<SEC-DOCUMENT>0000950123-12-009418.txt : 20120625
<SEC-HEADER>0000950123-12-009418.hdr.sgml : 20120625
<ACCEPTANCE-DATETIME>20120625170242
ACCESSION NUMBER:		0000950123-12-009418
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20120625
DATE AS OF CHANGE:		20120625
EFFECTIVENESS DATE:		20120625

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Income Opportunities Trust
		CENTRAL INDEX KEY:			0000835333
		IRS NUMBER:				133473972
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0530

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05597
		FILM NUMBER:		12925047

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST/MA
		DATE OF NAME CHANGE:	19930721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Premium Income Trust
		CENTRAL INDEX KEY:			0000842891
		IRS NUMBER:				133498050
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05688
		FILM NUMBER:		12925044

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL PREMIUM INCOME TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MUNICIPAL PREMIUM INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL PREMIUM INCOME TRUST/MA
		DATE OF NAME CHANGE:	19930721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Income Opportunities Trust II
		CENTRAL INDEX KEY:			0000847593
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-05793
		FILM NUMBER:		12925046

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST II
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MSDW MUNICIPAL INCOME OPPORTUNITIES TRUST II
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST II
		DATE OF NAME CHANGE:	19930510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Municipal Income Opportunities Trust III
		CENTRAL INDEX KEY:			0000861069
		IRS NUMBER:				136946092
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06052
		FILM NUMBER:		12925045

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY MUNICIPAL INCOME OPPORTUNITIES TRUST III
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER MUNICIPAL INCOME OPPORTUNITIES TR
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MUNICIPAL INCOME OPPORTUNITIES TRUST III/MA
		DATE OF NAME CHANGE:	19930721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Bond Trust
		CENTRAL INDEX KEY:			0000861185
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06053
		FILM NUMBER:		12925039

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Bond Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19981221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Quality Municipal Investment Trust
		CENTRAL INDEX KEY:			0000876982
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06346
		FILM NUMBER:		12925041

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	20091002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUS
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INVESTMENT TRUST
		DATE OF NAME CHANGE:	20011220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Trust
		CENTRAL INDEX KEY:			0000880161
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06434
		FILM NUMBER:		12925036

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Quality Municipal Income Trust
		CENTRAL INDEX KEY:			0000885125
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06591
		FILM NUMBER:		12925042

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Income Trust
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06590
		FILM NUMBER:		12925038

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Municipal Income Trust
		CENTRAL INDEX KEY:			0000894146
		IRS NUMBER:				133701273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07344
		FILM NUMBER:		12925035

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco California Insured Municipal Income Trust
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Quality Municipal Securities
		CENTRAL INDEX KEY:			0000898496
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07560
		FILM NUMBER:		12925040

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY QUALITY MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER QUALITY MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL QUALITY MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	19950728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Quality Municipal Securities
		CENTRAL INDEX KEY:			0000898618
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07564
		FILM NUMBER:		12925049

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA QUALITY MUNICIPAL SECU
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER CALIFORNIA QUALITY MUNICIPAL SECU
		DATE OF NAME CHANGE:	19981221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco New York Quality Municipal Securities
		CENTRAL INDEX KEY:			0000898659
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07562
		FILM NUMBER:		12925043

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY NEW YORK QUALITY MUNICIPAL SECURI
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER NEW YORK QUALITY MUNICIPAL SECURI
		DATE OF NAME CHANGE:	19981221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco High Yield Investments Fund, Inc.
		CENTRAL INDEX KEY:			0000912734
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08044
		FILM NUMBER:		12925048

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY HIGH YIELD FUND, INC.
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY HIGH YIELD FUND INC
		DATE OF NAME CHANGE:	20070522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER HIGH YIELD FUND INC
		DATE OF NAME CHANGE:	20000504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco California Municipal Securities
		CENTRAL INDEX KEY:			0000913342
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07111
		FILM NUMBER:		12925050

