Final Results

INVESCO Asia Trust plc                             

              Preliminary Announcement of Unaudited Final Results              

                  For the Financial Year Ended 30 April 2003                   

Chairman's Statement

Shareholders need no reminder that the year under review saw a continuation of
the poor performance in most major stock markets which had characterised the
two previous years.

Asian markets, which had suffered badly in the regional financial crisis in
1997/8, were somewhat more resilient than many others. But they could not
escape the depressing effects of a global economic downturn and heightened
international tensions culminating in the conflict in Iraq.

As I reported at the half-year stage, first-half performance was badly affected
by distress redemption selling by insurance companies and mutual funds. The
second half offered little relief, and over the period under review the
Company's net asset value fell by a very disappointing 37.4% against the
benchmark index - the MSCI (All Country) Far East ex Japan which declined by
32.1%. The discount at which the ordinary shares traded fluctuated considerably
during the period and at the year-end was 16%.

The portfolio's previous bias towards cyclical stocks was reduced by the middle
of 2002 in the light of reassessment of demand, both regional and
international. And on the view that, at the year-end, quality regional stocks
were trading at what were seen to be distressed valuation levels, exposure to
technology stocks in Taiwan, consumer-related companies (including banks) in
Korea and bank stocks in Singapore was increased. The resulting overweight
position in Korea was matched by a reduction in exposure to Hong Kong, where
poor economic data and depressed corporate performance caused increasing
concern.

Subsequently, North Korean belligerence and anxiety over the outbreak of SARS
in the region had a depressing effect on South Korean markets. These factors,
coupled with the solvency crisis at Korea's SK Global, depressed Korean prices
and the values of the Company's holdings in that country.

Nevertheless, we believe that the fundamental investment case for Korea - and
the other markets in which we invest - remains intact, and the first signs of
what we hope will be a broad general improvement in market sentiment - and
prices - are starting to appear.

In his report in the financial statements, Alfred Ho (the portfolio manager)
reviews the markets in which the Fund invests, but a few words here about China
may be appropriate. China is growing strongly and is taking an increasing
proportion of exports from other countries in the region, notably Korea and
Taiwan. Although we remain cautious about the investment environment in China,
not least because of deficiencies in transparency and corporate governance, we
recognise the country's huge potential and the Manager will be looking for
opportunities to invest in carefully selected companies. The increase in
regional trade with China also provides strong support for investment in
growing companies in the region which are benefiting both from local demand and
demand from China.

Encouraged by an assessment of positive Asia-specific factors - including an
increasingly flexible and effective macro-economic framework, strong and
strengthening corporate balance sheets, more disciplined spending, higher
dividend payouts and share buybacks and competitive cost structures - we
believe that Asian stock markets have the potential to deliver strong positive
returns.

And, if the stimulative fiscal and monetary policies being pursued by the
United States have the planned effect, cyclical recovery will be seen in
markets around the world.

The Manager's focus continues to be on bottom-up stock selection with a
rigorous valuation discipline, designed to add significant value for
shareholders.

Directorate

The Hon. Michael Benson has been a director of the Company since 1995 and his
contribution to the Company's affairs has been greatly appreciated by his
fellow directors. He is Chairman of INVESCO Asset Management Limited and Vice
Chairman of AMVESCAP, INVESCO's parent. His responsibilities are therefore
extensive and he has decided that he should retire as a director of your
Company at the conclusion of the Annual General Meeting on 5 August 2003. On
your behalf and the Board's, I thank him warmly for his services to the Company
over the years and wish him continuing success and good health.

David Hinde, who is a lawyer and a non-executive director of Dah Sing Bank in
Hong Kong, was appointed a director on 17 June 2003 and, in accordance with the
Company's Articles of Association, will offer himself for election by
shareholders at the Annual General Meeting. He is very knowledgeable on the
economies and the markets of the region in which the Company invests and I am
confident that he will make an important contribution to the Board's
deliberations and to the Company's affairs. A brief c.v. appears in the annual
report.

