankings for the most representative fund in each GIPS composite are applied to all products within each GIPS composite. Performance assumes the reinvestment of dividends. Past performance is not indicative of future results and may not reflect an investor s experience. 23

25 US GAAP operating results quarterly ($ millions) 2Q-16 1Q-16 % Change* 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 3Q-14 Investment Management Fees % 987 1,017 1,056 1,001 1,010 1,047 Service and Distribution Fees % Performance Fees 9 15 (38.6)% Other % Total Operating Revenues 1,189 1, % 1,240 1,274 1,318 1,292 1,277 1,311 Third-Party Distribution, Service and Advisory % Employee Compensation % Marketing % Property, Office and Technology % General and Administrative % Total Operating Expenses % Operating Income % Equity in Earnings of Unconsolidated Affiliates 5 (12) N/A Interest and Dividend Income 3 4 (30.6)% Interest Expense (22) (24) (7.5)% (23) (20) (20) (19) (18) (18) Other Gains and Losses, net (4) (5) (10.6)% 4 1 (9) 3 7 (1) Other income/(expense) of CIP, net 38 (8) N/A (12) 2 (2) 39 (22) 15 Other income/(expense) of CSIP,net - - N/A 1 (4) Income from continuing operations before income taxes % Effective Tax Rate** 26.1% 31.3% 30.8% 29.4% 31.0% 26.3% 30.5% 27.3% Income from continuing operations, net of taxes % Income/(loss) from discontinued operations, net of taxes - - N/A (1) (1) Net Income % Net (Income)/Loss Attributable to Noncontrolling Interests in Consolidated Entities (11) 3 N/A (24) 44 4 Net Income Attributable to Invesco Ltd % Diluted EPS $0.54 $ % $0.48 $0.58 $0.60 $0.60 $0.62 $0.59 * % change based on unrounded figures ** Effective tax rate = Tax expense / Income from continuing operations before income taxes and minority interest 24

26 Non-GAAP operating results quarterly ($ millions) 2Q-16 1Q-16 % Change* 4Q-15 3Q-15 2Q-15 1Q-15 4Q-14 3Q-14 Investment Management Fees % 1,009 1,038 1,083 1,024 1,033 1,071 Service and Distribution Fees % Performance Fees 9 16 (40.0)% Other % Third-party distribution, service and advisory expense (351) (349) 0.4% (378) (395) (417) (402) (398) (424) Net Revenues % Employee Compensation % Marketing % Property, Office and Technology % General and Administrative % Adjusted Operating Expenses % Adjusted Operating Income % Equity in Earnings of Unconsolidated Affiliates 6 (1) N/A Interest and Dividend Income 3 4 (32.6)% Interest Expense (22) (24) (7.5)% (23) (20) (20) (19) (18) (18) Other Gains and Losses, net (0) (8) (97.4)% (10) (7) 2 (3) 6 2 Other income/(expense) of CSIP, net 0 0 N/A 1 (4) Adjusted Income from Continuing Operations before income taxes and minority interest % Effective Tax Rate** 26.5% 26.5% % 26.5% 28.7% 26.3% 26.1% 26.6% Adjusted Net Income Adjusted net (income)/loss attributable to noncontrolling interests in consolidated entities % N/A 2 3 (2) (4) - (3) Adjusted Net Income Attributable to Invesco Ltd % Adjusted Diluted EPS $0.56 $ % $0.58 $0.61 $0.63 $0.63 $0.63 $0.64 * % change based on unrounded figures ** Effective tax rate = Adjusted tax expense / Adjusted income from continuing operations before taxes. See Reconciliation of US GAAP results to non-gaap results in this appendix 25