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured California Municipal Securities
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SEC
		DATE OF NAME CHANGE:	20080411

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Invesco Value Municipal Securities
		CENTRAL INDEX KEY:			0000913345
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-07109
		FILM NUMBER:		12925037

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Invesco Insured Municipal Securities
		DATE OF NAME CHANGE:	20100601

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20011220
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>h86686adefa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<HTML>
<HEAD>
<TITLE>defa14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>SCHEDULE 14A</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Filed by the Registrant <FONT style="font-family: Wingdings">&#254;</FONT><BR>
Filed by a Party other than the Registrant <FONT style="font-family: Wingdings">&#111;</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Preliminary Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confidential, for Use of the Commission Only (as permitted by Rule&nbsp;14a-6(e)(2))</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Proxy Statement</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitive Additional Materials</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting Material Pursuant to &#167; 240.14a-11(c) or &#167; 240.14a-12</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B><U>INVESCO CALIFORNIA MUNICIPAL INCOME TRUST</U><BR>
<U>INVESCO CALIFORNIA MUNICIPAL SECURITIES</U><BR>
<U>INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES</U><BR>
<U>INVESCO HIGH YIELD INVESTMENTS FUND, INC.</U><BR>
<U>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST</U><BR>
<U>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II</U><BR>
<U>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III</U><BR>
<U>INVESCO MUNICIPAL PREMIUM INCOME TRUST</U><BR>
<U>INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES</U><BR>
<U>INVESCO QUALITY MUNICIPAL INCOME TRUST</U><BR>
<U>INVESCO QUALITY MUNICIPAL INVESTMENT TRUST</U><BR>
<U>INVESCO QUALITY MUNICIPAL SECURITIES</U><BR>
<U>INVESCO VALUE MUNICIPAL BOND TRUST</U><BR>
<U>INVESCO VALUE MUNICIPAL INCOME TRUST</U><BR>
<U>INVESCO VALUE MUNICIPAL SECURITIES</U><BR>
<U>INVESCO VALUE MUNICIPAL TRUST</U></B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 0pt">(Name of Registrant as Specified In Its Charter)
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>
<DIV align="center" style="font-size: 10pt">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payment of Filing Fee (Check the appropriate box):

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No fee required.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and 0-11.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">1) Title of each class of securities to which transaction applies:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">2) Aggregate number of securities to which transaction applies:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule&nbsp;0-11 (set forth the amount on which the filing fee is calculated and state how it was
determined):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">4) Proposed maximum aggregate value of transaction:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">5) Total fee paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fee paid previously with preliminary materials.</TD>
</TR>

