Half-yearly Report

Invesco Perpetual UK Smaller Companies Investment Trust plc Half-Yearly Financial Report for the Six Months to 31 July 2012 KEY FACTS Invesco Perpetual UK Smaller Companies Investment Trust plc (`the Company') is an investment trust, quoted on the London Stock Exchange, which invests predominantly in the shares of small to medium sized UK quoted companies. Investment objectives of the Company The Company aims to achieve long-term total return for its shareholders via an investment vehicle which gives access to a broad cross section of small to medium sized UK quoted companies. Full details of the Company's investment policy and risk and investment limits can be found in the annual financial report for the year ended 31 January 2012. Performance Statistics The Benchmark Index of the Company is the Numis Smaller Companies Index (excluding Investment Trusts) on a total return basis. During the period under review the Company's benchmark, the Extended Hoare Govett Smaller Companies Index, was renamed the Numis Smaller Companies Index. AT AT 31 JULY 31 JANUARY % 2012 2012 CHANGE Net asset value and share price: Net asset value per share:   - balance sheet 245.9p 237.6p +3.5%   - after charging proposed dividends (capital NAV) 244.3p 234.2p +4.3% Shareholders' funds (£'000) 130,830 126,771 +3.2% Mid-market price per share* 203.0p 187.5p +8.3% Discount per ordinary share 17.4% 21.1% Total return (all income reinvested) for the six months ended 31 July 2012: Net asset value* +5.0% Benchmark Index* +3.9% FTSE All-Share Index* +1.9% Capital return - Indices: Net asset value* +4.3% Benchmark Index* +2.3% FTSE All-Share Index* -0.2% *Source: Thomson Reuters Datastream AT AT 31 JULY 31 JANUARY 2012 2012 Gearing†   - gross gearing 0.9% 6.7%   - net gearing 0.9% 6.7%   - maximum permissable gearing 15.3% 15.8% † Definition given on final page. SIX MONTHS SIX MONTHS ENDED ENDED 31 JULY 31 JULY 2012 2011 Return and dividend per share: Revenue return 3.2p 2.8p Capital return 8.3p 6.8p Total return 11.5p 9.6p Interim dividend 1.6p 1.6p CHAIRMAN'S STATEMENT INCORPORATING THE INTERIM MANAGEMENT REPORT Chairman's Statement During the six months under review, your Company achieved an increase in net asset value of 5.0% on a total return basis, again out-performing its benchmark index, the Numis Smaller Companies (ex-Investment Companies) Index which rose by 3.9% on a total return basis. Once again, I must give credit to the Investment Managers - Richard Smith and Jonathan Brown - for staying true to their principles of investing in sound companies with proven management skills, solid balance sheets and with the ability to generate cash. As you will read in the Investment Managers' Report, we are soon to enter the sixth year of this economic crisis with no obvious resolution in sight. Astute investment managers who have the experience to cope with such turbulent times are a great asset and their approach is one that your Board supports and believes will deliver positive returns with lower volatility over time. It is also pleasing to report that the mid-market price of the Company's shares rose during the period from 187.5p to 203p and that the discount narrowed from 21.1% at the beginning of the period to 17.4% as at 31 July 2012. The Future of the Company Your Board and Investment Managers have always been aware that no investment company has the right to exist and that investment trends go in and out of fashion. In particular, your Board has found that the level at which the market has priced the Company's shares over the last few years has led to a wider discount level than either the Board is comfortable with or that the Investment Managers deserve. In response to this, the Board announced on 25 May 2012 that it intends to offer shareholders a choice of options at a fixed date in the future. On or around the Company's AGM in 2017, shareholders will be able to decide whether to continue their investment in the Company, to rollover into a similar investment vehicle or to realise their investment for cash at a price close to NAV. One of the longer term benefits the Board hopes to achieve by this initiative is a permanent narrowing of the discount to NAV at which the shares trade. My fellow Directors and I believe that this is the right course of action for shareholders and is in their best interests. We also believe that willingness to promote this initiative by the management company shows confidence in their abilities to produce sufficiently good performance over the five-year period to earn the right from shareholders for a continuation of this investment trust. Share Buy Backs During this six-month period, the Company bought back and cancelled 137,000 ordinary shares at an average weighted price of 201.6p per