INVESCO PERPETUAL HIGH INCOME VERSUS JUPITER INCOME TRUST - IMA SECTOR UK EQUITY INCOME

Purpose and Objective To compare and contrast two funds from the UK Equity Income IMA Sector, to include the following: Objectives and Approach Type of investment vehicle Performance and yield Risk and return characteristics Sector and region weightings Ratios Charges

IMA - UK Equity Income Invesco Perpetual High Income Invesco Fund Managers Limited ICVC Neil Woodford AAA S&P rating Jupiter Income Trust Jupiter Unit Trust Managers Limited Unit Trust Anthony Nutt AAA S&P rating

Objectives and approach Invesco Perpetual High Income To achieve a high level of income, together with capital growth Thematic approach driven by macroeconomic view but blends this with fundamental analysis of companies, which is strongly valuation oriented Jupiter Income Trust To produce a high income at least in line with inflation Targets undervalued high quality companies offering good dividend yield and the prospect of capital appreciation

Type of investment vehicle Invesco Perpetual High Income ICVC Open ended Shares Single price (mid market Price) Jupiter Income trust Unit Trust Open ended Units Bid Offer (Valued at NAV of fund)

Performance - total return, bid to bid

Performance by calendar year

Yield Invesco Perpetual High Income 3.89% (Financial Express, 6/8/08) Jupiter Income Trust 4.70% (Financial Express, 6/8/08)

Risk and Return

Risk and return - conclusions Over the last 10 years: Invesco Perpetual High Income has generated a higher cumulative return Invesco Perpetual High Income returns have been more volatile Invesco Perpetual High Income fund has a higher excess return per unit of total risk i.e. superior risk adjusted performance

Sector Weighting

Asset weighting

Ratios

Charges Invesco Perpetual High Income Initial charge 5.00% AMC 1.50% TER 1.69% Jupiter Income Trust Initial charge 5.00% AMC 1.50% B-O spread 6.00% TER 1.71%

Summary Same IMA sector Same objective i.e. income Both invest over 90% in UK equities Different approach - thematic top down versus bottom up stock picking Different sector weightings Slight difference in terms of risk adjusted returns