Voting rights in investee companies

Your Company has responsibility as a shareholder to require high standards of
corporate governance in the companies in which it invests. Whilst this does not
entail intervention in normal management decisions, it does involve the support
of high standards of governance and, where necessary, initiatives, in an effort
to ensure that those standards are met. The principal means of putting this
responsibility into practice is through the exercise of voting rights and your
Company's voting rights are exercised on an informed and independent basis.

Socially responsible investing

The Manager considers many different factors when evaluating potential
investments. These include financial ratios and measures; for example, free
cash flow, earnings per share, price to book, and other more subjective
indicators which rely on first-hand research into quality of management,
innovation and product strength.

A company's policy towards the environment and social responsibility is
considered as part of the overall assessment of the risks and the suitability
of the investment for the portfolio.

Dividends

The Board is recommending that a dividend of 0.4 pence per ordinary share
(2002: 0.4p per share) be paid on 6 August 2003 to Shareholders on the Register
on 4 July 2003. If the dividend is approved, by shareholders, the balance of £
149,000 remaining on the revenue account for the year will be carried to
reserves.

Annual General Meeting

The Board is proposing two items of Special Business at the Annual General
Meeting. The first seeks renewal of the authority to issue new ordinary shares;
the second for renewed authority to buy back the Company's ordinary shares - in
both cases within prescribed limits as set out in the Notice of the Meeting.
Neither of these authorities has been exercised in the year under review, but
the Board considers it prudent to have the flexibility to issue new shares and
to buy back shares as and when they consider it appropriate to do so. Approval
of the relevant resolutions will enable the Board to act within a much shorter
time scale than would otherwise be the case. No new shares would be issued at
prices below prevailing net asset values, nor would shares be repurchased at
prices higher than prevailing net asset values.

Changed logistics at INVESCO's new offices in Finsbury Square have made it
necessary for the Annual General Meeting to be convened for later in the day
than has been the case in previous years. The Annual General Meeting will
therefore be held at the offices of INVESCO Asset Management Limited on 5
August 2003 at 2.30pm. I hope that as many shareholders as possible will
attend. The meeting will provide an opportunity not only to meet the Directors,
but also to hear the views of Alfred Ho, our investment manager.

Robin Baillie

23 June 2003

Statement of Total Return (incorporating the revenue account)

for the year ended 30 April

                                    2003                           2002       
                                                                              
                           Revenue   Capital    Total  Revenue  Capital  Total
                                                                              
                           £'000       £'000    £'000    £'000    £'000  £'000
                                                                              
(Losses)/gains on                 - (28,091) (28,091)        -    9,572  9,572
investments                                                                   
                                                                              
Losses on foreign                                                             
                                                                              
currency revaluation              -     (64)     (64)        -    (191)  (191)
                                                                              
Income                        1,335        -    1,335    1,245        -  1,245
                                                                              
Investment management fee     (102)    (306)    (408)    (123)    (370)  (493)
                                                                              
Other expenses                (324)      (1)    (325)    (383)     (14)  (397)
                                                                              
Net return before finance                                                     
costs                                                                         
                                                                              
and taxation                    909 (28,462) (27,553)      739    8,997  9,736
                                                                              
Interest payable and                                                          
similar                                                                       
                                                                              
charges                        (69)    (207)    (276)     (24)     (72)   (96)
                                                                              
Return on ordinary                                                            
activities                                                                    
                                                                              
before tax                      840 (28,669) (27,829)      715    8,925  9,640
                                                                              
Tax on ordinary activities    (267)       97    (170)    (191)       74  (117)
                                                                              
Return on ordinary                                                            
activities                                                                    
                                                                              
after tax for the               573 (28,572) (27,999)      524    8,999  9,523
financial year                                                                
                                                                              
Dividend in respect of                                                        
equity                                                                        
                                                                              
shares                        (424)        -    (424)    (424)        -  (424)
                                                                              
Transfer (from)/to              149 (28,572) (28,423)      100    8,999  9,099
reserves                                                                      
                                                                              
Return per ordinary share:                                                    
                                                                              
Basic                         0.54p (26.96)p (26.42)p    0.50p    8.49p  8.99p

The Revenue column of this statement is the Revenue account of the company. All
revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.

