Invesco Fixed Income Invesco Euro Short Term Bond Fund
August 2016
This marketing document is for Professional Clients and Financial Advisers in Continental Europe, Qualified Investors in Switzerland and Professional Clients in the UK only and is not for consumer use. Please do not redistribute. Invesco Ltd. Solely dedicated to investment management for the benefit of clients
Client Focus High Performance Global Reach Culture
. Business focused exclusively . Our global support platform . Over 750 investment on investment management eliminates distractions and professionals in more than empowers our distinct 20 countries . We’re relentless in our investment teams with the pursuit of achieving more for potential to produce strong, . US$779.6 billion in assets clients long-term investment results under management for clients globally . A culture of accountability and collaboration focused on helping clients achieve their . Global profile that spans nine investment objectives of the world’s ten largest markets
Source: Invesco Ltd. Investment professional and AUM are as of 30 June 2016.
2 Global perspective and local market knowledge help us uncover investment opportunities
We have a well-resourced investment team with a strong global perspective
Scope of fixed income platform: US$247.2 billion AUM London Portland Chicago Toronto London Depth of resources: Louisville New York 167 investment professionals Atlanta Tokyo San Diego Shenzhen 228 professionals Palm Harbor Mumbai Hong Kong Kong Global footprint: 10 locations in key markets
Rates 19 Currency 14 Credit 72 PM 77
Shenzhen and Mumbai represent Invesco subsidiaries Invesco Great Wall and Religare and are not included in the official location count.
Source: Invesco, as of 30 June 2016. Subject to change without notice. Invesco Fixed Income does not include all the fixed income entities within Invesco Ltd., and is not limited to those fixed income assets within the GIPS®-compliant firm Invesco Worldwide; therefore, the assets under management reported here for Invesco Fixed Income may not match the fixed income assets reported in the Invesco earnings statement.
3 We believe return opportunities arise from both market direction and fundamentally-based security selection
Philosophy ties opportunity to the economic cycle
. An economy’s cycle of expansions and contractions matters for asset prices
. Successful long-term management Market Security requires skill in determining market Direction Selection direction and effective security selection Themes
. Integrating local knowledge into a global view strengthens our capabilities Economic . Multi-faceted risk management is critical Cycle for exceptional long term performance
We believe at different points in a market cycle, market direction and security selection differ in importance
For illustrative purposes only. Source: Invesco, as of June 2016.
4 Disciplined process builds on our investment philosophy as we seek to drive strong results
Macro Research Investment process builds on key components
Integrated . Fundamentally–based macro Strategy and credit research generate investable views, themes and input for strategy
Credit Research . Integrated strategy determines views on market direction, risk positioning, and asset allocation
Platform . Portfolio managers utilize platform Tool Kit views (the tool kit) for client portfolios Portfolio . Risk management is integrated Management throughout our process
Client Portfolio
For illustrative purposes only. Source: Invesco, as of June 2016.
5 Investment Strategy Team leads the integration of our research and portfolio management platform
Investment Strategy Team Integrated perspective compounds our expertise Rob Waldner, Chair Head ,Global Macro/ Chief Strategist . Senior investors from research Greg McGreevey Raymund Uy Tony Wong Carolyn Gibbs and portfolio management lead CEO Head - Head -Global Credit Senior Strategist Invesco Fixed Income Macro Research Research integration of strategy
Michael Hyman Scott Baskind Joseph Portera John Anzalone Head - Global . Culture of inclusion drives full Head - Global Head -Global Head - Investment Senior Loans High Income Structured Sec. PM potential of our global resources Grade Credit to provide actionable insights
Macro Quantitative Sector Research Teams Research Team Research Team . Structured weekly process, with flexibility to adapt to market events
Week 1 Week 2 Week 3 Week 4 . Process results in broad risk
Asset positioning and asset allocation Macro Sector Reconciliation Allocation expressed as a model portfolio
For illustrative purposes only. Source: Invesco, as of June 2016.
