Key facts

Manager: Stuart Parks, HenleyManaged fund since February 1998

Launch Date: August 2001Legal Status: Mutual Fund - Irish Unit Trust

authorised as UCITSShare Class Base Currency: USDCurrent NAV: USD 5.1212 Month Price High: USD 6.32 (01/11/07)12 Month Price Low: USD 4.23 (05/03/07)Current Fund Size: USD 670.29 Mn.Minimum Investment: USD 2,500Initial Charge: up to 5.25%Annual Management Fee: 1.50%Trading Frequency: Daily, forward pricing basisIndex: MSCI AC Asia ex JapanS&P Fund Rating: AAMorningstar Rating™: ✪ ✪ ✪ ✪

Fund objectives

(Name changed from Invesco Asian Equity Core on 28 November 2005.) The objective of the Fund is to achieve long-term capital growth by investing in securities of Asian companies. It will invest mainly in shares of companies quoted on Asia’s smaller stock markets. For the purposes of the Fund, references to "Asia" or "Asian" shall not include Japan, Australia and New Zealand. For full investment objectives, please refer to the prospectus.

Invesco Asian Equity FundRESULTS TO 31 JANUARY 2008A-Distr. SHARES

Fund commentary

Asian shares followed world stockmarkets lower as increased worries that the US economy may enter arecession caused share prices to fall. Hong Kong and Chinese stockmarkets were among the worstperforming in the region. Along with US recession fears, indications of a more aggressive tightening ofChinese monetary policy in 2008, due to mounting inflationary pressures, caused sharp share price falls.India’s benchmark share index, the Bombay Stock Exchange Sensex 30, touched an all-time high inmid-January, but fell thereafter as shares were sold off indiscriminately in the melee following the sharpcorrection in global stockmarkets. We continue to favour domestic growth plays in Asia, but remaincautious on the valuation levels of some Chinese stocks, particularly as the Chinese government is forced totighten monetary policy on inflation worries. Instead, we favour Hong Kong, where a combination of fallingUS interest rates and continuing strong growth in China are supporting factors. The fund is strongly focusedon the consumer sector as demographics, higher savings rates and increasing wages are all powerful factorsthat will help maintain the strength of consumer spending in Asia. By contrast, we are underweight incyclical areas, where global economic headwinds are likely to reduce earnings expectations. We also have alow exposure to the energy sector, although we have added selectively to oil company holdings.

Long-term performance*

01/03 01/04 01/05 01/06 01/07 01/08

100

300

500

Indexed Performance

Invesco Asian Equity Fund Index

Cumulative performance* % growth

YTD 1 year 3 years 5 yearsA Share -12.48 12.91 80.21 216.96Index -13.82 22.44 98.08 235.53

Calendar year performance* % growth

2007 2006 2005 2004 2003A Share 29.86 30.88 21.15 16.55 50.91Index 40.52 33.74 23.17 15.57 46.30

* Source: © 2007 Morningstar, NAV to NAV, gross income re-invested in fund currency.The Fund was originally launched in March 1993 as a Jersey domiciled fund with name Perpetual Offshore Asian Markets Fund.Index performance relates to S&P OS Fd EQ Asia Pacific ex Japan up to 1 April 2004. Index is used as a reference index. The Fund is not managed against a pre-determined benchmark.

Invesco Asset Management Asia Ltd 32/F Three Pacific Place, 1 Queen’s Road East, Hong KongInvesco Funds Hotline: (852) 3191 8282 Invesco Distributors Hotline: (852) 3191 8000

Fax: (852) 3128 6500 Email: investorservices@hkg.invesco.com Website: www.invesco.com.hk

Lipper Fund Awards Hong Kong 2007^ - 10 Years Equity Asia Pacific ex Japan

SCMP Fund Awards 2007^ - 10 Years Equity Asia Pacific ex Japan SCMP Fund Manager of the Year Awards 2005# - 10 Years Equity Asia Pacific

#B ^Based on performance up to 31 December 2006. #B #Based on performance up to 31 December 2005.

ex Japan

Important information

Investment involves risks. Past performance is not indicative of future returns. Please refer to the relevant prospectus for details and risk factors associated with investment in emerging markets.

All fund performance data are sourced from ©2007 Morningstar. Other information are sources from Invesco.

© Copyright 2007 Morningstar, Inc. All rightsreserved.This publication is for informational purposes only. Neither Morningstar nor any Morningstar data providers guarantee the accuracy or completeness of the information on this factsheet, and cannot make any guarantee regarding results from its usage. Asset allocation data is derived by Morningstar using full holdings data provided by Invesco. Morningstar Licensed Tools and Content powered by Interactive Data ManagedSolutions.

References

IVRS Code: 111Reuters Code: INVESCOBloomberg Code: INVASCA IDISIN Code: IE0030381945Published NAV: South China Morning Post

Hong Kong Economic TimesHong Kong Economic Journal

Invesco Asian Equity FundRESULTS TO 31 JANUARY 2008A-Distr. SHARES

Top 10 holdings % Total holdings 76

Holding Sector Market %Jardine Matheson Financials Hong Kong 4.50China Mobile Telecommunication Services Hong Kong 3.80Samsung Electronics GDS Information Technology Korea 3.70Taiwan Semiconductor Information Technology Taiwan 3.40Banco De Oro Universal Bank Financials Philippines 2.60ITC Consumer Staples India 2.60Macquarie Korea Industrials Korea 2.50Wharf Financials Hong Kong 2.50DBS Financials Singapore 2.40Dah Sing Banking Financials Hong Kong 2.30

Sector weightings %

%Financials 34.30Information Technology 16.30Industrials 12.00Consumer Staples 9.50Consumer Discretionary 7.10Telecommunication Services 5.20Materials 5.10Others 4.90Energy 3.90Utilities 2.30Cash -0.60

Geographical weightings %

%Hong Kong 29.9Taiwan 15.1India 12.2Korea 11.7Singapore 8.8Other Markets 7.6Philippines 4.4China 4.2Malaysia 3.7Cayman Islands 3.0Cash -0.6

3 year characteristics* %

VolatilityA Share 5.13Peer Group Average 5.49

Volatility is measured by the standard deviation of the fund, based on its monthly rates of return over thepast 3 years in fund currency. Peer Group Average refers to the mean return of the offshore andinternational funds which are categorized under Equity Asia Pacific ex-Japan Sector by Standard & Poor’s.

Invesco Asset Management Asia Ltd 32/F Three Pacific Place, 1 Queen’s Road East, Hong KongInvesco Funds Hotline: (852) 3191 8282 Invesco Distributors Hotline: (852) 3191 8000

Fax: (852) 3128 6500 Email: investorservices@hkg.invesco.com Website: www.invesco.com.hk