27 Total assets under management quarterly ($ billions) 2Q-16 1Q-16 % Change 4Q-15 3Q-15 2Q-15 Beginning Assets $771.5 $775.6 (0.5)% $755.8 $803.6 $798.3 Long-Term Inflows % Long-Term Outflows (41.3) (44.1) (6.3)% (39.1) (47.4) (46.2) Long-Term Net flows 4.5 (1.3) N/A 3.9 (3.9) 5.9 Net flows in Invesco PowerShares QQQ (3.8) (2.6) 46.2% 2.0 (0.9) (0.3) Net flows in Inst. Money Market Funds (47.4)% (1.8) (1.5) (2.6) Total Net Flows 2.7 (0.1) N/A 4.1 (6.3) 3.0 Market Gains and Losses/Reinvestment 10.7 (3.0) N/A 21.0 (35.6) (6.2) Acquisitions/Dispositions, net 2.4 (3.6) N/A Foreign Currency Translation (7.7) 2.6 N/A (5.3) (5.9) 8.5 Ending Assets $779.6 $ % $775.6 $755.8 $803.6 Average Long-Term AUM $681.8 $ % $678.2 $685.5 $706.1 Average AUM $784.5 $ % $783.7 $788.9 $810.9 Gross Revenue Yield (annualized)* 61.3bps 62.1bps 63.8bps 65.1bps 65.6bps Gross Revenue Yield Less Performance Fees 60.9bps 61.3bps 62.9bps 64.3bps 65.2bps (annualized)* Net Revenue Yield (annualized)** 43.7bps 43.8bps 45.2bps 45.8bps 46.2bps Net Revenue Yield Less Performance Fees (annualized)** 43.2bps 42.9bps 44.3bps 44.9bps 45.6bps * Gross revenue yield on AUM is equal to total operating revenues divided by average AUM, excluding JV AUM. Average AUM for 2Q16, for our joint ventures in China were $8.6bn (1Q16:$7.6bn;4Q15:$6.6bn;3Q15: $6.0bn; 2Q15:$6.9bn;1Q15:$5.0bn) ** Net Revenue Yield on AUM is equal to net revenues divided by average AUM including JV AUM. Average AUM for 2Q16, for our joint ventures in China were $8.6bn (1Q16:$7.6bn;4Q15:$6.6bn;3Q15: $6.0bn; 2Q15:$6.9bn;1Q15:$5.0bn) 26

28 Total assets under management by asset class ($ billions) Total Equity Fixed Balanced Money Alternatives Income Market December 31, 2015 $775.6 $370.9 $187.9 $48.1 $64.6 $104.1 Long-Term Inflows Long-Term Outflows (44.1) (24.6) (10.1) (3.6) (1.0) (4.8) Long-Term Net flows (1.3) (4.2) (0.4) (1.6) Net flows in Invesco PowerShares QQQ (2.6) (2.6) Net flows in Inst. Money Market Fund Market Gains and Losses/Reinvestment (3.0) (5.5) 2.0 (0.6) Acquisitions/Dispositions, net (3.6) - (2.7) - - (0.9) Foreign Currency Translation March 31, 2016 $771.5 $359.5 $187.1 $46.8 $68.6 $109.5 Long-Term Inflows Long-Term Outflows (41.3) (27.0) (6.4) (3.0) (0.8) (4.1) Long-Term Net flows 4.5 (6.5) Net flows in Invesco PowerShares QQQ (3.8) (3.8) Net flows in Inst. Money Market Fund Market Gains and Losses/Reinvestment Acquisitions/Dispositions, net Foreign Currency Translation (7.7) (4.3) (1.4) (1.2) (0.1) (0.7) June 30, 2016 $779.6 $348.8 $196.3 $47.4 $71.1 $

29 Total assets under management by asset class ($ billions) Total Equity Fixed Balanced Money Alternatives Income Market June 30, 2015 $803.6 $394.7 $187.5 $53.6 $67.9 $99.9 Long-Term Inflows Long-Term Outflows (47.4) (25.6) (11.3) (4.3) (1.0) (5.2) Long-Term Net flows (3.9) (6.0) (0.8) (1.1) Net flows in Invesco PowerShares QQQ (0.9) (0.9) Net flows in Inst. Money Market Fund (1.5) (1.5) - Market Gains and Losses/Reinvestment (35.6) (31.6) (0.4) (1.4) 0.1 (2.3) Foreign Currency Translation (5.9) (3.8) (0.8) (1.0) - (0.3) September 30, 2015 $755.8 $352.4 $185.5 $50.1 $66.8 $101.0 Long-Term Inflows Long-Term Outflows (39.1) (21.0) (8.0) (4.1) (1.0) (5.0) Long-Term Net flows (1.3) (0.3) 2.2 Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Fund (1.8) (1.8) - Market Gains and Losses/Reinvestment (0.1) 1.3 Foreign Currency Translation (5.3) (2.9) (1.0) (1.0) - (0.4) December 31, 2015 $775.6 $370.9 $187.9 $48.1 $64.6 $