6 The Investment Strategy Team provides investment views for risk positioning & asset allocation
IST Output . Strategic view of macro and credit environment (12-18 month horizon) . Validated macro views . Ratified macro and credit Platform Portfolio Client themes Tool Kit Management Portfolio Portfolio . Tactical risk positioning Management . Tactical asset allocation . Model portfolio: optimized positioning views across & within rates, currency & credit
For illustrative purposes only. Source: Invesco, as of June 2016.
7 Portfolio managers are responsible for leveraging the platform as they target client risk and return objectives
Portfolio manager responsibilities
. Experienced PMs identify and implement relevant platform tools as they seek to meet client needs
. PMs conduct ongoing risk management and portfolio positioning, leveraging IFI and Invesco resources Platform Portfolio Tool Kit Management . PMs are accountable for managing within client guidelines and responsible for portfolio performance
. Invesco Fixed Income (IFI) oversight reviews portfolio risk positioning and return attribution
For illustrative purposes only. Source: Invesco, as of June 2016.
8 Invesco Euro Short Term Bond Fund Invesco Euro Short Term Bond Fund Opportunistic and flexible investment process drives performance
High Quality Core Flexibility to Seek Value Strong Track Record
. Predominantly euro . Ability to target . First quartile 3 years and denominated investment opportunities since inception1 grade bonds with a in global bond markets maximum maturity of . High risk-adjusted 5years . Capacity to tactically invest returns2 in high yield and longer . Maintains a short duration dated bonds . Lipper Fund Awards3 profile, typically between 1–3 years . Selectively takes active currency positions
Source: Invesco, as of 30 June 2016. 1Since Inception: 4 May 2011. Please see quartile peer group rankings on slide 23. 23 year period. 3Lipper Fund Awards 2015 – Recognised for 3 year performance (which are awarded on an annual basis). Further information is available on http://excellence.thomsonreuters.com/award/lipper. Past performance is no guarantee of future returns. Any references to awards and ratings provide no guarantee of future returns. For illustrative purposes only.
10 Invesco Euro Short Term Bond Fund Portfolio management leverages an interconnected global team to drive value
Invesco Euro Aggregate Bond Strategy Portfolio Management Team
Mike Hyman Rob Waldner Head of Investment Grade Credit Head, Global Macro/ Chief Strategist Responsibilities 25 Years Experience 30 Years Experience . Final portfolio decisions and aggregate performance ownership Lyndon Man Luke Greenwood . Asset allocation across sectors Senior Portfolio Manager Senior Portfolio Manager . Aggregate risk management 15 Years Experience 22 Years Experience
Investment Strategy Team (IST) Global Resources
Rob Waldner Chair Head of Global Macro/ Chief Strategist 30 years experience
Greg McGreevey Scott Baskind Carolyn Gibbs CEO Invesco Head of Global Senior Strategist Rates Credit Currency Fixed Income Senior Loans 30 years experience 30 years experience 20 years experience 23 Investment 90 Investment 18 Investment professionals professionals professionals Michael Hyman Tony Wong Joseph Portera 18 years average 16 years average 17 years average Head of Global Investment Head of Head of Global Grade Credit Global Research & Liquidity High Income experience experience experience 25 years experience 21 years experience 35 years experience
John Anzalone Raymund Uy SPM, Head of Structured Head of Global Macro Research Securities Portfolio Mgmt & Multi-Sector Portfolio Mgmt 27years experience 23 years experience
Source: Invesco as at 30 June 2016. Subject to change without notice. Years experience subject to rounding.
11 Portfolio Management Transparent, robust and repeatable
Macro IST Credit
Platform Tool Kit
Portfolio Management
Strategy Implementation Risk Management . Identify investment . Market assessment . Diversification opportunities . Portfolio characteristics . Stress testing . Position sizing . Scenario analysis . Back testing
For illustrative purposes only.
12 Strategy Identify investment opportunities
Strategic Tactical
Macro Themes Investment Themes . Growth and Inflation . Non-euro denominated debt
. Monetary and Fiscal Policy . Non-euro currency exposure . Political landscape
Market Direction Relative Value Overlays . Spread: . Spread - Investment Grade: . Risk mitigation . Investment Grade . Vs High Yield . High Yield . Vs Euro Peripheral . Euro Peripheral . Duration: . Duration: Sovereign . Curve . Inflation . Core / Periphery . Currency . Inflation: Country Basis . Currency: Vs euro
For illustrative purposes only.