<TR>
    <TD style="font-size: 0pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify
the previous filing by registration statement number, or the Form or Schedule and the date of
its filing.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">1) Amount Previously Paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">2) Form, Schedule or Registration Statement No.:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">3) Filing Party:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">4) Date Filed:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><DIV style="width: 100%; border-bottom: 1px solid #000000; FONT-size: 1px">&nbsp;</DIV>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proxy Voting Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Invesco Closed-End Funds</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proxy statements were mailed to shareholders on or about June&nbsp;22, 2012. The proxy statements
contain information about the Funds and the proposals for which votes are being solicited. You can
access your Fund&#146;s proxy statement, common questions regarding your Fund&#146;s proposals, and your
Fund&#146;s annual report by clicking on the Fund name listed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="h86686ah8668605.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Van Kampen Closed-End Funds</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proxy statements were mailed to shareholders on or about June&nbsp;22, 2012. The proxy statements
contain information about the Funds and the proposals for which votes are being solicited. You can
access your Fund&#146;s proxy statement, common questions regarding your Fund&#146;s proposals, and your
Fund&#146;s annual report by clicking on the Fund name listed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="h86686ah8668606.gif" alt="(LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Van Kampen Exchange Fund</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proxy statements were mailed to shareholders on or about June&nbsp;21, 2012. The proxy statement
contains information about the Fund and the proposals for which votes are being solicited. You can
access your Fund&#146;s proxy statement and common questions regarding your Fund&#146;s proposals by clicking
on the Fund name listed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Invesco Van Kampen Exchange Fund</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>How to vote</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may cast your vote by any of the following methods. <B>However you choose to vote, it is
important that you vote now to avoid the expense of additional solicitations.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>By Internet</B><br><IMG src="h86686ah8668602.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If your shares are
held through a
broker, you may vote
your shares at
<u>www.proxyvote.com.</u>
Otherwise, you may
vote your shares at
<u>www.proxy-direct.com</u>.<br><br>
Enter the control
number listed on the
proxy card you
received in the mail
and follow the
instructions on the
web site.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>By Telephone</B><br><IMG src="h86686ah8668603.gif" alt="(LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Call toll-free
1.800.337.3503 to
vote today. Enter
the control number
listed on the proxy
card and follow the
recorded
instructions.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>By Mail</B><br><IMG src="h86686ah8668604.gif" alt="(LOGO)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Complete and sign the
proxy card and return
it in the
postage-paid envelope
provided in the
shareholder mailing.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>In Person</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The joint annual
meeting of
shareholders for
the Invesco
Closed-End Funds
will be held on
July&nbsp;17, 2012 at
1:00 p.m. Eastern
Time.<br><br>
The joint annual
meeting of
shareholders for
Invesco Van Kampen
Closed-End Funds
will be held on
July&nbsp;17, 2012 at
2:00 p.m. Eastern
Time.<br><br>
The annual meeting
of shareholders for
Invesco Van Kampen
Exchange Fund will
be held on July&nbsp;17,
2012 at 2:00 p.m.
Eastern Time.<br><br>
Please notify
Invesco at
1.800.952.3502 if
you plan to attend
the meeting.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>If you have any questions...</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you have questions on the proxy statement or the voting process, please contact your
financial consultant or call Invesco toll-free at 1.800.341.2929 option 2 any business day between
8:00 a.m. and 5:00 p.m. CT.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we have not received your proxy card after a reasonable amount of time, a representative from
our proxy solicitation firm, Computershare Fund Services, may contact you to remind you to vote.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HYPERLINK ALERT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You are now leaving invesco.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a convenience to our users, the Invesco web site contains links to other web sites that are
created and maintained by other organizations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Invesco does not control, cannot guarantee, and is not responsible for the accuracy, timeliness, or
even the continued availability or existence of the information contained on the web site you are
about to enter.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access is provided for the convenience of online shareholder voting for Invesco only and should not
be construed as an offer, solicitation, recommendation, endorsement or approval by Invesco of any
other products or services described in such other web sites.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Proxy Information by Fund<BR>
Invesco Closed-End Funds</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Invesco California Municipal Income Trust</B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco California Municipal Securities</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco California Quality Municipal Securities</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco High Yield Investments Fund, Inc.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Municipal Income Opportunities Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Municipal Income Opportunities Trust II</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Municipal Income Opportunities Trust III</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Municipal Premium Income Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco New York Quality Municipal Securities</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Quality Municipal Income Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Quality Municipal Investment Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Quality Municipal Securities</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Value Municipal Bond Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Value Municipal Income Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Value Municipal Securities</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Invesco Value Municipal Trust</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Please read the <U>proxy statement</U> in full. (PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Access some typical <U>questions</U> that shareholders have about the proxy statement.
(PDF)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>You may cast your vote by visiting the Website listed on the enclosed proxy card. Have
your proxy card in hand and follow the instructions given on the Web site.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional fund materials:</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Annual Report</U></TD>
</TR>