share at an average discount of 17.8%, enhancing the NAV per share by 0.1%. Interim Dividend The Board is pleased to declare an interim dividend of 1.6p per share to be paid on 24 October 2012 to shareholders on the register on 28 September 2012. Shares will go ex-dividend on 26 September 2012. Outlook The economic outlook in Europe has not greatly improved since this time last year and much has still to be agreed and enacted by politicians before any level of optimism can return, although expectations are running high, especially after Mario Draghi - European Central Bank President - recently asserted that "the Euro is irreversible. Our Investment Managers believe that this is a market in which it is necessary to be mindful of earnings risk as conditions for many companies remain difficult and this could adversely affect the earnings growth that can be delivered which, in turn, could depress share prices. Hence, they will continue to build on their investments in relatively defensive sectors where security of earnings is greater and cash on the balance sheet adds a degree of certainty to returns. Your Board is wholly supportive of this approach. Ian Barby Chairman 14 September 2012 Investment Managers' Report Investment Review The period under review broadly divides into two halves in terms of equity market behaviour. The provision of Long Term Refinancing Operations by the European Central Bank (ECB), undertaken in a bid to ease tensions within the eurozone banking system, induced a liquidity-fuelled rally for the first three months of 2012. With investors favouring riskier assets such as equities, UK smaller companies rose. However, a portion of those gains were clawed back in the second quarter of 2012 as macroeconomic data pointed to a slowdown in global growth and investors sought perceived safe-haven assets. Nevertheless, despite the weaker performance of the equity market in the second quarter, UK smaller companies, as measured by the Numis Smaller Companies (ex-Investment Companies) index, rose 3.9% in total return terms over the six months to 31 July 2012. Portfolio Strategy and Review Against this background, your Company produced an increase in net asset value of 5.0% for the half-year, in total return terms. The portfolio benefited from overweight positions in the Support Services and Software & Computer Services sectors but was hurt by its exposure to the Mining and Industrial Transportation sectors. At the individual stock level, the best performers included: Talk Talk Telecom (+41.1%) where final results surprised on the upside, with margin targets being reached significantly ahead of schedule; the speciality chemical group Elementis, which rose 37% following earnings upgrades and PayPoint, which increased by 26.3% following better than expected final results, with volumes across all divisions showing an increase on last year. While contributors to the portfolio substantially outweighed detractors, there were disappointments from Avocet Mining (-66.5%) which issued a profits warning due to production problems at its main Inata gold mine in West Africa. The shares of coal supplier, Hargreaves Services (-37.9%), also fell on news of a geological problem. This resulted in an exceptional cost being incurred in that group's 2012 results. It is now five years since the onset of the credit crisis. The record low interest rates characterising the period have merely been a reflection of the global economic malaise, rather than the fillip policymakers hoped would boost economic growth and accelerate debt reduction. In China, economic growth is decelerating, while in the US, downwardly revised growth estimates for 2012 and 2013 have not yet factored in the wide-ranging potential implications of the `fiscal cliff'. (The term is used to describe the double impact of tax increases and automatic spending cuts, due in early 2013. If implemented, these would create the biggest fiscal drag since the onset of World War II). In the eurozone, Spain, Italy, Greece and Portugal are in recession. Mario Draghi, President of the ECB, states that he will do whatever it takes to preserve the euro. However, we believe his `freedom to manoeuvre' is curtailed by German opposition to a full-scale bond buying programme. In the UK, economic activity remains subdued, with expectations for manufacturing activity at a three year low. The outlook for the service sector is not much more encouraging. On a more positive note, one of the key outcomes of lower economic growth has been the decline in the rate of global inflation. The annual rate of inflation in the UK has now fallen to 2.6% for July 2012. This is, in part, due to lower commodity prices such as oil, copper and gold, although some `soft' commodities (notably corn and