13 Implementation Market assessment – Timing is key
Understanding market conditions
Liquidity Flows Issuance . Assessment of market . Influence demand, resulting . Makeup of supply pipeline liquidity and implications for in: trading costs . Scarcity value or – Short term momentum oversupply? –Long term mean reversion
Seasonality Sentiment Positioning Data . Asset allocation timing . Changes in investor . Herd mentality sentiment typically leads to . Positive & negative demand the market overshooting . Consensus trades factors . Creates value opportunities
For illustrative purposes only.
14 Implementation Portfolio characteristics
Euro denominated investment grade Core bonds with a maximum maturity of 5 years (minimum 70%)
Non-euro bonds Maximum of 30%
Duration Typically between 1–3 years management Targeted Objective Risk Adjusted Returns High yield We do not currently see exposure bonds exceeding 8%
Non-euro exposure typically less than Currency 5%
Used for efficient portfolio Derivatives management & investment purposes
Please note that this is not the official fund objectives as defined by the prospectus. Please consult the current prospectus for the full objectives. For illustrative purposes only.
15 Implementation Position sizing
Strategy Key metrics
. Tracking error
. Price volatility Targeted Market Position Risk Adjusted Assessment Sizing . Interest rate sensitivity measures Returns . Return correlation Portfolio Characteristics
For illustrative purposes only.
16 Risk Management Multi-layered approach
Continuous Oversight & Review Fund Management . Diversification . Stress testing . Scenario analysis . Back testing Senior Management Client . Challenge and review Portfolio . Fund governance Independent Risk Function . Independent risk analysis . Independent risk challenge GPMR* . Attribution . Risk metrics
For illustrative purposes only. *Global Performance Measurement & Risk.
17 Positioning & Performance What are the Current Investment Themes?
Investment Implementation Rationale Themes
Preference for UK versus core Euro The Bank of England has more room for (Neutral core duration overall) interest rate cuts versus the ECB
Preference for Spain versus Italy Upcoming constitutional referendum in Italy Sovereigns (Neutral peripheral sovereigns overall) likely to cause political uncertainty
Preference for Ireland versus France Better growth potential for Ireland should result in spread compression
Ongoing ECB monetary policy support Overweight Euro corporate credit Corporates Selective exposure to covered bonds Purchased in January at levels we deemed attractive
Allocation to core European inflation ECB policy is likely to have a positive effect Inflation linked bonds on inflation
We currently see limited investment Predominantly neutral Currency opportunities
Source: Invesco, June 2016. For illustrative purposes only. Where the IFI team has expressed opinions, they ae based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals. 19 20 characteristics are Portfolio subject to notice. change without to theasRelativeInvesco,Barclays 1–3 Year2016.Index. Euro Aggregate Source: Capital of 30June Bond bycountry (Top/bottom duration 5) Active Characteristics asof30June2016 Invesco EuroShortTerm BondFund vrg ult -A+ A- 2.0 2.0 -0.2 2.0 0.8 3.0 Average Quality Yield (%) Gross Redemption Average Maturity (yrs) Duration (yrs) Duration Contribution -0.6 -0.5 -0.4 -0.3 -0.2 -0.1 0.1 0.2 0.3 0.4 0
Germany
France
United States
Austria
Italy
Portugal udIndex Fund Ireland
Australia
Switzerland
United Kingdom -30 -20 -10 Credit quality distribution (%) distribution Credit quality Sector breakdown (%) -30 -20 -10 10 20 30 40 50 10 20 30 40 50 0 0 AAA AA A BBB Below IG Below BBB A AA AAA Portfolio Sovereigns Portfolio
Government Related Active Active
Financials
Industrials
Utilities
Securitised Invesco Euro Short Term Bond Fund
Annualised Performance – Gross returns (%) The objective of the Fund is to provide (as at 30 June 2016) capital growth by investing primarily in Objective short term investment grade debt securities 4 (including money market instruments) denominated in Euro 3.02 3.01 3 2.63 2.29 2.36 Barclays Capital Euro Aggregate Benchmark 1–3 Year Bond Index 2 1.38
1 0.54 0.48 Portfolio Luke Greenwood – Senior Portfolio Manager 0.29 0.23 Managers Lyndon Man – Senior Portfolio Manager 0.11 0 -0.15 Typical -1 Number of 150-200 1 month 3 months YTD 3 years 5 Years Since Holdings Inception*
Invesco Euro Short Term Bond Fund Mutual Fund – Luxembourg SICAV with Legal status UCITS status Barclays Capital Euro Agg 1-3 Year Bond Index
Past performance is not a guide to future returns. Returns less than one year are cumulative; all others are annualised. *Inception Date: 4 May 2011.