</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO CALIFORNIA MUNICIPAL INCOME TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy
statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card
you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card.
Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in
the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us
by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the
reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and
into Invesco Van Kampen California Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting
together. The elected Trustees will each serve for a three year term or until a successor
shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to
hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations
may have to be made, or proxies may have to be resent to shareholders, which would result in
additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive
your vote after a reasonable amount of time, you may receive a telephone call from them reminding
you to vote your shares.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to
ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that
travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number.
Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com
uses only control numbers and card codes to register votes. Voted positions are then
periodically uploaded to our master database of shareholders listed as of the record date.
All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to
sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account
registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;)
should be indicated unless it is reflected in the form of registration. If the shareholder is a
corporation, limited liability company, or partnership, please include the full entity name and
indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on
July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <U>proxy statement</U>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO CALIFORNIA MUNICIPAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy
statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card
you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card.
Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in
the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us
by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the
reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and
into Invesco Van Kampen California Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting
together. The elected Trustees will each serve for a three year term or until a successor
shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to
hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations
may have to be made, or proxies may have to be resent to shareholders, which would result in
additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive
your vote after a reasonable amount of time, you may receive a telephone call from them reminding
you to vote your shares.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to
ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that
travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number.
Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com
uses only control numbers and card codes to register votes. Voted positions are then
periodically uploaded to our master database of shareholders listed as of the record date.
All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to
sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account
registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;)
should be indicated unless it is reflected in the form of registration. If the shareholder is a
corporation, limited liability company, or partnership, please include the full entity name and
indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on
July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <U>proxy statement</U>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO CALIFORNIA QUALITY MUNICIPAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen California Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV ALIGN="LEFT" STYLE="FONT-SIZE: 10PT; MARGIN-TOP: 12PT"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO HIGH YIELD INVESTMENTS FUND, INC.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen High Income Trust II.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST II</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Municipal Income Opportunities Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST III</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Municipal Income Opportunities Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust II to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Municipal Income Opportunities Trust III to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an amendment to the Fund&#146;s advisory agreement that increases the Fund&#146;s advisory fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO MUNICIPAL PREMIUM INCOME TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen Municipal Opportunity Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO NEW YORK QUALITY MUNICIPAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Van Kampen Trust for Investment Grade New York Municipals.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO QUALITY MUNICIPAL INCOME TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Quality Municipal Securities to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Quality Municipal Investment Trust to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an amendment to the Fund&#146;s advisory agreement that increases the Fund&#146;s advisory fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO QUALITY MUNICIPAL INVESTMENT TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Quality Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO QUALITY MUNICIPAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Quality Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO VALUE MUNICIPAL BOND TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO VALUE MUNICIPAL INCOME TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Value Municipal Bond Trust to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Value Municipal Securities to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for Invesco Value Municipal Trust to merge with and into the Fund.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an amendment to the Fund&#146;s advisory agreement that increases the Fund&#146;s advisory fee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO VALUE MUNICIPAL SECURITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUESTIONS &#038; ANSWERS FOR:</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INVESCO VALUE MUNICIPAL TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below are answers to some typical questions that shareholders may have regarding the proxy statement. We encourage you to read the proxy statement in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">You may vote in the following ways:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>1. Vote by Phone. </B>You may cast your vote by calling the toll-free number listed on the proxy card you received in the mail. Have your proxy card in hand and follow the recorded instructions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2. Vote Online. </B>You may cast your vote by logging onto the Web address listed on the proxy card. Have your proxy card in hand and follow the instructions given on the Website.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>3. Vote by Mail. </B>You may cast your vote by mail by signing, dating and mailing the proxy card in the postage-prepaid return envelope you received in the mail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>4. Vote In Person. </B>You may vote your shares in person if you attend the meeting. Please notify us by calling 1-800-952-3502 if you plan to attend the meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT ARE THE PROPOSALS BEING PRESENTED AT THE MEETING AND WHAT AM I BEING ASKED TO VOTE ON?</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Redomestication that provides for the reorganization of the Fund as a Delaware statutory trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approval of an Agreement and Plan of Merger that provides for the Fund to merge with and into Invesco Value Municipal Income Trust.