Fresno County Employees’ Retirement Association Invesco Core Real Estate–U.S.A. May 3, 2017 In the United States, this is for one-on-one use with Qualified US Institutional Investors only. In Canada, this is for one-on-one use with Canadian Institutional Investors only. In Canada, this document is restricted to accredited investors as defined under National Instrument 45-106. No portion of this communication may be reproduced or redistributed. This presentation must be preceded or accompanied by Invesco Core Real Estate–U.S.A., L.P. Private Placement Memorandum. INVESCO REAL ESTATE North America: Dallas • San Francisco • Newport Beach • New York • Atlanta Europe: London • Paris • Munich • Prague • Madrid • Luxembourg • Warsaw • Milan Asia Pacific: Hong Kong • Hyderabad • Shanghai • Tokyo • Seoul • Singapore • Sydney • Beijing Table of Contents 1 Invesco Overview 2 Invesco Core Real Estate–U.S.A. Portfolio Strategy & Results 3 Invesco Core Real Estate–U.S.A. Most Recent Transactions 4 Appendix 2 Section 1 Invesco Overview Invesco Ltd. As an independent firm, our global organization is solely focused on investment management: . Investment professionals located in 29 cities and 11 countries . Global assets under management of $812.9 billion . More than 6,500 employees worldwide Invesco Real Estate Invesco Asia-Pacific Invesco Canada Invesco Fixed Income Invesco Fundamental Invesco Global Asset . Global direct real estate . Asia ex-Japan Trimark Investments . Global liquidity Equity Allocation . Global securities . Greater China . Canadian, regional, . Stable value . US growth equity . Global macro . Japan sector and global . Global and US broad . US value equity . Risk parity Locations: Atlanta, . Australia equity fixed income . International and global . Commodities Beijing, Dallas, Hong . Canadian and global . Global alternatives and growth equity . Active balanced solutions Kong, Hyderabad, Locations: Beijing, fixed income bank loans . Sector equity London, Luxembourg, Hong Kong, . Balanced portfolios . Balanced portfolios Locations: Atlanta, Madrid, Milan, Munich, Melbourne, Mumbai, Locations: Atlanta, Frankfurt New York, Newport Shenzhen, Singapore, Location: Toronto, Chicago, Hong Kong, Locations: Austin, Beach, Paris, Prague, San Sydney, Taipei, Tokyo Vancouver London, Louisville, Houston, Francisco, Seoul, New York, Palm Harbor, San Francisco Shanghai, Singapore, FL, San Diego Sydney, Tokyo, Warsaw Invesco Global Core Invesco Perpetual PowerShares by Invesco Private Capital Invesco Quantitative Invesco Unit Equity . Global and regional Invesco . Private equity funds of Strategies Investment Trusts . Emerging markets equity, including UK, Index-based exchange funds . US, global, regional and . Equity trusts . International and global European, US, Asian, traded funds (ETFs) and . Customized portfolios emerging equity . Closed-end trusts equity Japanese and actively managed ETFs . Long/short strategies . Tax-free fixed-income Locations: London, New . US equity emerging markets . Domestic and . Active low volatility trusts . Multi-asset international equity York, San Francisco . Balanced solutions . Taxable fixed-income Locations: Atlanta, . Fixed income . Taxable and tax-free trusts San Francisco fixed income Locations: Boston, Location: Henley, UK . Commodities and Frankfurt, Melbourne, Location: Chicago currencies New York, Tokyo, Toronto WL Ross & Co. Location: Chicago . Private equity: Contrarian buyouts, distressed and special situations Locations: Beijing, New York, Tokyo* *WL Ross joint venture Source: Invesco Ltd. Client-related data, investment professional, employee data and AUM are as of December 31, 2016, and include all assets under advisement, distributed and overseen by Invesco. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products. The entities listed are each indirect, wholly owned subsidiaries of Invesco Ltd., except Invesco Great Wall in Shenzhen, which is a joint venture between Invesco and Great Wall Securities, and the Huaneng Invesco WLR Investment 4 Consulting Company Ltd. in Beijing, which is a joint venture between Huaneng Capital Services and Invesco WLR Limited. Please consult your Invesco representative for more information. Invesco Real Estate As of December 31, 2016 $67.8 Billion Under Management 447 Employees Worldwide; 21 Offices; 16 Countries North American Direct Real Estate Investments — $28.6 BN Under Management Luxembourg — Since 1983 San London Warsaw Global Securities Management Francisco New York Prague Paris Beijing Seoul — $26.3 BN Under Management Madrid Munich Tokyo Newport Atlanta Milan Shanghai — Since 1988 Beach Dallas Hong Kong Hyderabad European Direct Real Estate Investments Singapore — $7.7 BN Under Management — Since 1996 Asian Direct Real Estate Investments Sydney — $5.2 BN Under Management 195 N. America 136 Europe 116 Asia — Since 2006 Source: Invesco Real Estate (IRE) 5 Total employees and assets under management as of December 31, 2016 Invesco Core Real Estate–U.S.A. Competitive Advantages . Invesco Core Real Estate–U.S.A., L.P. (“ICRE” or the “Fund”) . Market leading core open-ended fund . Diversified portfolio . Income producing institutional properties . Flagship Investment Vehicle . Largest direct real estate investment vehicle . 