Invesco Managed Accounts LLC

Item 5 Fees and Compensation

IMA offers its investment management services for an annual fee rate based upon a percentage
of assets under management.

Information specific to IMA’s Investment Advisory Services

Generally, for direct investment management services offered outside a wrap program, the fee is
charged either monthly or quarterly, in advance or arrears. Depending on the engagement, the fee
may be calculated using either the average daily balance of the assets during the quarter or the
market value of the assets on the last day of the quarter or if being billed in advance the last day
of the preceding quarter. Assets are reconciled to client custodians and priced according to
information received from a third-party vendor. The specific fee schedule ranges up to 75 basis
points (0.75%) and is determined by the type of client and the strategy used to manage the
portfolio, subject to Invesco’s discretion to negotiate (discussed below).

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For clients billed by IMA, for the initial term of an engagement, the fee is calculated on a pro
rata basis. In the event the client engagement is terminated prior to the end of month or quarter,
as applicable, the base fee for the final billing period is prorated through the effective date of the
termination and the outstanding balance is refunded or charged to the client, as appropriate.

Information specific to Wrap Programs

The fees received by IMA for investment advice to Wrap Programs vary depending on the
investment strategy selected and other factors, but generally fall within a range of 0.10% to
0.60% per annum of assets under management.

Where investment advisory services provided by IMA are included in the wrap fee (generally
Traditional Wrap Programs Programs), the Program Sponsor normally pays IMA on a monthly
or quarterly basis, either in arrears or in advance, as provided in the contract between IMA and
the Program Sponsor. The wrap fee received by IMA may only be negotiated between IMA and
the Program Sponsor. In Dual Contract Wrap Programs, our fees are typically paid for directly
by the client. Additional fees may be incurred by Wrap Program clients for strategies where IMA
utilizes brokers not affiliated with the wrap program to place trades on behalf of such clients.
Wrap Program clients should consider that, depending upon the wrap fee charged, the amount of
trading activity, the value of custodial and other services provided and other factors, the wrap fee
could exceed the aggregate costs of the services provided if they were to be obtained separately
(although, in some cases, it is possible to obtain such services only through the program) and,
with respect to brokerage, any transaction-based commissions paid by the account.

With respect to client accounts subject to ERISA in a Traditional Wrap Program account, the
client should consult its separate contract with the Program Sponsor for additional information
regarding the amount of compensation the Program Sponsor pays to IMA for IMA’s services. In
addition, while IMA does not charge a “termination fee” in connection with its services under
any Wrap Programs, the client should consult its separate contract with the Program Sponsor to
determine whether the Program Sponsor charges its own termination fee.

Fee Discretion

IMA, in its sole discretion, may negotiate to charge different management fees based upon
certain criteria, such as anticipated future earning capacity, anticipated future additional assets,
dollar amount of assets to be managed, related accounts, account composition, account
complexity, pre-existing client relationship, account retention, employee status, and pro bono
activities. IMA reserves the right to negotiate or waive its investment advisory fee.

Additional Fees and Expenses

In addition to the advisory fees paid to IMA, clients may also incur certain charges imposed by
other third parties, such as broker-dealers, custodians, prime brokers, trust companies, banks and
other financial institutions (collectively ‘‘Financial Institutions’’). These additional charges may
include securities brokerage commissions, transaction fees or “trade-away” fees related to IMA
utilizing brokers not affiliated with the client custodial account, custodial fees, margin fees,
borrowing fees, charges imposed by a mutual fund or ETF in a client’s account, as disclosed in

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the fund’s prospectus (e.g., fund management fees and other fund expenses), deferred sales
charges, odd-lot differentials, transfer taxes, wire transfer and electronic fund fees and other fees
and taxes on brokerage accounts and securities transactions. IMA may agree to waive its
advisory fees proportionate to amounts invested by a client in an underlying mutual fund or ETF
or in some cases may utilize a no-management fee product. For additional information regarding
brokerage commissions and fees, please see the Brokerage Practices section below.

Fees Associated with Affiliated Funds Held in IMA Client Accounts

Where a client requests that IMA transition the client’s existing holdings to an IMA strategy, if
the client holds Invesco Affiliated Mutual Funds or ETFs (“Affiliated Funds”) the client may pay
fees and expenses for such Affiliated Funds to an Invesco affiliate in addition to IMA’s
management fee during the course of the transition. IMA’s fee is based on a percentage of the
client’s account value including the value of the Affiliated Funds held in such account.
Information on fees and expenses associated with Affiliated Funds are available in each
Affiliated Fund’s prospectus.

Tax sensitive transitions of Affiliated Funds generally extend the amount of time the Affiliated
Fund is in the client account and the amount of time the client is incurring both the Affiliated
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Item 7 Types of Clients

IMA provides its services to individuals, pension and profit-sharing plans, trusts, estates,
charitable organizations, foundations, wrap programs, state and municipal government entities,
other investment advisers, credit unions, corporations, and other business entities.