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To elect six Trustees by the holders of Common Shares and Preferred Shares, voting together. The elected Trustees will each serve for a three year term or until a successor shall have been duly elected and qualified.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DOES THE BOARD RECOMMEND THAT I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Board recommends that you vote FOR each proposal and FOR ALL of the nominees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHY SHOULD I VOTE?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Every vote is important. If shareholders fail to vote, the Fund may not receive enough votes to hold the July&nbsp;17, 2012 joint annual shareholder meeting. If this happens, additional solicitations may have to be made, or proxies may have to be resent to shareholders, which would result in additional expense to the Fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHO IS THE PROXY SOLICITOR?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have hired the Computershare Fund Services as the Funds&#146; proxy solicitor. If we do not receive your vote after a reasonable amount of time, you may receive a telephone call from them reminding you to vote your shares.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WILL MY VOTE BE CONFIDENTIAL USING THE ONLINE PROXY VOTING SYSTEM?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Web proxy voting system offered by proxy-direct.com maintains a high level of security to ensure the confidentiality of your vote. Security features include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Secure Sockets Layer (SSL) </B>&#151; A security measure that encrypts all information that travels between proxy-direct.com&#146;s Web server and the shareholder&#146;s computer.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Control Number </B>&#151; Each shareholder is required to enter his or her control number. Proxy-direct.com verifies the number and presents the correct proxy card.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Firewall </B>&#151; To protect the confidentiality of your account records, proxy-direct.com uses only control numbers and card codes to register votes. Voted positions are then periodically uploaded to our master database of shareholders listed as of the record date. All account-specific data remains behind our firewall.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>HOW DO I SIGN THE PROXY CARD?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please follow these guidelines to avoid the time and expense of validating your vote if you fail to sign your proxy card properly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Individual Accounts: </I>Shareholders should sign exactly as their name appears in the account registration shown on the proxy card.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>All Other Accounts: </I>The capacity of the individual signing the proxy card (for example, &#147;trustee&#148;) should be indicated unless it is reflected in the form of registration. If the shareholder is a corporation, limited liability company, or partnership, please include the full entity name and indicate the signer&#146;s position with the entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHAT IS THE DEADLINE FOR VOTING?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All votes must be received before or at the joint annual shareholder meeting, which will be held on July&nbsp;17, 2012 at 1:00 p.m. Eastern Time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>WHERE CAN I FIND MORE INFORMATION CONCERNING THE PROPOSALS?</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further details about the proposals can be found in the <u>proxy statement</u>.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h86686ah8668601.gif" alt="(COMPUTERSHARE LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INVESCO PROXY WO# 23575- TOUCH-TONE TELEPHONE VOTING SCRIPT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>** PROXY CARD **</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IVR Revision 06-06-12</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>WHEN CONNECTED TO OUR PHONE VOTING SYSTEM ACCESSED VIA OUR TOLL-FREE NUMBER 1-800-337-3503, THE
SHAREHOLDER HEARS:</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THE INITIAL PROMPT:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Thank you for calling the proxy voting line.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Before you can vote, I&#146;ll need to validate some information from your proxy card or meeting notice.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>On
your card or notice there&#146;s a shaded box with a 14 digit number
inside. Please enter that
number now.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>AFTER THE SHAREHOLDER ENTERS THEIR 14 DIGIT CONTROL NUMBER, HE/SHE HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Next, located in the un-shaded box is an 8 digit number. Please enter this number now.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN YOU HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Thank you. Please hold while I validate those numbers.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF VALID CODES WERE ENTERED, THE SHAREHOLDER WILL HEAR THE FOLLOWING GENERIC SPEECH:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Okay, you&#146;ll be voting your shares for the upcoming proxy meeting.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF CUSTOM GREETING IS APPROVED, THE SHAREHOLDER WILL HEAR THE FOLLOWING CUSTOM</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>SPEECH:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Okay, you&#146;ll be voting your proxy for the Invesco Closed-End Funds&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IF THERE IS A PRIOR VOTE IN THE SYSTEM FOR THE CONTROL NUMBER ENTERED YOU HEAR:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;I see that you&#146;ve already voted. If you don&#146;t want to change your vote you can just hang-up.
Otherwise, remain on the line and I&#146;ll take you through the voting process again...&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>IF THERE IS NO PRIOR VOTE, THE FOLLOWING IS HEARD:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;I&#146;m about to take you through the voting process. Please keep your voting card or meeting notice
in front of you to follow along. Okay, let&#146;s begin...&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>THE VOTING OPTIONS ARE THEN OFFERED:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;You can vote in one of two ways...To vote as the Board Recommends on all Proposals, press 1; or To
vote on each Proposal Individually, press 2.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>OPTION 1: VOTING AS THE BOARD RECOMMENDS:</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF THE SHAREHOLDER PRESSES 1 TO VOTE AS THE BOARD RECOMMENDS ON THE PROPOSAL, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Please note: Your vote will be cast automatically should you decide to hang up during the
summary.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;You&#146;ve elected to vote all proposals in accordance with the recommendations of the Board.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;If this is correct, press 1; otherwise, press 2. If you&#146;d like to hear the information again,
press # (pound).&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF THE SHAREHOLDER PRESSES 1, INDICATING THE VOTE IS CORRECT, HE/SHE WILL HEAR:</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Please hold while I record your vote.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN THEY HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Your vote has been recorded. It&#146;s not necessary for you to mail in your proxy card or meeting
notice.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>I&#146;m
now going to end this call unless you have another proxy card or
meeting notice to vote or you want to change your vote. If you need to vote again, press one now.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, INDICATING AN INCORRECT VOTE, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Okay, lets change your vote.&#148; </I></B><B>The system then prompts the voting options again.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>AFTER THE SHAREHOLDER&#146;S VOTE IS RECORDED, IF THEY CHOOSE TO VOTE ANOTHER PROXY THEY HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Before you can vote, I&#146;ll need to validate some information from your proxy card or meeting
