Invesco Management Sa

Item 5 Fees and Compensation
Invesco Quantitative Strategies team

Institutional Segregated Accounts
Where IQS manages segregated institutional accounts, management and performance fees
are charged. Management fees are negotiated with the client and charged on a monthly or
quarterly basis subject to the agreement.
Where applicable, performance fees are charged on an annual basis. Subject to specific
agreements it can be charged quarterly.

Sub-Advised Accounts
Where IQS provides investment management services on a Sub-advised basis i.e., on behalf
of another investment adviser within the Invesco group, IMSA receives 40% of the net
management and performance-based fees charged (net management fees are fees net of
any rebates).

Management fees are paid out of fund assets to the fund’s investment adviser (or its affiliates)
for managing the fund’s investment portfolio. Clients are therefore not invoiced and do not
have fees deducted from their accounts. Fees are not charged in advance of any investment
management service being provided. Fees are agreed at the point of completing the
Investment Management Agreement for an institutional mandate.

The annual investment management fee of IQS is based on a percentage of the investable
assets according to the following schedule:
          First 50 mln
          USD                      0.10%               to            1.00%
          Next 50 mln
          USD                      0.10%               to            1.00%
          Next    100
          mln USD                  0.10%               to            1.00%
          Next    200
          mln USD                  0.10%               to            1.00%

The fee structure above is applicable for products with tracking errors between 1% and 5%.
Invesco bases its fees on a percentage of assets under management and/or on performance
(performance-based fees). Fees are negotiable. Management fees are billed at the end of
the relevant period. Transaction, performance or incentive fees, if any, are billed when due.
Fees are not payable before the service is provided. Payment in full is expected upon invoice
presentation.

IQS does not operate a standard charging structure. IQS undertakes discretionary portfolio
management for more than one client, or fund and different fee structures (e.g., performance
related fees and fixed annual management charges) may exist for client portfolios, which
may potentially represent incentive for allocation.

IQS has strict allocation procedures in place to ensure fair allocation of securities. In addition,
when carrying out client transactions, IQS will combine orders where this is in the best interest
of the clients.

Investment Grade Credit and Fixed Income Factors

Fee structure:

                                                        Sub-
 Investment Strategy         Fee range                  strategies/mandates

                                                        Core Bond; Core Plus
                                                        Bond; Corporate Credit
                                                        Equity Enhanced Fixed
                                                        Income; Long Duration
                                                        Corporate Bond; Short
 Investment Grade                                       Term Bond; Convertible
 Credit                      1-100bps                   Securities

                                                        Global Sovereign Bond;
                                                        Short Term Bond; US
                                                        Investment Grade
                                                        Corporate Bond; Hard
 Fixed Income Factors        0.01 – 100bps              Currency EM Bond

Invesco Real Estate

The fees described in this section are strictly for the provision of investment advisory services
and do not include other fees that a client account may incur, such as custody fees or fees
charged by other service providers retained by the clients’ accounts. IRE does not receive,
or participate in the sharing of, custody fees or otherwise receive any benefit as a result of
custodial arrangements entered into by its clients’ accounts.

IRE is typically entitled to a management fee in relation to the Funds. Management fees vary
from Fund to Fund. For most of them, they are calculated as a percentage of the net asset
value (range from 30 bps to 170 bps) or of the gross asset value of the Funds on the last day
of the respective period (quarter or month). IRE reserves the right to waive the management
fee on a client account.

Based on an investor’s eligible assets invested in certain real estate-related products
managed by IRE or its affiliates, certain Fund investors will receive a discount on asset
management fees. Further, Funds may provide different fee discounts based on objective
criteria an investor may meet, e.g., based on the amount of committed investment in the
Fund.

IRE provides ancillary services (e.g., bookkeeping, administration, corporate secretarial,
lease, directorship and review of financial information and accounts) to the Funds and their
respective Luxembourgish subsidiaries it manages. The costs incurred by IRE in providing
these services may be recharged to the Funds if they are not covered by the management
fee as specified in the respective Fund offering materials.

IRE-managed Funds may charge transaction-based fees and incentive fees, in addition to
management fees, each as specified in the Fund offering materials. These fees may either
be paid to IRE or to IRE affiliates advising the Fund in its investments.

Finally, the Funds’ governing document(s) generally provide that funds will bear “dead deal”
costs and expenses (such as for e.g. due diligence, travel, legal, other operating expenses
for investments, dispositions, financing and accounting) related to potential investments
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Item 7 Types of Clients

IMSA’s clients include pooled vehicles and institutional investors including public bodies,
local authorities, corporate bodies, charities, insurance companies, corporations, banks,
pension funds, asset management companies, charities and educational establishments and
other well-informed investors.

Account Minimums

Invesco Quantitative Strategies

The minimum account size is EUR 25 million for segregated accounts of assets under

management, although account minimums are negotiable.
In the case of a sufficient number of investors, pooled accounts may be set up with the
minimum account size of EUR 5 million per Client. The pooled account fee includes
administration charges, custodian fees etc.

Investment Grade Credit and Fixed Income Factors

Account Minimums Separate Accounts Generally Separate accounts (Institutional and High
Net Worth Clients only) generally require a minimum investment of $100 million depending
on the investment strategy; however, Invesco Advisers may, in its sole discretion, accept
smaller levels of investment in certain cases.

Invesco Real Estate

The minimum investment in a Fund is typically EUR/USD/GBP 5-10 million, although the
respective Fund documentation gives IRE the discretion to waive this requirement. For Funds
targeting “well-informed” investors this could be lower, e.g. EUR 100,000. All investors in the
Funds that are “U.S. persons” must meet certain minimum qualifications, including being
“qualified purchasers,” as specified in the subscription materials for each Fund or Sub-Fund.