Source: Invesco, as of 30 June 2016. Please note that fund performance figures reflect the echo effect caused by differences in timing between the pricing of the fund and pricing of its benchmark. Performance figures are shown in EUR on a mid-to-mid basis, inclusive of gross reinvested income and gross of the ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. *Since inception: 4 May 2011. Please see Net vs. Peer Group performance slide for the impact of all fund charges.
21 Invesco Euro Short Term Bond Fund Performance – Gross vs. Index (30 June 2016)
Returns (%) 1 month 3 months 6 months 1 Year 3 years 5 Years
Invesco Euro Short Term Bond Fund -0.15 0.29 0.54 1.30 2.63 3.02
Barclays Euro Aggregate 1–3 Year Index 0.11 0.23 0.48 0.86 1.38 2.29
Excess Return -0.26 0.06 0.06 0.44 1.25 0.73
Performance measures
I/R –––0.34 1.32 0.41
Tracking Error – – – 1.27 0.94 1.73
Calendar year (%) YTD 2015 2014 2013 2012
Invesco Euro Short Term Bond Fund 0.54 1.29 3.46 3.41 8.50
Barclays Euro Aggregate 1–3 Year Index 0.48 0.59 1.80 1.96 5.02
Excess Return 0.06 0.70 1.66 1.45 3.47
Past performance is not a guide to future returns. Source: Invesco, as of 30 June 2016. Please note that fund performance figures reflect the echo effect caused by differences in timing between the pricing of the fund and pricing of its benchmark. Returns less than one year are cumulative; all others are annualised. Performance figures are shown in EUR on a mid-to-mid basis, inclusive of gross reinvested income and gross of the ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Benchmark figures are unhedged, in EUR. Please see Net vs. Peer Group performance slide for the impact of all fund charges.
22 Invesco Euro Short Term Bond Fund Performance – Net vs. Peer Group (30 June 2016)
Cumulative returns (%) 1 month 3 months 6 months 1 Year 3 years 5 Years
Invesco Euro Short Term Bond Fund (A-Acc shares) -0.22 0.08 0.10 0.40 5.15 10.68
Invesco Euro Short Term Bond Fund (C-Acc shares) -0.19 0.16 0.28 0.75 6.26 12.64
Mstar GIFS EUR Diversified Bond – Short Term 0.00 0.19 0.40 0.11 2.25 6.50
Peer group quartile
Mstar GIFS EUR Diversified Bond – Short Term 4 3 3 3 1 1
Calendar year (%) YTD 2015 2014 2013 2012
Invesco Euro Short Term Bond Fund (A-Acc shares) 0.10 0.37 2.49 2.41 7.43
Invesco Euro Short Term Bond Fund (C-Acc shares) 0.28 0.72 2.85 2.77 7.80
Mstar GIFS EUR Diversified Bond – Short Term 0.40 -0.24 1.31 0.73 4.30
Past performance is not a guide to future returns. Data as at 30 June 2016. Fund performance figures are shown in EUR on a mid-to-mid basis, inclusive of gross reinvested income and net of the ongoing charges and portfolio transaction costs. The figures do not reflect the entry charge paid by individual investors. Sector average performance is calculated on an equivalent basis. Source: © Morningstar 2016. All rights reserved. Use of this content requires expert knowledge. It is to be used by specialist institutions only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction.
23 Macro Outlook and Views IFI Global Investment Themes
Still cautious Global commodities convergence Commodities Oil prices driving Widening financial sentiment across all spreads further markets tighten financial conditions and add significant risk to the growth outlook
Asian Cautious deflation emerging
Slower growth in markets China combined with Fundamentals remain USD appreciation challenged with continues to put disinflation and demand pressure on Asian destruction economies
Source: Invesco. Data as of June 2016. For illustrative purposes only. Forecasts may change without notice. Where the IFI team has expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.