notice.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>On your card or notice there&#146;s a shaded box with a 14 digit # inside. Please enter that number
now.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Thank you for voting, goodbye.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>OPTION 2: IF THE SHAREHOLDER OPTS TO VOTE ON EACH PROPOSAL SEPARATELY:</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, I&#146;ll take you through each proposal&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 1 (Non-Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 1: &#147;To vote FOR Press 1; AGAINST Press 2; Or to ABSTAIN Press 3&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 1 (Director):</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 1: </B>&nbsp;&nbsp;<B>To vote FOR ALL nominees, Press </B>1<B>. </B>&nbsp;&nbsp;<B>To WITHHOLD your vote from all nominees,
press 2.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Or to</B> <B>WITHHOLD YOUR VOTE FROM INDIVIDUAL nominees </B>press 3.&#148;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for all nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting withhold on all nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 3, TO WITHHOLD FROM INDIVIDUAL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, we&#146;ll withhold your vote on the nominees you specify. All other nominees will be voted FOR.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THEN THEY HEAR: &#147;For each nominee listed on your proxy card or meeting notice there&#146;s a
corresponding two-digit number. Please enter the number of the nominee from whom you wish to
withhold your vote.&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>AFTER THE SHAREHOLDER ENTERS A NOMINEE NUMBER TO WITHHOLD FROM, HE/SHE HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;OK, withholding your vote from nominee number N&#148; &#091;Where N is the nominee number entered&#093;&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;To withhold your vote from another nominee, enter the two-digit number. If there are no other
nominees from whom you wish to withhold your vote press # (pound).&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>WHEN # IS PRESSED, THE SHAREHOLDER HEARS:</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, finished withholding from nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 2,2a,2b,2b.i,2b.ii, or
2b.iii (Non-Director) :</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2; &nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2a: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2; &nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2b: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1;&nbsp;&nbsp;&nbsp; AGAINST Press 2; &nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2b.i: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2; &nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2b.ii: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2;&nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 2b.iii: &nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2;&nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 2 (Single Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 2: &nbsp;&nbsp;&nbsp; To vote FOR the nominee, Press </B>1<B>. &nbsp;&nbsp;&nbsp; To vote WITHHOLD, Press 2.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for the nominee&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting withhold on the nominee&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 3 (Non-Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;PROPOSAL 3:&nbsp;&nbsp;&nbsp; &#147;To vote FOR Press 1; &nbsp;&nbsp;&nbsp; AGAINST Press 2; &nbsp;&nbsp;&nbsp; Or to ABSTAIN Press 3&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 3b, 3b.i or 3c.i</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>(Single Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 3b,3b.i or 3c.i: &nbsp;&nbsp;&nbsp; To vote FOR the nominee, Press </B>1<B>. </B>&nbsp;&nbsp;&nbsp;<B>To vote WITHHOLD, Press 2.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for the nominee&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting withhold on the nominee&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 3, 3a or 3d (Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 3, 3a or 3d: &nbsp;&nbsp;&nbsp; To vote FOR ALL nominees, Press </B>1<B>. </B>&nbsp;&nbsp;&nbsp;<B>To WITHHOLD your vote from all nominees, press 2.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Or to</B> <B>WITHHOLD YOUR VOTE FROM INDIVIDUAL nominees </B>press 3.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for all nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting withhold on all nominees &#147;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 3, TO WITHHOLD FROM INDIVIDUAL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, we&#146;ll withhold your vote on the nominees you specify. All other nominees will be voted FOR.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THEN THEY HEAR: &#147;For each nominee listed on your proxy card or meeting notice there&#146;s a
corresponding two-digit number. Please enter the number of the nominee from whom you wish to
withhold your</B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>vote.&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>AFTER THE SHAREHOLDER ENTERS A NOMINEE NUMBER TO WITHHOLD FROM, HE/SHE HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;OK, withholding your vote from nominee number N&#148; &#091;Where N is the nominee number entered&#093;&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;To withhold your vote from another nominee, enter the two-digit number. If there are no other
nominees from whom you wish to withhold your vote press # (pound).&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>WHEN # IS PRESSED, THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, finished withholding from nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 4a (Single Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 4a: &nbsp;&nbsp;&nbsp; To vote FOR the nominee, Press </B>1<B>. </B>&nbsp;&nbsp;&nbsp;<B>To vote WITHHOLD, Press 2.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for the nominee&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting withhold on the nominee&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OR</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>MATCHING THE SHAREHOLDER&#146;S PROXY CARD, IF THE SHAREHOLDER HAS PROPOSAL 4 or 4b (Director):</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Proposal 4 or 4b:&nbsp;&nbsp;&nbsp; To vote FOR ALL nominees, Press </B>1<B>. </B>&nbsp;&nbsp;&nbsp;<B>To WITHHOLD your vote from all</B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>nominees, press 2.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Or to</B> <B>WITHHOLD YOUR VOTE FROM INDIVIDUAL nominees </B>press 3.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO VOTE FOR ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, voting for all nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, TO WITHHOLD FROM ALL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay,
voting withhold on all nominees&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 3, TO WITHHOLD FROM INDIVIDUAL NOMINEES THEY WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, we&#146;ll withhold your vote on the nominees you specify. All other nominees will be voted FOR.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>THEN THEY HEAR: &#147;For each nominee listed on your proxy card or meeting notice there&#146;s a
corresponding two-digit number. Please enter the number of the nominee from whom you wish to
withhold your vote.&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>AFTER THE SHAREHOLDER ENTERS A NOMINEE NUMBER TO WITHHOLD FROM, HE/SHE HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;OK, withholding your vote from nominee number N&#148; &#091;Where N is the nominee number entered&#093;&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;To withhold your vote from another nominee, enter the two-digit number. If there are no other
nominees from whom you wish to withhold your vote press # (pound).&#148;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>WHEN # IS PRESSED, THE SHAREHOLDER HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>&#147;Okay, finished withholding from nominees&#148;</B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 98%; border: 1px solid black; padding: 11px;">