30 Total assets under management by channel ($ billions) Total Retail Institutional December 31, 2015 $775.6 $514.8 $260.8 Long-Term Inflows Long-Term Outflows (44.1) (35.8) (8.3) Long-Term Net flows (1.3) (2.7) 1.4 Net flows in Invesco PowerShares QQQ (2.6) (2.6) - Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment (3.0) (3.1) 0.1 Acquisitions/Dispositions, net (3.6) - (3.6) Foreign Currency Translation March 31, 2016 $771.5 $507.7 $263.8 Long-Term Inflows Long-Term Outflows (41.3) (35.3) (6.0) Long-Term Net flows 4.5 (0.5) 5.0 Net flows in Invesco PowerShares QQQ (3.8) (3.8) - Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Acquisitions/Dispositions, net Foreign Currency Translation (7.7) (7.3) (0.4) June 30, 2016 $779.6 $504.3 $

31 Total assets under management by channel ($ billions) Total Retail Institutional June 30, 2015 $803.6 $541.3 $262.3 Long-Term Inflows Long-Term Outflows (47.4) (36.2) (11.2) Long-Term Net flows (3.9) (4.2) 0.3 Net flows in Invesco PowerShares QQQ (0.9) (0.9) - Net flows in Inst. Money Market Funds (1.5) - (1.5) Market Gains and Losses/Reinvestment (35.6) (31.4) (4.2) Foreign Currency Translation (5.9) (5.4) (0.5) September 30, 2015 $755.8 $499.4 $256.4 Long-Term Inflows Long-Term Outflows (39.1) (32.6) (6.5) Long-Term Net flows Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Funds (1.8) - (1.8) Market Gains and Losses/Reinvestment Foreign Currency Translation (5.3) (4.5) (0.8) December 31, 2015 $775.6 $514.8 $

32 Total assets under management by client domicile ($ billions) Total U.S. Canada U.K. Continental Europe Asia December 31, 2015 $775.6 $510.7 $21.7 $104.2 $75.4 $63.6 Long-Term Inflows Long-Term Outflows (44.1) (26.7) (1.2) (5.0) (8.2) (3.0) Long-Term Net flows (1.3) (2.3) (0.2) (0.8) (1.6) 3.6 Net flows in Invesco PowerShares QQQ (2.6) (2.6) Net flows in Inst. Money Market Funds (0.8) - (0.4) Market Gains and Losses/Reinvestment (3.0) 0.3 (0.2) (1.0) (1.3) (0.8) Acquisitions/Dispositions, net (3.6) (3.6) Foreign Currency Translation (2.4) March 31, 2016 $771.5 $507.5 $22.9 $99.2 $74.9 $67.0 Long-Term Inflows Long-Term Outflows (41.3) (25.6) (1.0) (3.8) (7.0) (3.9) Long-Term Net flows (0.2) (0.6) (0.9) 4.1 Net flows in Invesco PowerShares QQQ (3.8) (3.8) Net flows in Inst. Money Market Funds 2.0 (1.1) Market Gains and Losses/Reinvestment Acquisitions/Dispositions, net Foreign Currency Translation (7.7) (0.1) (0.1) (6.5) (1.5) 0.5 June 30, 2016 $779.6 $512.5 $23.1 $93.8 $72.8 $

33 Total assets under management by client domicile ($ billions) Total U.S. Canada U.K. Continental Europe Asia June 30, 2015 $803.6 $530.8 $24.9 $110.7 $77.0 $60.2 Long-Term Inflows Long-Term Outflows (47.4) (25.6) (0.9) (5.9) (7.3) (7.7) Long-Term Net flows (3.9) (5.0) - (0.2) Net flows in Invesco PowerShares QQQ (0.9) (0.9) Net flows in Inst. Money Market Funds (1.5) (2.1) - - (0.1) 0.7 Market Gains and Losses/Reinvestment (35.6) (23.1) (1.3) (3.7) (3.7) (3.8) Foreign Currency Translation (5.9) - (1.8) (3.7) (0.1) (0.3) September 30, 2015 $755.8 $499.7 $21.8 $103.1 $74.1 $57.1 Long-Term Inflows Long-Term Outflows (39.1) (25.2) (1.2) (3.4) (6.6) (2.7) Long-Term Net flows 3.9 (0.2) (0.4) Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Funds (1.8) (2.8) 0.1 (0.1) Market Gains and Losses/Reinvestment Foreign Currency Translation (5.3) - (0.8) (2.9) (1.4) (0.2) December 31, 2015 $775.6 $510.7 $21.7 $104.2 $75.4 $