25 IFI Macro Research Views
Consensus IFI Views % Global YE 2016 Core CPI 1 Year GDP Core CPI GDP GDP % Y/Y% Growth Trend % Y/Y % Cycle View
United States 1.9% 1.3% 2.0-2.3% 2.4% Tightening 22%
Eurozone
1.5% 0.3% 1.3-1.8% 0.5% Stable 17%
China 6.5% 2.0% 5.5-6.5% 1.9% Easing 12%
Japan
0.5 % 0.0% 0.5-0.9% 0.6% Stable 7%
Source: Invesco, Bloomberg L.P. Data as of 30 June 2016. For illustrative purposes only. Forecasts may change without notice.
26 IFI Macro Research Views
10 Year Government Bonds Currency Consensus YE IFI IFI Expectation IFI versus 2016 Fair Value v. Consensus Consensus
United States
1.9% 2.65% Lower Stronger
Eurozone
0.2% 1.0% Lower Weaker
China
2.8% 4.0% Lower Weaker
Japan
-0.1% 0.4% Neutral Stronger
Source: Invesco, Bloomberg L.P. Data as of 30 June 2016. For illustrative purposes only. Forecasts may change without notice.
27 IFI Market opportunity: Credit, interest rates and currency
B CDE
EU IG ABS EU HY CMBS Agency MBS Loans EU Loans Asia HY EM Corp RMBS US IG US HY EM Sov Asia IG Muni IG EM LC Credit Muni HY
India Brazil Poland Turkey Mexico Euro core South Africa Norway Japan Euro Periphery Rates US Interest Interest
India Japan Poland Canada Malaysia Mexico Sweden Taiwan China Russia Singapore Brazil UK Australia Currency
Bullish A E Bearish
Source: Invesco, as of 30 June 2016. For illustrative purposes only. Forecasts may change without notice. Where the IFI team has expressed opinions, they are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals
28 Important Information (1)
This marketing document is for Professional Clients and The yield shown is expressed as a % per annum of the current NAV of Financial Advisers in Continental Europe, Qualified Investors in the fund. It is an estimate for the next 12 months, assuming that the Switzerland and Professional Clients in the UK only and is not fund’s portfolio remains unchanged and there are no defaults or for consumer use. Please do not redistribute. Data as at deferrals of coupon payments or capital repayments. Cash income is 30 June 2016, unless otherwise stated. This marketing estimated coupons from bonds. document is not subject to regulatory requirements that ensure The estimated gross redemption yield is a longer-term picture impartiality of investment recommendations and investment indicating expected annual total return. This means that in addition to strategy recommendations. Therefore, the prohibition of expected cash income, it includes the amortised annual value of trading before the release of investment recommendations and unrealised capital gains or losses of bond holdings currently held by investment strategy recommendations does not apply. the fund, calculated with reference to their current market price and The information provided on the investments and investment strategy expected redemption value made upon maturity of the bonds. (including current investment themes, the research and investment The yield is not guaranteed. Nor does it reflect the fund charges or the process, and portfolio characteristics, weightings, and allocation) entry charge of the fund. Investors may be subject to tax on represents the views of the portfolio managers at the time this material distributions. was completed, and is subject to change without notice. There is currently a discretionary cap of operating expenses at 0.05% Past performance is not a guide to future returns. Where Invesco in place for the Invesco Euro Short Term Bond Fund. This figure forms has expressed views and opinions, these may change. The value of part of the ongoing charge and may positively impact the performance investments and any income will fluctuate (this may partly be the of the Share Class. result of exchange rate fluctuations) and investors may not get back the full amount invested. The distribution and the offering of the fund or its share classes in certain jurisdictions may be restricted by law. Persons into whose Where securities are mentioned in this document they do not possession this document may come are required to inform themselves necessarily represent a specific portfolio holding and do not constitute about and to comply with any relevant restrictions. This does not a recommendation to purchase, hold or sell. This document should not constitute an offer or solicitation by anyone in any jurisdiction in which be construed as investment advice. such an offer is not authorised or to any person to whom it is unlawful Debt instruments are exposed to credit risk which is the ability of the to make such an offer or solicitation. borrower to repay the interest and capital on the redemption date for Persons interested in acquiring the fund should inform themselves as the Invesco Euro Short Term Bond Fund. to (i) the legal requirements in the countries of their nationality, Changes in interest rates will result in fluctuations in the value of the residence, ordinary residence or domicile; (ii) any foreign exchange Invesco Euro Short Term Bond Fund. controls and (iii) any relevant tax consequences. The fund is available only in jurisdictions where its promotion and sale is permitted. The Invesco Euro Short Term Bond Fund will invest in derivatives (complex instruments) which will be leveraged resulting in large fluctuations in the value of the fund.