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>WHEN THE SHAREHOLDER HAS COMPLETED VOTING ON THE PROPOSALS, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Okay, you&#146;ve finished voting but your vote has not yet been recorded.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;To hear a summary of how you voted, press 1; To record your vote, Press 2.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 1, TO HEAR A SUMMARY OF THEIR VOTES, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Please note your vote will be cast automatically should you decide to hang up during the summary.&#148;</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;You&#146;ve elected to vote as follows...&#148; </I></B><B>&#091;THEN A PLAYBACK OF THE VOTES COLLECTED FOR EACH PROPOSAL IS
HEARD&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AFTER THE VOTE PLAYBACK, THE SHAREHOLDER HEARS:</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;If this is correct, press 1; Otherwise, press 2. If you&#146;d like to hear the information again
press # (pound).&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE CALLER CHOOSES TO RECORD THEIR VOTE (EITHER BEFORE OR AFTER THE SUMMARY IS HEARD), THEY
HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;(Okay) Please hold while I record your vote.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>THEN THEY HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Your vote has been recorded. It&#146;s not necessary for you to mail in your proxy card or meeting
notice.</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>I&#146;m now going to end this call unless you have another proxy card or meeting notice to vote or you
want to change your vote. If you need to vote again, press one now.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER PRESSES 2, INDICATING AN INCORRECT VOTE, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Okay, lets change your vote.&#148; </I></B><B>&#091;The system then prompts the voting options again.&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>AFTER THE SHAREHOLDER&#146;S VOTE IS RECORDED, IF THEY ELECT TO VOTE ANOTHER PROXY, HE/SHE</I></B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>HEARS:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Before you can vote, I&#146;ll need to validate some information from your proxy card or meeting
notice. On your card or notice there&#146;s a shaded box with a 14 digit # inside. Please enter that
number now.&#148;</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>IF THE SHAREHOLDER ELECTS TO END THE CALL, HE/SHE WILL HEAR:</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>&#147;Thank you for voting, goodbye.&#148;</I></B>
</DIV>