soyabeans) have been strong, following the worst US drought in fifty years. Despite some short-term fillips to UK consumer spending, in particular the rise in personal tax allowances, consumer sentiment remains fragile, exacerbated by slow wage growth, the increased cost of living and a weak housing market. The growth prospects for emerging markets remain attractive, with favourable demographics and a lower cost of production. However, wage increases in China are causing some shifts in production to other areas in Asia. With the notable exception of India, inflation is falling in the region, allowing authorities scope to initiate cuts in interest rates and adopt further monetary stimulus measures. Hence, China's move to cut interest rates twice in as many months and lower its reserve requirement ratio. Although the global economic situation is likely to remain subdued, we continue to see UK smaller companies as an attractive asset class, which offer investors the prospect of real returns. These will come from a mixture of dividends and selective profits growth. These returns are not currently available from fixed income securities or bank deposits. We note that, at the time of writing, the yields on short-term bonds from Germany, Switzerland and Denmark are currently in negative territory. Equity valuations, on the other hand, are low in terms of price/earnings ratios compared with historic levels and many publicly quoted companies have healthy balance sheets. One of the attractions of the smaller companies sector is the flexibility of many businesses, a necessity in today's challenging economic environment, with products and services addressing niche, growth areas of the economy. Another positive factor is the potential for take-over activity amongst smaller companies. Many larger companies have significant cash balances available, earning virtually nothing, so any acquisitions would be margin enhancing. Given the current backdrop, our aim is to find companies that can shape their own destiny and continue to grow in the current environment. These may be businesses exposed to higher growth in other countries, in attractive niches, or able to take market share from competitors. We also favour companies with proven management skills and the ability to generate cash. In our view, there are more opportunities to find such groups amongst smaller companies than in the broader market. With this in mind, we retain significant exposure to the industrial sector, through companies such as rigid plastic supplier RPC, PayPoint and speciality chemicals company Elementis, and in the healthcare sector, through businesses such as Synergy Health and Dechra Pharmaceuticals. We have added to selective consumer stocks, reflecting our hope of an improvement in the consumer's financial position. We remain cautious about financials, although we see selective opportunities even here. Outlook Despite a number of headwinds, we believe there are several factors supporting the UK and other developed equity markets. These include low equity valuations, attractive and growing dividends, as well as low interest rates and the possibility of further global monetary easing. Nevertheless, while the Bank of England and US Federal Reserve continue to hint at further stimulus, they seem reluctant to act. Against this background, your Company has modest gearing. Richard Smith and Jonathan Brown Invesco Asset Management Limited Related Party Invesco Asset Management Limited (`IAML'), a wholly owned subsidiary of Invesco Limited, acts as Manager, Company Secretary and Administrator to the Company. Details of IAML's services and fees arrangements are given in the annual financial report which is available on the Manager's website. Principal Risks and Uncertainties - Investment Objective - there can be no guarantee that the Company will achieve its published investment objective. - Market Movements and Portfolio Performance - a fall in the stock markets and/ or a prolonged period of decline in the markets relative to together forms of investment as well as bad performance of individual companies. - Ordinary Shares - the market value of the shares in the Company may not reflect their underlying net asset value. Whilst it is the Directors' intention to pay a dividend, the ability to do so and its quantum will depend upon the income received from securities. - Regulatory Risk - the Company is subject to various laws and regulations by virtue of its status and an investment trust. Control failures by the Managers or third party service providers may result in operational or reputational problems, erroneous disclosures or loss of assets through fraud, as well as breaches of regulations. - Gearing - The Company may borrow money for investment purposes. If the