34 Passive assets under management by asset class ($ billions) Total Equity Fixed Balanced Money Alternative Income Market December 31, 2015 $139.1 $91.0 $ $0.4 $9.1 Long-Term Inflows Long-Term Outflows (11.7) (8.3) (2.6) - - (0.8) Long-Term Net flows (1.8) (1.2) (0.5) - - (0.1) Net flows in Invesco PowerShares QQQ (2.6) (2.6) Net flows in Inst. Money Market Funds (0.3) (0.3) - Market Gains and Losses/Reinvestment (0.2) (0.1) (0.3) Acquisitions/Dispositions, net (3.2) - (2.7) - - (0.5) Foreign Currency Translation March 31, 2016 $131.1 $87.1 $ $0.1 $8.3 Long-Term Inflows Long-Term Outflows (7.8) (6.5) (0.7) - - (0.6) Long-Term Net flows Net flows in Invesco PowerShares QQQ (3.8) (3.8) Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Foreign Currency Translation June 30, 2016 $133.5 $84.9 $ $0.2 $9.5 33

35 Passive assets under management by asset class ($ billions) Total Equity Fixed Income Balanced Money Market Alternative June 30, 2015 $141.6 $89.4 $ $11.0 Long-Term Inflows Long-Term Outflows (9.1) (6.2) (1.8) - - (1.1) Long-Term Net flows (2.3) (0.9) (0.9) - - (0.5) Net flows in Invesco PowerShares QQQ (0.9) (0.9) Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment (6.8) (5.3) (0.6) - - (0.9) Foreign Currency Translation September 30, 2015 $131.7 $82.3 $ $0.1 $9.6 Long-Term Inflows Long-Term Outflows (9.4) (6.2) (2.3) - - (0.9) Long-Term Net flows (0.9) - - (0.2) Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment (0.2) - - (0.3) Foreign Currency Translation December 31, 2015 $139.1 $91.0 $ $0.4 $9.1 34

36 Passive assets under management by channel ($ billions) Total Retail Institutional December 31, 2015 $139.1 $118.7 $20.4 Long-Term Inflows Long-Term Outflows (11.7) (10.2) (1.5) Long-Term Net flows (1.8) (0.3) (1.5) Net flows in Invesco PowerShares QQQ (2.6) (2.6) - Net flows in Inst. Money Market Funds (0.3) - (0.3) Market Gains and Losses/Reinvestment (0.2) (0.1) (0.1) Acquisitions/Dispositions, net (3.2) - (3.2) Foreign Currency Translation March 31, 2016 $131.1 $115.7 $15.4 Long-Term Inflows Long-Term Outflows (7.8) (7.7) (0.1) Long-Term Net flows Net flows in Invesco PowerShares QQQ (3.8) (3.8) - Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Foreign Currency Translation June 30, 2016 $133.5 $117.0 $

37 Passive assets under management by channel ($ billions) Total Retail Institutional June 30, 2015 $141.6 $119.7 $21.9 Long-Term Inflows Long-Term Outflows (9.1) (7.8) (1.3) Long-Term Net flows (2.3) (1.8) (0.5) Net flows in Invesco PowerShares QQQ (0.9) (0.9) - Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment (6.8) (6.4) (0.4) Foreign Currency Translation September 30, 2015 $131.7 $110.6 $21.1 Long-Term Inflows Long-Term Outflows (9.4) (8.2) (1.2) Long-Term Net flows (1.2) Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Foreign Currency Translation December 31, 2015 $139.1 $118.7 $

38 Passive assets under management by client domicile ($ billions) Total U.S. Canada U.K. Continental Europe Asia December 31, 2015 $139.1 $134.4 $0.4 - $1.9 $2.4 Long-Term Inflows Long-Term Outflows (11.7) (11.4) (0.1) - (0.2) - Long-Term Net flows (1.8) (1.7) - - (0.1) - Net flows in Invesco PowerShares QQQ (2.6) (2.6) Net flows in Inst. Money Market Funds (0.3) (0.3) Market Gains and Losses/Reinvestment (0.2) (0.2) Acquisitions/Dispositions, net (3.2) (3.2) Foreign Currency Translation March 31, 2016 $131.1 $126.7 $0.4 - $1.8 $2.2 Long-Term Inflows Long-Term Outflows (7.8) (7.6) - - (0.2) - Long-Term Net flows (0.1) - Net flows in Invesco PowerShares QQQ (3.8) (3.8) Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Foreign Currency Translation June 30, 2016 $133.5 $128.9 $0.5 - $1.7 $2.4 37

