Invesco Investment Document Boilerplate Disclaimer

Important Information This document is intended only for Professional Clients and Financial Advisers in Continental Europe (as defined in the important information); for Qualified Investors in Switzerland: for Professional Clients in, Dubai, Jersey, Guernsey, Isle of Man, Ireland and the UK, for Institutional Investors in the United States and Australia, for Institutional Investors and/or Accredited Investors in Singapore, for Professional Investors only in Hong Kong, for Qualified Institutional Investors, pension funds and distributing companies in Japan; for Wholesale Investors (as defined in the Financial Markets Conduct Act) in New Zealand, for accredited investors as defined under National Instrument 45-106 in Canada, for certain specific Qualified Institutions/Sophisticated Investors only in Taiwan and for one-on-one use with Institutional Investors in Bermuda, Chile, Panama and Peru. For the distribution of this document, Continental Europe is defined as Austria, Belgium, France, Finaland, Greece, Luxembourg, Norway, Portugal, Denmark, Germany, Italy, the Netherlands, Spain, Sweden and Switzerland. This document is for information purposes only and is not an offering. It is not intended for and should not be distributed to, or relied upon by members of the public. Circulation, disclosure, or dissemination of all or any part of this material to any unauthorised persons is prohibited. All data provided by Invesco as at 31 March 2017, unless otherwise stated. The opinions expressed are current as of the date of this publication, are subject to change without notice and may differ from other Invesco investment professionals. The document contains general information only and does not take into account individual objectives, taxation position or financial needs. Nor does this constitute a recommendation of the suitability of any investment strategy for a particular investor. This is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. While 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. You may only reproduce, circulate and use this document (or any part of it) with the consent of Invesco. 48 Additional information for recipients in: Australia This document has been prepared only for those persons to whom Invesco has provided it. It should not be relied upon by anyone else. Information contained in this document may not have been prepared or tailored for an Australian audience and does not constitute an offer of a financial product in Australia. You should note that this information: - may contain references to amounts which are not in local currencies; - may contain financial information which is not prepared in accordance with Australian law or practices: - may not address risks associated with investment in foreign currency denominated investments; and does not address Australian tax issues. Hong Kong This document is provided to Professional Investors in Hong Kong only {as defined in the Hong Kong Securities and Futures Ordinance and the Securities and Futures (Professional Investor) Rules). New Zealand This document is issued only to wholesale investors in New Zealand to whom disclosure is not required under Part 3 of the Financial Markets Conduct Act. This document has been prepared only for those persons to whom it has been provided by Invesco. It should not be relied upon by anyone else and must not be distributed to members of the public in New Zealand. Information contained in this document may not have been prepared or tailored for a New Zealand audience. You may only reproduce, circulate and use this document (or any part of it) with the consent of Invesco. This document does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for, an opinion or guidance on Interests to members of the public in New Zealand. Applications or any requests for information from persons who are members of the public in New Zealand will not be accepted. Singapore This document may not be circulated or distributed, whether directly or indirectly, to persons in Singapore other than to an institutional investor pursuant to Section 304 of the Securities and Futures Act, Chapter 289 of Singapore (the ‘SFA’) or otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. This document is for the sole use of the recipient on an institutional offer basis and/ or accredited investors and cannot be distributed within Singapore by way of a public offer, public advertisement or in any other means of public marketing. HOUSE_OVERSIGHT_026728