</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: Helvetica,Arial,sans-serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for calling Invesco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you plan to attend the Joint Annual Meeting of Shareholders for the Invesco Closed-End Funds
<B>Press 1.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you plan to attend the Joint Annual Meeting of Shareholders for the Invesco Van Kampen
Closed-End Funds <B>Press 2.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you plan to attend the Invesco Van Kampen Exchange Fund Annual Meeting of Partners <B>Press 3.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>OPTION 1 </B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD>Thank you for planning to attend the upcoming Joint Annual Meeting of Shareholders
for the Invesco Closed-End Funds currently scheduled for 1:00 p.m. Eastern Time on July
17, 2012.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Please press 1 </B>then state your full name and the number of persons that
will be attending the meeting. Thank you for calling Invesco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you have questions please <B>Press 2.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>OPTION 2</B> Thank you for calling Invesco. You are now being routed to the
client services phone que. &#091;Internal note they will be routed to
ext. 2326.&#093;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>OPTION 2</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD>Thank you for planning to attend the upcoming Joint Annual Meeting of Shareholders
for the Invesco Van Kampen Closed-End Funds currently scheduled for 2:00 p.m. Eastern
Time on July&nbsp;17, 2012.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Please press 1 </B>then state your full name and the number of persons that
will be attending the meeting. Thank you for calling Invesco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you have questions please <B>Press 2.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>OPTION 2 </B>Thank you for calling Invesco. You are now being routed to the
client services phone que. &#091;Internal note they will be routed to
ext. 2326.&#093;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Again thank you for calling Invesco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>OPTION 3 </B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD>Thank you for planning to attend the upcoming Invesco Van Kampen Exchange Fund
Annual Meeting of Partners currently scheduled for 2:00 p.m. Eastern Time on July&nbsp;17, 2012.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Please press 1 </B>then state your full name and the number of persons that
will be attending the meeting. Thank you for calling Invesco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If you have questions please <B>Press 2.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>OPTION 2 </B>Thank you for calling Invesco. You are now being routed to the
client services phone que. &#091;Internal note they will be routed to
ext. 5200.&#093;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Again thank you for calling Invesco.</TD>
</TR>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
