Invesco Pan European Structured EquityFundC-Acc Shares31 January 2020

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*Source: © 2020 Morningstar. Gross income re-invested to 31 January 2020 unless otherwise stated. The figures do not reflect the entry charge payable byindividual investors. All performance data on this factsheet is in the currency of the share class. Reference Index Source: Factset. Please refer to Page 3 for RiskWarnings and Important Information.

Summary of fund objectiveThe objective of the Fund is to achievelong-term capital appreciation by investingat least two thirds of the total assets of theFund in a diversified portfolio of equities ofcompanies with their registered office in aEuropean country or exercising theirbusiness activities predominantly inEuropean countries which are listed onrecognised European stock exchanges. Forthe full objectives and investment policyplease consult the current prospectus.

Key facts

Michael FraikinFrankfurt am MainManaged fund sinceJune 2002

Thorsten PaarmannFrankfurt am MainManaged fund sinceMarch 2007

Share class launch06 November 2000Original fund launch 06 November 2000Legal statusLuxembourg SICAV with UCITS statusShare class currencyEURShare class typeAccumulationFund sizeEUR 3.27 bn Reference indexMSCI Europe-NDBloomberg codeINVELNC LXISIN codeLU0119753134Settlement dateTrade Date + 3 DaysMorningstar RatingTMAAAA

Quarterly fund commentaryEuropean markets rallied over the fourth quarter of the year, buoyed by better thanexpected economic data and positive US-China trade rhetoric. Markets continued to witnessa style rotation away from defensive stocks into more cyclical and economically-sensitiveequities. A convincing UK general election result also helped European equity markets endedthe year strongly. The fund concentrates on stocks with attractive risk-return profiles asidentified by a systematic investment process which is based on four factors: EarningsMomentum, Price Momentum, Quality and Value. This approach can lead to active positionsrelative to the benchmark. During the fourth quarter, the portfolio underperformed itsreference index. While Value contributed positively to performance, Earnings Momentumhurt. In a strongly rising market environment, the fund’s overweight in smaller sizedcompanies helped. At the same time, the defensive portfolio positioning hurt the relativeperformance. Underweights in companies from the IT and materials sectors had the largestnegative impact. From a country perspective, effects from underweights in France andGermany were compensated by overweights in Scandinavian companies.

Indexed performance*Fund Index

01/15 01/16 01/17 01/18 01/19 01/2080

90

100

110

120

130

Data points are as at month end.

Cumulative performance*in % YTD 1 month 1 year 3 years 5 years

Fund 0.95 0.95 13.07 19.42 25.89

Index -1.26 -1.26 17.21 23.17 27.04

Calendar year performance*in % 2015 2016 2017 2018 2019

Fund 15.76 -1.75 13.10 -12.58 20.56

Index 8.22 2.58 10.24 -10.57 26.05

Standardised rolling 12 month performance*31.01.15 31.01.16 31.01.17 31.01.18 31.01.19

in % 31.01.16 31.01.17 31.01.18 31.01.19 31.01.20

Fund -0.06 5.47 13.54 -6.97 13.07

Index -5.35 8.98 12.43 -6.53 17.21Past performance is not a guide to future returns.

Invesco Pan European Structured Equity FundC-Acc Shares31 January 2020

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Source: *Invesco. Portfolio weightings and allocations are subject to change. The weightings for each breakdown are rounded to the nearest tenth orhundredth of a percent; therefore, the aggregate weights for each breakdown may not equal 100%. The top 10 overweight and underweight positionsrepresent the largest weighting differences between the fund and the index. **Morningstar.

Issuers and active weights* (total holdings: 110)

Top 10 issuers %

Iberdrola SA 1.6

Wolters Kluwer NV 1.6

Enel SpA 1.6

Hennes & Mauritz AB 1.6

Engie SA 1.6

Swedish Match AB 1.5

Endesa SA 1.5

Coca-Cola European Partners PLC 1.5

Novartis AG 1.5

Telenor ASA 1.5

Top 10 overweight +

Rightmove PLC 1.5

Swedish Match AB 1.4

Endesa SA 1.4

Hennes & Mauritz AB 1.4

Coca-Cola European Partners PLC 1.4

Skanska AB 1.4

Wolters Kluwer NV 1.4

Telenor ASA 1.4

Next PLC 1.3

Aena SME SA 1.3

Top 10 underweight -

Nestle SA 3.6

Royal Dutch Shell PLC 2.3

HSBC Holdings PLC 1.6

AstraZeneca PLC 1.4

SAP SE 1.4

BP PLC 1.3

LVMH Moet Hennessy Louis VuittonSE

1.3

ASML Holding NV 1.3

TOTAL SA 1.3

Sanofi 1.2

Geographical weightings of the fund in %*

g United Kingdomg Switzerlandg Swedeng Franceg Netherlandsg Spaing Italyg Germanyg Othersg Cash