39 Passive assets under management by client domicile ($ billions) Total U.S. Canada U.K. Continental Europe Asia June 30, 2015 $141.6 $137.4 $0.4 - $1.8 $2.0 Long-Term Inflows Long-Term Outflows (9.1) (8.3) - - (0.1) (0.7) Long-Term Net flows (2.3) (2.4) Net flows in Invesco PowerShares QQQ (0.9) (0.9) Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment (6.8) (6.6) - - (0.1) (0.1) Foreign Currency Translation September 30, 2015 $131.7 $127.5 $0.4 - $1.8 $2.0 Long-Term Inflows Long-Term Outflows (9.4) (9.2) - - (0.2) - Long-Term Net flows (0.1) - Net flows in Invesco PowerShares QQQ Net flows in Inst. Money Market Funds Market Gains and Losses/Reinvestment Foreign Currency Translation December 31, 2015 $139.1 $134.4 $0.4 - $1.9 $2.4 38

40 Reconciliation of US GAAP results to non-gaap results three months ended June 30, 2016 Please refer to pages 8-10 in the 2Q 2016 earnings press release for a description of the adjustments ($ millions) US GAAP Proportional 3 rd party Business Market appreciation / Consolidated Other Non-GAAP Consolidation distribution, service Combinations depreciation of Investment basis Basis reconciling of Joint and advisory deferred Products items Operating Revenues Ventures expenses compensation awards Investment Management Fees Service and Distribution Fees Performance Fees Other Third-Party Distribution, Service and Advisory - (2) (348) (351) Total Operating Revenues reconciled to net revenues 1, (348) Operating Expenses Third-Party Distribution, Service and Advisory (348) Employee Compensation (0) (2) - (4) 348 Marketing Property, Office and Technology (0) 83 General and Administrative (4) - (8) (1) 67 Total Operating Expenses (348) (5) (2) (8) (5) 526 Operating Income reconciled to adjusted operating income Equity in Earnings of Unconsolidated Affiliates 5 (4) Interest and Dividend Income Interest Expense (22) (22) Other Gains and Losses, net (4) (4) 1 (8) (0) Other income/(expense) of CSIP, net Other income/(expense) of CIP, net (38) - - Income before income taxes (2) (32) (3) 317 Income Tax Provision (84) (1) - (2) 1-2 (84) Net income (1) (19) (1) 233 Net (Income)/Loss Attributable to Noncontrolling (11) Interests in Consolidated Entities Net Income Attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd (1) (8) (1) 233 Diluted EPS $0.54 Adjusted diluted EPS $0.56 Diluted Shares Outstanding Diluted Shares Outstanding Operating margin 25.3% Adjusted Operating Margin 38.6% 39

41 Reconciliation of US GAAP results to non-gaap results three months ended March 31, 2016 Please refer to pages in the 1Q 2016 earnings press release for a description of the adjustments ($ millions) US GAAP Proportional 3 rd party Business Market appreciation / Consolidated Other Non-GAAP Consolidation distribution, service Combinations depreciation of Investment basis Basis reconciling of Joint and advisory deferred Products items Operating Revenues Ventures expenses compensation awards Investment Management Fees Service and Distribution Fees Performance Fees Other Third-Party Distribution, Service and Advisory - (2) (347) (349) Total Operating Revenues reconciled to net revenues 1, (347) Operating Expenses Third-Party Distribution, Service and Advisory (347) Employee Compensation (5) - - (4) 340 Marketing Property, Office and Technology General and Administrative (4) - (2) (9) 64 Total Operating Expenses (347) (10) - (2) (13) 511 Operating Income reconciled to adjusted operating income Equity in Earnings of Unconsolidated Affiliates (12) (3) (4) - (1) Interest and Dividend Income Interest Expense (24) (24) Other Gains and Losses, net (5) - - (4) 2 - (1) (8) Other income/(expense) of CSIP, net Other income/(expense) of CIP, net (8) Income before income taxes Income Tax Provision (72) (1) (4) (74) Net income Net (Income)/Loss Attributable to Noncontrolling (3) - - Interests in Consolidated Entities Net Income Attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd Diluted EPS $0.38 Adjusted diluted EPS $0.49 Diluted Shares Outstanding Diluted Shares Outstanding Operating margin 23.9% Adjusted Operating Margin 37.5% 40