investments fall in value, any borrowings will magnify the loss. If borrowing facilities could not be renewed, the company might have to sell investments to repay borrowings. - Reliance on Third Party Service Providers - failure by any service provider to carry out its obligations to the Company could have a materially detrimental impact on the operation of the Company and affect the ability of the Company to successfully pursue its investment policy. A detailed explanation of these principal risks and uncertainties can be found on pages 17 and 18 of the Company's 2012 annual financial report, which is available on the Manager's website at: www.invescoperpetual.co.uk In the view of the Board, these principal risks and uncertainties are as much applicable to the remaining six months of the financial year as they were to the six months under review. Going Concern The financial statements have been prepared on a going concern basis. The Directors consider this is the appropriate basis, as the Company has adequate resources to continue in operational existence for the foreseeable future. In considering this, the Directors took into account the diversified portfolio of readily realisable securities which can be used to meet funding commitments, and the ability of the Company to meet all of its liabilities and ongoing expenses from its assets. THIRTY LARGEST HOLDINGS AT 31 JULY 2012 Ordinary shares unless stated otherwise VALUE % OF COMPANY ACTIVITY BY SECTOR £'000 PORTFOLIO Synergy Healthcare Healthcare Equipment & Services 5,082 3.9 Dechra Pharmaceuticals & Biotechnology 4,643 3.5 Pharmaceuticals RPC General Industrials 3,239 2.5 RPS Support Services 2,727 2.1 Diploma Support Services 2,626 2.0 Micro Focus Software & Computer Services 2,609 2.0 Fenner Industrial Engineering 2,458 1.9 Paypoint Support Services 2,409 1.8 Babcock Support Services 2,338 1.8 International Elementis Chemicals 2,324 1.8 Greene King Travel & Leisure 2,107 1.6 Domino Printing Electronic & Electrical Equipment 2,103 1.6 Filtrona Support Services 2,099 1.6 Premier Oil Oil & Gas Producers 2,061 1.6 Mears Support Services 2,017 1.5 Dunelm General Retailers 1,844 1.4 Bellway Household Goods & Home 1,827 1.4 Construction BTG Pharmaceuticals & Biotechnology 1,797 1.4 Senior Aerospace & Defence 1,797 1.4 TalkTalk Telecom Fixed Line Telecommunications 1,748 1.3 RWS Support Services 1,742 1.3 Jupiter Fund Financial Services 1,692 1.3 Management Brewin Dolphin Financial Services 1,690 1.3 Brown (N) General Retailers 1,675 1.3 James Halstead Construction & Materials 1,647 1.2 Rentokil Initial Commercial & Professional 1,641 1.2 Services Spirent Technology Hardware & Equipment 1,628 1.2 Communications Victrex Chemicals 1,620 1.2 Enquest Oil & Gas Producers 1,601 1.2 Homeserve Support Services 1,587 1.1 66,378 50.4 Other Investments 65,327 49.6 (71) Total Investments 131,705 100.0 (101) CONDENSED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 JANUARY SIX MONTHS TO 31 JULY SIX MONTHS TO 31 JULY 2012 2012 2011 REVENUE CAPITAL TOTAL REVENUE CAPITAL TOTAL TOTAL £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses) on - 4,937 4,937 - 4,138 4,138 (3,441) investments at fair value Income   UK dividends 1,963 - 1,963 1,849 - 1,849 3,416   UK unfranked 41 - 41 4 - 4 10 investment income   Overseas dividends 81 - 81 73 - 73 164 Gross profit 2,085 4,937 7,022 1,926 4,138 6,064 149 Investment management (221) (221) (442) (219) (219) (438) (842) fee - note 2 Performance fee - - (258) (258) - (180) (180) (391) note 2 Other expenses (142) (2) (144) (163) (1) (164) (311) Profit/(loss) before 1,722 4,456 6,178 1,544 3,738 5,282 (1,395) finance costs and tax Finance costs: interest payable and similar charges - (7) (29) (36) - - - (15) note 2 Profit/(loss) before 1,715 4,427 6,142 1,544 3,738 5,282 (1,410) tax Taxation (3) - (3) (1) - (1) (5) Net profit/(loss) 1,712 4,427 6,139 1,543 3,738 5,281 (1,415) after tax Return per ordinary share Basic - note 3 3.2p 8.3p 11.5p 2.8p 6.8p 9.6p (2.6)p The total column of this statement represents the Company's statement of comprehensive income, prepared in accordance with International Financial Reporting Standards. The profit after tax is the total comprehensive income for the period. The supplementary revenue and capital columns are both prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations and the Company has no other gains or losses. No operations were acquired or discontinued in the period. CONDENSED BALANCE SHEET Registered number 2129187 AT AT AT 31 JUL 31 JUL 31 JAN 2012 2011 2012 £'000 £'000 £'000 Non-current assets   Investments at fair value   through profit or loss 131,705 136,339 135,045 Current assets   Amounts due from brokers 409 457 1,083   Prepayments and accrued   income 472 375 201   Cash and cash