Minimum Account Requirements

Generally, IMA’s minimum portfolio value for starting and maintaining a discretionary
investment management relationship ranges from $100,000 to $3,000,000 depending on a
client’s chosen strategy, custodian, and whether they are a direct client or invest through an
intermediary, however, IMA may, in its discretion, establish higher or lower minimum account
requirements. IMA does not impose a stated minimum fee value for starting and maintaining an
investment management relationship; however, IMA may, in its discretion, negotiate a minimum
quarterly or annual fee for smaller accounts. Accounts on Model-Only wrap platforms may have
lower account minimums.

Item 8 Method of Analysis, Investment Strategies and Risk of Loss

Custom Fixed Income
Strategy Type: IMA Fixed Income Strategies
Summary
IMA’s Fixed Income strategies seek to outperform relative to         Risks Associated with IMA Fixed
stated benchmarks, net of fees, while exhibiting similar levels of   Income Strategies:
volatility.
                                                                     • Interest Rate Risk
IMA believes such outperformance can be achieved through             • Call Risk
active sector allocation and security selection while adhering to    • Municipal Securities Risk
tight duration bands; combining fundamental and quantitative         • Credit Risk
methods to identify high quality securities that maximize            • Issuer-Specific Changes Risk
income potential; and employ a comprehensive risk framework          • Liquidity Risk
to accurately manage portfolio risks and mitigate downside           • Reinvestment Risk
volatility.                                                          • Cash/Cash Equivalents Risk
                                                                     • Inflation Risk
Portfolio Risk and Sector Allocation Determination: The IMA          • Mortgage-Backed Securities
Investment Team forms an investment outlook based on a 12-             (MBS) Risk
month investment horizon, informed by conclusions drawn from         • Prepayment Risk
regular macro, municipal team and taxable team meetings. Their       • U.S. Government Obligations

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outlook is used to establish portfolio risk and sector allocation      Risk
targets relative to the benchmark; duration is typically             • Model and Quantitative Risks
neutralized to the benchmark. These targets are formally             • Operational Risk
reviewed monthly but can be changed intra-month.                     • Subordinated Debt Risk
                                                                     • Financials Sector Risk
Security Analysis, Assignment and Selection: The sector-             • Floating and Variable Rate
dedicated credit analysts conduct fundamental analysis, focusing       Obligations Risk
on issuers with stable/improving credit profiles. An internal        • Preferred Securities Risk
rating is assigned for each covered credit. Credits are entered      • Treasury Inflation-Protected
into the credit database for ongoing monitoring. Best relative         Securities (TIPS) Risk
value opportunities are identified by comparing spreads of           • Market Disruption Risks
internally rated bonds to those of similar NRSRO- rated bonds,         Related to Armed Conflict and
and approved credits are placed on the Buy List for purchase.          Geopolitical Tension
                                                                     • Foreign Securities and Credit
Portfolio Construction: The traders use the approved names from        Exposure Risk
the Buy List to buy and sell bonds and construct portfolios that
are in-line with strategy risk and sector allocation targets. Tax-
efficiency is at the heart of IMA’s investing process and for
certain tax-efficient strategies the team may place trades that
deliberately generate tax losses.

IMA Fixed Income Strategies

Invesco Tax-Free
Investment grade tax-exempt municipal bonds; state-specific
where applicable. Available in Enhanced Cash, Short Term,
Limited Term, Intermediate Term and Core duration strategies,
with options for ESG or Values overlays (described below).

Invesco Tax-Aware
Investment grade blend of tax-exempt municipal bonds and
taxable bonds which may include corporate, treasury/agency,
Government mortgage-backed securities (‘‘MBS’’), treasury
inflation-protected securities (‘‘TIPS’’), and taxable municipal
bonds. Sector mix is based on after-tax relative value. Available
in Enhanced Cash, Short Term, Limited Term, and Intermediate
Term duration strategies, with options for ESG or Values
overlays.

Invesco Government Credit
Investment grade taxable bonds which may include corporate,
treasury/agency, Government MBS, TIPS and taxable municipal
bonds. Tax-exempt municipal bonds may also be held. Available
in Enhanced Cash, Short Term, Intermediate Term, and Long-
Term duration strategies, with options for ESG or Values
overlays.

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Invesco Taxable Enhanced Cash
Investment grade corporate and taxable municipal bonds. Tax-
exempt municipal bonds may also be held. An ESG overlay
option is available.

Invesco Government Enhanced Cash
U.S. Treasury and Agency bonds, with a minimum portfolio
allocation of 75% in U.S. Treasury Notes/Bills.

Custom Fixed Income
Strategy Type: Invesco Corporate Bond SMA Strategies
Summary
The Corporate Bond strategies employ a four-dimensional              Risks Associated with Corporate
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