42 Reconciliation of US GAAP results to non-gaap results three months ended December 31, 2015 Please refer to pages in the 4Q 2015 earnings press release for a description of the adjustments ($ millions) US GAAP Proportional 3 rd party Business Market appreciation / Consolidated Other Non-GAAP Consolidation distribution, service Combinations depreciation of Investment basis Basis reconciling of Joint and advisory deferred Products items Operating Revenues Ventures expenses compensation awards Investment Management Fees ,009 Service and Distribution Fees Performance Fees Other Third-Party Distribution, Service and Advisory - (3) (375) (378) Total Operating Revenues reconciled to net revenues 1, (375) Operating Expenses Third-Party Distribution, Service and Advisory (375) Employee Compensation (4) - (12) 339 Marketing Property, Office and Technology (2) 80 General and Administrative (4) - (2) (15) 77 Total Operating Expenses (375) (4) (4) (2) (29) 530 Operating Income reconciled to adjusted operating income Equity in Earnings of Unconsolidated Affiliates 3 (4) Interest and Dividend Income Interest Expense (23) (23) Other Gains and Losses, net (9) (5) - (1) (10) Other income/(expense) of CSIP, net Interest Income of Consolidated Investment Products (63) - - Interest Expense of Consolidated Investment Products (51) Other Gains and (Losses) of Consolidated Investment (24) Products, net Income before income taxes (5) (2) 25 (29) 330 Income Tax Provision (87) (1) (8) (88) Net income (1) Net (Income)/Loss Attributable to Noncontrolling (6) - 2 Interests in Consolidated Entities Net Income Attributable to Invesco Ltd. reconciled to adjusted net income attributable to Invesco Ltd (1) Diluted EPS $0.48 Adjusted diluted EPS $0.58 Diluted Shares Outstanding Diluted Shares Outstanding Operating margin 24.5% Adjusted Operating Margin 40.1% 41

43 Reconciliation of US GAAP results to non-gaap results three months ended September 31, 2015 Please refer to pages in the 3Q 2015 earnings press release for a description of the adjustments ($ millions) US GAAP Proportional 3 rd party Business Market appreciation / Consolidated Other Non-GAAP Consolidation distribution, service Combinations depreciation of Investment basis Basis reconciling of Joint and advisory deferred Products items Operating Revenues Ventures expenses compensation awards Investment Management Fees 1, ,038 Service and Distribution Fees Performance Fees Other Third-Party Distribution, Service and Advisory - (3) (392) (395) Total Operating Revenues reconciled to net revenues 1, (392) Operating Expenses Third-Party Distribution, Service and Advisory (392) Employee Compensation Marketing Property, Office and Technology General and Administrative (3) - (9) - 77 Total Operating Expenses (392) (3) 4 (9) Operating Income reconciled to adjusted operating (4) income Equity in Earnings of Unconsolidated Affiliates 8 (4) Interest and Dividend Income Interest Expense (20) (20) Other Gains and Losses, net (18) 12 - (2) (7) Other income/(expense) of CSIP, net (4) (4) Interest Income of Consolidated Investment Products (65) - - Interest Expense of Consolidated Investment Products (46) Other Gains and (Losses) of Consolidated Investment (17) Products, net Income before income taxes (16) 7 18 (2) 351 Income Tax Provision (100) (1) - 11 (3) - - (93) Net income 241 (4) 5 18 (2) 258 Net (Income)/Loss Attributable to Noncontrolling (5) - 3 Interests in Consolidated Entities Net Income Attributable to Invesco Ltd. reconciled to (4) 5 13 (2) 261 adjusted net income attributable to Invesco Ltd. Diluted EPS $0.58 Adjusted diluted EPS $0.61 Diluted Shares Outstanding Diluted Shares Outstanding Operating margin 27.7% Adjusted Operating Margin 41.4% 42

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