Remuneration Policy

Summary of Invesco Investment Management Limited Remuneration Policy

Invesco Investment Management Limited (the "Company") has a remuneration policy in place in compliance with Regulation 89 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. The remuneration policy does not extend to any delegates of the Company and is restricted in scope to the Company itself. The remuneration policy imposes remuneration rules regarding staff whose activities have a material impact on the risk profile of the funds managed by the Company.

Remuneration and benefits are calculated in recognition of the important role played by sound risk management in protecting investors in funds managed by the Company. The remuneration policy takes into account the nature, scale and complexity of the Company s business. In determining the governance of its remuneration procedures, the Company has given due consideration to the number of funds managed, the nature of and restrictions placed on such funds from a regulatory perspective, the type of investments, the investment strategies, the investment location, the distribution model and the investor base. Due consideration has also been given to the resources available to the Company and the resources and expertise of the various third parties engaged to support the Company and carry out certain functions on its behalf.

Only fixed remuneration (meaning payments or benefits without consideration of any performance criteria) is paid by the Company to the independent Directors and designated persons of the Company who fulfil managerial functions. Directors who are executives of the Invesco UK Invesco Asset Management are not paid such remuneration. The Board of Directors of the Company, as identified in the section of the Prospectus headed "Directors of the Company", are responsible for awarding remuneration and any benefits.

A paper copy of the remuneration policy may be obtained free of charge on request from the Company.