Sector weightings of the fund in %*

g Consumer Staplesg Communication Servicesg Industrialsg Health Careg Utilitiesg Consumer Discretionaryg Financialsg Materialsg Othersg Cash

NAV and fees

Current NAVEUR 22.32 12 month price highEUR 22.87 (24/01/2020)12 month price lowEUR 19.73 (01/02/2019)Minimum investment 1

EUR 800,000Entry charge Up to 5.00%Annual management fee0.8%Ongoing charges 2

1.07%

Geographical weightings*in % Fund Index

United Kingdom 17.2 24.8

Switzerland 15.6 15.9

Sweden 11.1 3.9

France 9.3 17.5

Netherlands 8.9 5.2

Spain 7.8 4.5

Italy 6.0 3.3

Germany 5.7 13.6

Others 15.4 11.3

Cash 3.1 0.0

Sector weightings*in % Fund Index

Consumer Staples 16.2 14.2

Communication Services 15.2 4.3

Industrials 15.0 14.0

Health Care 11.7 14.3

Utilities 9.3 4.8

Consumer Discretionary 8.8 9.7

Financials 7.8 17.7

Materials 7.6 7.0

Others 5.4 13.8

Cash 3.1 0.0

Financial characteristics*

Average weighted market capitalisation EUR 34.70 bn

Median market capitalisation EUR 9.72 bn

3 year characteristics**

Alpha 0.18

Beta 0.83

Correlation 0.89

Information ratio -0.21

Sharpe ratio 0.67

Tracking error in % 4.80

Volatility in % 9.61For detailed information about the 3 year characteristics please seehttp://assets.invescohub.com/invesco-eu/glossary.pdf.

Invesco Pan European Structured Equity FundC-Acc Shares31 January 2020

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Risk Warnings

The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may notget back the full amount invested.

Important Information

1The minimum investment amounts are: USD 1,000,000 / EUR 800,000 / GBP 600,000 / CHF 1,000,000 / SEK 7,000,000.Please contact us or refer to the most up to date Prospectus for details of minimum investment amounts in other currencies.2The ongoing charges figure is based on annualised expenses for the period ending August 2019. This figure may vary from yearto year. It excludes portfolio transaction costs except in the case of an entry or exit charge paid by the Fund when buying orselling shares/units in another fund.

The fund aims to be fully invested in European equities at all times. Short term cash positions are equitized through index futures. Whereindividuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of otherinvestment professionals and are subject to change without notice. This marketing document is not an invitation to subscribe for shares inthe fund and is by way of information only, it should not be considered financial advice. This does not constitute an offer or solicitation byanyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation. Persons interested in acquiring the fund should inform themselves as to (i) the legal requirements in the countries of theirnationality, residence, ordinary residence or domicile; (ii) any foreign exchange controls and (iii) any relevant tax consequences. As with allinvestments, there are associated risks. This document is by way of information only. Asset management services are provided by Invescoin accordance with appropriate local legislation and regulations. The fund is available only in jurisdictions where its promotion and sale ispermitted. Not all share classes of this fund may be available for public sale in all jurisdictions and not all share classes are the same nordo they necessarily suit every investor. Fee structure and minimum investment levels may vary dependent on share class chosen. Pleasecheck the most recent version of the fund prospectus in relation to the criteria for the individual share classes and contact your localInvesco office for full details of the fund registration status in your jurisdiction. This document is marketing material and is not intended asa recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality ofinvestment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. Theinformation provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities. Pleaserefer to the most up to date relevant fund and share class-specific Key Investor Information Document, the latest Prospectus and Annualor Interim Short Reports for more information on our funds. UK based investors should also refer to the relevant SupplementaryInformation Document. This information is available using the contact details shown. Issued in Jersey and Guernsey by InvescoManagement S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance duSecteur Financier, Luxembourg. In Guernsey the fund can only be promoted to Professional Clients. Issued in the UK by InvescoManagement S.A., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, regulated by the Commission de Surveillance duSecteur Financier, Luxembourg. For the purposes of UK law, the fund is a recognised scheme under section 264 of the Financial Services& Markets Act 2000. The protections provided by the UK regulatory system, for the protection of Retail Clients, do not apply to offshoreinvestments. Compensation under the UK’s Financial Services Compensation Scheme will not be available and UK cancellation rights do notapply. Issued in Dubai for Professional Clients only by Invesco Asset Management Limited, PO Box 506599, DIFC Precinct Building No 4,Level 3, Office 305, Dubai, United Arab Emirates. Regulated by the Dubai Financial Services Authority.

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