Reconciliation of Movement in Shareholders' Funds

for the year ended 30 April

                                                           2003            2002
                                                                               
                                                           £'000          £'000
                                                                               
Revenue return for the year                                       149       100
                                                                               
Capital return for the year                                  (28,572)     8,999
                                                                               
Net movement in Shareholders' funds                          (28,423)     9,099
                                                                               
Opening Shareholders' funds                                    76,109    67,010
                                                                               
Closing Shareholders' funds                                    47,686    76,109

Balance Sheet

at 30 April

                                                     2003            2002
                                                                         
                                                     £'000          £'000
                                                                         
Fixed assets                                                             
                                                                         
Investments                                              51,142    78,437
                                                                         
Current assets                                                           
                                                                         
Debtors                                                     422     4,265
                                                                         
Cash at bank                                              1,267     1,058
                                                                         
                                                          1,689     5,323
                                                                         
Creditors: amounts falling due within one year            5,145     7,651
                                                                         
Net current liabilities                                 (3,456)   (2,328)
                                                                         
Total assets less current liabilities                    47,686    76,109
                                                                         
Capital and reserves                                                     
                                                                         
Called-up share capital                                  10,596    10,596
                                                                         
Share premium account                                    74,588    74,588
                                                                         
Other reserves                                                           
                                                                         
Capital redemption reserve                                  650       650
                                                                         
Special reserve                                          25,796    25,796
                                                                         
Capital reserve - realised                             (37,652)  (33,965)
                                                                         
Capital reserve - unrealised                           (27,069)   (2,184)
                                                                         
Revenue reserve                                             777       628
                                                                         
Equity Shareholders' funds                               47,686    76,109
                                                                         
Net asset value per ordinary share                                       
                                                                         
Basic                                                     45.0p     71.8p

Cash Flow Statement

for the year ended 30 April

                                                          2003           2002
                                                                             
                                                          £'000         £'000
                                                                             
Cash inflow from operating activities                           350       227
                                                                             
Servicing of finance                                          (276)      (94)
                                                                             
Taxation                                                          7       154
                                                                             
Capital expenditure and financial investment                  2,991  (11,817)
                                                                             
Equity dividends paid                                         (424)     (318)
                                                                             
Net cash inflow/(outflow) before management of liquid                        
                                                                             
resources and financing                                       2,648  (11,848)
                                                                             
Management of liquid resources                                    -     1,640
                                                                             
Financing                                                     2,375     6,900
                                                                             
Increase/(decrease) in cash                                     273   (3,308)

Reconciliation of cash flow to movement in net (debt)/funds

                                                         2003              2002
                                                                               
                                                         £'000            £'000
                                                                               
Increase/(decrease) in cash                                        273  (3,308)
                                                                               
Cash outflow/(inflow) from decrease/(increase) in debt           2,375  (6,900)
                                                                               
Cash inflow from decrease in liquid resources                        -  (1,640)
                                                                               
Change in net funds/(debt) resulting from cash flows             2,648 (11,848)
                                                                               
Translation difference                                            (64)    (191)
                                                                               
Movement in net funds/(debt) in the year                         2,584 (12,039)
                                                                               
Net (debt)/funds at beginning of year                          (5,842)    6,197
                                                                               
Net debt at end of year                                        (3,258)  (5,842)

The financial information set out above does not constitute the Company's
statutory accounts for the years ended 30 April 2003 or 2002. The financial
information for 2002 is derived from the statutory accounts for 2002 which have
been delivered to the Registrar of Companies. The Auditors have reported on the
2002 statutory accounts and their report was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985. The statutory
accounts for 2003 will be finalised on the basis of the information presented
by the Directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.

Notes to the Financial Statements

1. Income

                                                              2003         2002
                                                                               
                                                              £'000       £'000
                                                                               
Income from investments                                                        
                                                                               
Overseas dividends                                               1,267    1,105
                                                                               
Scrip dividends                                                     59       53
                                                                               
                                                                 1,326    1,158
                                                                               
Other income                                                                   
                                                                               
Deposit interest                                                     9       87
                                                                               
Total income                                                     1,335    1,245
                                                                               
Total income comprises:                                                        
                                                                               