equivalents - 159 - 881 991 1,284 Total assets 132,586 137,330 136,329 Current liabilities   Amounts due to brokers (230) (277) (524)   Bank overdraft (1,152) - (8,498)   Accruals (116) (135) (145)   Performance fee payable - - (391) (1,498) (412) (9,558) Total assets less current liabilities 131,088 136,918 126,771   Provision for performance   fee - note 2 (258) (180) - Net assets 130,830 136,738 126,771 Issued capital and reserves Share capital 10,642 10,930 10,669 Share premium 21,244 21,244 21,244 Capital redemption reserve 3,386 3,098 3,359 Capital reserves 91,449 97,715 87,299 Revenue reserve 4,109 3,751 4,200 Total Shareholders' funds 130,830 136,738 126,771 Net asset value per ordinary share Basic - see note 5 245.9p 250.2p 237.6p CONDENSED STATEMENT OF CASH FLOW SIX MONTHS SIX MONTHS YEAR TO TO TO 31 JUL 31 JUL 31 JAN 2012 2011 2012 £'000 £'000 £'000 Cash flow from operating activities Profit/(loss) before tax 6,142 5,282 (1,410) Taxation (3) (1) (5) Adjustments for:   Purchases of investments (19,206) (16,321) (41,274)   Sales of investments 27,865 17,130 35,419 8,659 809 (5,855)   (Profit)/loss on investments (4,937) (4,138) 3,441   Finance costs 36 - 15 Operating cash flows before   movements in working capital 9,897 1,952 (3,814) Increase in receivables (271) (195) (21) (Decrease)/increase in payables (161) 112 331 Net cash flows from operating activities after tax 9,465 1,869 (3,504) Cash flows from financing   activities Interest paid (36) - (15) Shares repurchased and cancelled (280) (1,068) (3,477) Equity dividends paid (1,803) (1,489) (2,349) Net cash used in financing   activities (2,119) (2,557) (5,841) Net increase/(decrease) in cash,   cash equivalents and   bank overdrafts 7,346 (688) (9,345) Cash, cash equivalents and   bank overdrafts at the   beginning of period (8,498) 847 847 Cash, cash equivalents and   bank overdrafts at the   end of the period (1,152) 159 (8,498) CONDENSED STATEMENT OF CHANGES IN EQUITY CAPITAL SHARE SHARE REDEMPTION CAPITAL REVENUE CAPITAL PREMIUM RESERVE RESERVE RESERVE TOTAL £'000 £'000 £'000 £'000 £'000 £'000 For the six months ended 31 July 2012 At 31 January 2012 10,669 21,244 3,359 87,299 4,200 126,771 Profit for the year - - - 4,427 1,712 6,139 Shares repurchased (27) - 27 (277) - (277) and cancelled Dividends paid - note - - - - (1,803) (1,803) 4 At 31 July 2012 10,642 21,244 3,386 91,449 4,109 130,830 For the six months ended 31 July 2011 At 31 January 2011 11,032 21,244 2,996 95,030 3,697 133,999 Profit for the year - - - 3,738 1,543 5,281 Shares repurchased (102) - 102 (1,053) - (1,053) and cancelled Dividends paid - note - - - - (1,489) (1,489) 4 At 31 July 2011 10,930 21,244 3,098 97,715 3,751 136,738 For the year ended 31 January 2012 At 31 January 2011 11,032 21,244 2,996 95,030 3,697 133,999 (Loss)/profit for the - - - (4,267) 2,852 (1,415) year Shares repurchased (363) - 363 (3,464) - (3,464) and cancelled Dividends paid - note - - - - (2,349) (2,349) 4 At 31 January 2012 10,669 21,244 3,359 87,299 4,200 126,771 NOTES TO THE CONDENSED FINANCIAL STATEMENTS 1. Basis of Preparation Accounting Standards and Policies These condensed financial statements have been prepared using the same accounting policies as those adopted in the 2012 annual financial report, which are consistent with International Financial Reporting Standards ('IFRS'), and Standard Interpretation Committee and International Financial Reporting Interpretation Committee interpretations issued by the International Accounting Standards Board to the extent adopted by the EU. 2. Management Performance Fees and Finance Costs The investment management fee is allocated 50% to revenue and 50% to capital; finance costs are allocated 20% to revenue and 80% to capital. Performance-related fees are charged wholly to capital and at the period end, a provision of £258,000 (31 July 2011: £180,000) is included in the financial statements. 3. Basis of Returns SIX MONTHS SIX MONTHS YEAR TO TO TO 31 JUL 31 JUL 31 JAN 2012 2011 2012 Returns after tax: Revenue £1,712,000 £1,543,000 £2,852,000 Capital £4,427,000 £3,738,000 (£4,267,000) Total £6,139,000 £5,281,000 (£1,415,000) Weighted average   number of ordinary   shares in issue   during the period 53,225,507 55,031,620 54,467,398 4. Dividends on Ordinary Shares RATE SIX MONTHS SIX MONTHS YEAR ENDED ENDED ENDED 31 JUL 31 JUL 31 JAN 2012 2011 2012 £'000 £'000 £'000 Final 2011 2.7p - 1,489 1,489 Interim 2012 1.6p - - 867 Final 2012 3.4p 1,809 - - Return of unclaimed   dividends from   previous years (6) - (7) Total 1,803 1,489 2,349 An interim dividend of 1.6p per ordinary share (2011: 1.6p) will be paid on 24 October 2012 to shareholders on the register on 28 September 2012. 