100+ global institutional real estate investors . Benefits from strong support of Invesco Ltd. (“IVZ”) . Stability and Tenure . Stable and tenured Senior Management Team 101 Second Street . Long Term Outperformance San Francisco, CA . Demonstrable long term outperformance over multiple economic cycles 6 The photograph shown above is provided for illustrative purposes only. Past performance is not indicative of future results. Performance was not a criteria for selection. Invesco Core Real Estate–U.S.A. Portfolio of High Quality Assets Liberty Wharf Safeway Pleasanton Gateway Retail • Boston, MA Retail • San Francisco Bay Area, CA Williams Tower 1800 Larimer Joseph Arnold Lofts Office • Houston, TX Office • Denver, CO Apartment • Seattle, WA The Shops at Crystals IE Logistics Retail • Las Vegas (The Strip), NV Industrial • Southern California Pearl West 139 Spring Street Flats 8300 Trade Center Portfolio Office / Retail • Boulder, CO (Denver) Retail New York City (SoHo), NY Apartment • Bethesda, MD (Washington, DC) Industrial • Dallas, TX The photographs shown on pages 6-7 depict current holdings of the Invesco Core Real Estate-U.S.A., L.P. as of March 31, 2017, but are not the complete holdings of the Fund. All properties were acquired within the last five years and reflect current acquisitions in each of the four US real 7 estate sectors in which we invest. Performance was not a criteria for selection, and the photographs are provided for illustrative purposes only and do not constitute investment advice or a recommendation. Invesco Core Real Estate–U.S.A. Approve acquisition/disposition Internal governing body Develop strategy for overall IRE transactions of the fund’s investment and core investment execution, governance policy including market selection & sector allocation Investment Steering North American Direct Committee Committee Investment Strategy Group Paul Michaels, Chair Bill Grubbs, Chair Peter Feinberg, Chair Jeff Cavanaugh, Peter Feinberg, Scott Dennis, David Farmer, Jay Hurley, Chair Jason Geer, Bill Grubbs, Michelle Foss, Michael Kirby, Mike Sobolik, Chair Jay Hurley, Michael Kirby, Paul Michaels, Tracey Luke, Tim Bellman, Jeff Cavanaugh, Greg Kraus, Ron Ragsdale, Jay Hurley, Max Swango, Laler DeCosta, Bill Grubbs, Michael Kirby, Chris Schmidt, Mike Sobolik Greg Kraus, Mike Sobolik Greg Kraus, Paul Michaels PORTFOLIO MANAGEMENT TEAM Bill Grubbs, Lead Portfolio Manager Michelle Foss, Portfolio Manager Beth Worthy, Director of Fund Operations Chad Provost, Associate Portfolio Manager Thomas Threadgill, Fund Operations Analyst FINANCING & CLOSING & DUE ASSET ACCOUNTING & RESEARCH ACQUISITIONS DISPOSITIONS UNDERWRITING DILIGENCE MANAGEMENT REPORTING Mike Sobolik Greg Kraus Jason Geer Chris Schmidt Ron Ragsdale Michael Kirby Tracy Green 5 Professionals 14 Professionals 3 Professionals 16 Professionals 8 Professionals 35 Professionals 23 Professionals 8 Source: Invesco Real Estate as of March 31, 2017 Invesco Market Coverage National Reach; Local Presence San Francisco 2 Transactions Teams 3 Asset Management Teams 2 Portfolio Management Teams Product Management Client Portfolio Management New York 3 Transactions Teams 5 Asset Management Teams Portfolio Management Client Portfolio Management Newport Beach 3 Transactions Teams 3 Asset Management Teams Atlanta Portfolio Management Client Portfolio Management Client Portfolio Management Dallas - Headquarters Transactions Asset Management Portfolio Management Research Product Management IRE Regional Offices Client Portfolio Management Qualified Markets Accounting Corporate As of March 31, 2017 9 Section 2 2 InvescoICRE Portfolio Core Real Strategy Estate–U.S.A. & Results Portfolio Strategy & Results Portfolio Strategy Underlying Core Fund Principles Income Diversified Oriented Portfolio Invesco Core Real Estate Conservative Transparent Risk Profile & Efficient 11 Portfolio Strategy As of March 31, 2017 Objective = Performance Equal or Exceed ODCE over long-term periods Property Type Long-term property Allocation type strategic ranges Market (MSA) Selection Invesco target markets Invesco House View Core Real Estate Strategy Property 30 years of US Core Investing Specific Selection On the Ground Real Estate Expertise and Market Coverage Execution