Dividends                                                        1,326    1,158
                                                                               
Interest                                                             9       87
                                                                               
                                                                 1,335    1,245

 2. Investment management fee
   
                                    2003                      2002            
                                                                              
                           Revenue   Capital   Total  Revenue  Capital   Total
                                                                              
                           £'000       £'000   £'000    £'000    £'000   £'000
                                                                              
Investment management fee       102      306     408      123      370     493

3. Other expenses

                                            2003                     2002       
                                                                                
                               Revenue   Capital  Total  Revenue  Capital  Total
                                                                                
                               £'000       £'000  £'000    £'000    £'000  £'000
                                                                                
General expenses                    241        -    241      292        -    292
                                                                                
Directors' emoluments (see           58        -     58       60        -     60
below)                                                                          
                                                                                
Auditors' remuneration - for         19        -     19       18        -     18
audit services                                                                  
                                                                                
- for other services                  6        -      6       13        -     13
                                                                                
Transaction dealing charge            -        1      1        -       14     14
                                                                                
                                    324        1    325      383       14    397

Directors' emoluments are authorised by the Articles of Association up to a
total amount of £100,000 per annum.

Of the Directors' emoluments disclosed above, £5,000 (2002: £5,000) was payable
to a third party in respect of making available the services of a Director. The
fee was assigned to INVESCO Asset Management Limited.

 4. Interest payable and similar charges
   
 5. 
   
               2003                  2002         
    Revenue         Total Revenue         Total   
            Capital               Capital         
      £'000         £'000   £'000         £'000   
              £'000                 £'000         
                                                  
Overdraft         -     -       -       2     5  7
interest                                          
                                                  
Loan              6    19      25       -     -  -
arrangement                                       
fee                                               
                                                  
Term loan                                         
repayable                                         
within                                            
                                                  
1 year, not      63   188     251      22    67 89
by                                                
instalment                                        
                                                  
                 69   207     276      24    72 96

 5. Tax on net revenue from ordinary activities
   
Analysis of charge for the year

                                            2003                   2002       
                                                                              
                                 Revenue Capital  Total Revenue Capital  Total
                                                                              
                                 £'000     £'000  £'000   £'000   £'000  £'000
                                                                              
United Kingdom tax:                                                           
                                                                              
Corporation tax at 30% (2002:         97       -     97      33       -     33
20%)                                                                          
                                                                              
Tax relief attributable to                                                    
management                                                                    
                                                                              
fee and interest, allocated to                                                
                                                                              
capital reserve - realised            97    (97)      -      74    (74)      -
                                                                              
Overseas tax                         171       -    171     119       -    119
                                                                              
Relief for overseas tax             (97)       -   (97)    (33)       -   (33)
                                                                              
Prior year adjustment                (1)       -    (1)     (2)       -    (2)
                                                                              
                                     267    (97)    170     191    (74)    117

The overseas tax charge consists of irrecoverable withholding tax.

 6. Dividends
   
                                                                2003       2002
                                                                               
                                                                £'000     £'000
                                                                               
Dividend on equity shares                                                      
                                                                               
Ordinary - proposed dividend of 0.4p per share (2002: 0.4p)        424      424
                                                                               
                                                                   424      424

 7. Return per ordinary share
   
Basic revenue return per ordinary share is based on the net revenue return on
ordinary activities after taxation and on 105,962,221 (2002: 105,962,136)
ordinary shares, being the weighted average number of ordinary shares in issue
in the year.

Basic capital return per ordinary share is based on the net capital return on
ordinary activities after taxation and on 105,962,221 (2002: 105,962,136)
ordinary shares, being the weighted average number of ordinary shares in issue
in the year.

As the ordinary share price remained under the warrant exercise price, the
warrants are not dilutive and therefore no diluted return per ordinary share
has been calculated.

8. Report and Accounts

The audited Report and Accounts will be posted to shareholders shortly. Copies
may be obtained from the Company's Registered Office, 30 Finsbury Square,
London, EC2A 1AG.

9. Annual General Meeting

The Company's Annual General Meeting will be held at the Company's Registered
Office, 30 Finsbury Square, London, EC2A 1AG on Tuesday, 5 August 2003 at
2.30pm.

By order of the Board

INVESCO Asset Management Limited - Secretaries

24 June 2003