5. Basis of Net Asset Value per Ordinary Share AT 31 JUL AT 31 JUL AT 31 JAN 2012 2011 2012 Shareholders' funds £130,830,000 £136,738,000 £126,771,000 Ordinary shares in   issue at period end 53,209,084 54,650,084 53,346,084 6. Movements in Share Capital SIX MONTHS SIX MONTHS YEAR TO 31 JUL TO 31 JUL TO 31 JAN 2012 2011 2012 Number of ordinary  20p shares: Brought forward 53,346,084 55,159,029 55,159,029 Buy backs in period (137,000) (508,945) (1,812,945) In issue at period end 53,209,084 54,650,084 53,346,084 The average share price of shares bought back in the six months to 31 July 2012 was 201.6p. In the period under review, no shares bought back have been held in treasury. 7. Investment Trust Status It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company. 8. Status of Half Yearly Financial Report The financial information contained in this half yearly financial report, which has not been reviewed or audited by the independent auditors, does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. The financial information for the half years ended 31 July 2011 and 31 July 2012 has not been audited. The figures and financial information for the year ended 31 January 2012 are extracted and abridged from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and include the Report of the Independent Auditors, which was unqualified. By order of the Board Invesco Asset Management Limited Company Secretary 14 September 2012 DIRECTORS' RESPONSIBILITY STATEMENT in respect of the preparation of the half-yearly financial report. The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and International Financial Reporting Standards. The Directors confirm that to the best of their knowledge: -the condensed set of financial statements contained within the half-yearly financial report have been prepared in accordance with the International Accounting Standards 34 `Interim Financial Reporting'; -the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UKLA's Disclosure and Transparency Rules; and -the interim management report includes a fair review of the information required on related party transactions. The half-yearly financial report has not been audited or reviewed by the Company's auditors. Signed on behalf of the Board of Directors. Ian Barby Chairman 14 September 2012 GEARING Gross Gearing This reflects the amount of gross borrowings in use by a company and takes no account of any cash balances. It is based on gross borrowings as a percentage of shareholders' funds. Net Gearing This reflects the amount of net borrowings invested, ie borrowings less cash. It is based on net borrowings as a percentage of shareholders' funds. Maximum Permissable Gearing This reflects the maximum permissable borrowings of a company taking into account both any gearing limits laid down in the investment policy and the maximum borrowings laid down in covenants under any borrowing facility. It is based on maximum permissable borrowings as a percentage of shareholders' funds. A positive percentage indicates the extent to which shareholders' funds are geared; a nil gearing percentage, or 'nil', shows a company is ungeared. A negative percentage indicates that a company is not fully invested. DIRECTORS, ADVISERS AND PRINCIPAL SERVICE PROVIDERS Directors Ian Barby (Chairman) Richard Brooman (Deputy Chairman and Chairman of the   Audit Committee) Christopher Fletcher Garth Milne John Spooner Manager, Company Secretary and Registered Office Invesco Asset Management Limited 30 Finsbury Square London EC2A 1AG Authorised and regulated by the Financial Services Authority 020 7065 4000 Company Secretarial contact: Kelly Nice Company Number Registered in England and Wales No. 2129187 Invesco Perpetual Investor Services Invesco Perpetual has an Investor Services Team, available from 8.30 am to 6.00 pm, Monday to Friday (excluding bank holidays). Please feel free to take advantage of their expertise. 0800 085 8677 www.invescoperpetual.co.uk/investmenttrusts Registrars Capita Registrars The Registry 34 Beckenham Road Beckenham Kent BR3 4TU If you hold your shares direct and not through either a Savings Scheme or ISA and have queries relating to your shareholding, you should contact the Registrars' on: 0871 664 0300 Calls cost 10p per minute plus network charges. From outside the UK: +44 20 8639 3399. Lines are open from 9.00 am to 5.30 pm, Monday to Friday (excluding bank holidays). The Registrars provide a telephone and an online share dealing service to existing shareholders who are not seeking advice on buying or selling. This service is available at www.capitadeal.com or 0871 664 0364 From outside the UK: +44 20 3367 2691. Shareholders holding shares directly can also access their holding details via Capita's website: www.capitaregistrars.com or www.capitashareportal.com.­

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