29 Important Information (2)
For the purposes of UK law, the fund is a recognised scheme under Belgium (C shares): The fund's shares are not all currently section 264 of the Financial Services & Markets Act 2000. The registered for sale. As a consequence, the unregistered shares may not protections provided by the UK regulatory system, for the protection of be offered or distributed by way of public advertisement or public offer Retail Clients, do not apply to offshore investments. in these jurisdiction(s). The unregistered shares may only be offered and the legal offering documents (KIID, prospectus, annual reports) Whilst great care has been taken to ensure that the information and marketing materials of the fund may only be distributed in these contained herein is accurate, no responsibility can be accepted for any jurisdiction(s) without public solicitation and in compliance with the errors, mistakes or omissions or for any action taken in reliance private placement rules set forth in the laws, rules and regulations of thereon. This marketing document is not an invitation to subscribe for the jurisdiction concerned. shares in the fund and is by way of information only, it should not be Italy (C accumulation – EUR): This share class of the fund is considered financial advice. The performance data shown does not take registered in Italy for professional clients only and not for public account of the commissions and costs incurred on the issue and distribution. redemption of units. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not Issued in Germany, Austria and Switzerland: This document is constant over time. Asset management services are provided by issued in Germany by Invesco Asset Management Deutschland GmbH. Invesco in accordance with appropriate local legislation and This document is issued in Austria by Invesco Asset Management regulations. Österreich GmbH and in Switzerland by Invesco Asset Management (Schweiz) AG. Subscriptions of shares are only accepted on the basis Not all share classes of this fund may be available for public sale in all of the most up to date legal offering documents. The legal offering jurisdictions and not all share classes are the same nor do they documents (fund & share class specific Key Investor Information necessarily suit every investor. There may be differences in fee Document, prospectus, annual & semi-annual reports, articles and structures, in minimum investment amounts, etc. Please check the trustee deed) are available free of charge at our website and in most recent version of the fund prospectus in relation to the criteria for hardcopy and local language from the issuers: Invesco Asset the individual share classes and contact your local Invesco office for Management Deutschland GmbH, An der Welle 5, D-60322 Frankfurt full details of the fund registration status in your jurisdiction. Please be am Main, Invesco Asset Management Österreich GmbH, advised that the information provided in this document is referring to Rotenturmstrasse 16-18, A-1010 Wien, and Invesco Asset Class A and Class C (accumulation - EUR) exclusively. Management (Schweiz) AG, Talacker 34, CH – 8001 Zürich. who acts Please refer to the most up to date relevant fund and share class- as a representative for the funds distributed in Switzerland. Paying specific Key Investor Information Document for more information on agent for the fund distributed in Switzerland: BNP PARIBAS our funds. Further information on our products is available using the SECURITIES SERVICES, Paris, succursale de Zurich, Selnaustrasse 16, contact details shown. CH-8002 Zürich. www.invescoeurope.com. The fund is domiciled in Denmark and Portugal (A and C shares): The fund is not Luxembourg. registered for public distribution in this jurisdictions. This document is provided only at the request of a Professional Client or qualified Issued in the UK by Invesco Global Investment Funds Limited, investor and is intended for the sole use of this person. Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxon, RG9 1HH, UK. Authorised and regulated by the Financial Conduct Authority.
30 8545/SR/EUSHORT/Aug16 UK/CE 461