Interim Management Statement

INVESCO Asia Trust plc                             

                         Interim Management Statement                          
                     for the Three Months ended 31 July 2007                     

Material Events

At the Company's Annual General Meeting held on 25 July 2007, new Articles of
Association were approved by shareholders in order to bring them into line with
requirements under the Companies Act 2006.

Shareholders also discharged Directors from their obligation to call an
Extraordinary General Meeting in 2008 to propose that the Company be wound up
on a voluntary basis.

Dividends

In the period, a final dividend of 1.3p per ordinary share was declared and was
paid on 30 July 2007 to shareholders on the register as at 6 July 2007.

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
                                                                               
Share Price                    11.1%        33.6%        129.1%       137.2%   
                                                                               
Net Asset Value                13.3%        38.9%        124.8%       120.5%   
                                                                               
MSCI (All Countries) Far       17.9%        42.1%        121.8%       137.5%   
East ex                                                                        
                                                                               
Japan Index (Sterling                                                          
Adjusted)                                                                      

Source: Fundamental Data

Share Price and Discount

                                           For the Three Months Ended 31 July 
                                                          2007                
                                                                               
                            As at 31 July     High        Low        Average   
                                 2007                                          
                                                                               
Ordinary shares mid-market      107.3p       109.8p      97.8p        102.8p   
price                                                                          
                                                                               
Discount                        11.7%         15.0%       9.2%        12.2%    

Source: Datastream

Assets and Gearing

                          31 July 2007  30 April 2007         Change
                                                                    
Total Gross Assets (£m)          142.5          124.1         +14.8%
                                                                    
Cash (£m)                          4.1            1.4               
                                                                    
Borrowings (£m)                   13.8            8.0               
                                                                    
Net Asset Value (pence)          121.4         108.3†         +12.1%
                                                                    
Actual Gearing                     111            107               
                                                                    
Asset Gearing                      108            106               

† ex dividend

`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Company has no gearing.

Geographical Breakdown of Portfolio

                          31 July 2007   30 April 2007
                                                      
Hong Kong                        23.8%           21.1%
                                                      
South Korea                      18.9%           16.7%
                                                      
Taiwan                           12.6%           10.7%
                                                      
Australia                        10.2%           10.2%
                                                      
Singapore                         8.2%           12.7%
                                                      
India                             7.8%            6.8%
                                                      
China                             5.3%            7.8%
                                                      
Malaysia                          5.1%            6.7%
                                                      
Philippines                       3.2%            3.2%
                                                      
UK                                2.9%            1.8%
                                                      
Indonesia                         1.2%            1.1%
                                                      
Thailand                          0.7%            1.2%

Top 10 Holdings

Ranking  Investments             Country      % of      Bought/    Ranking at  
                                                        (Sold)                 
Now                                        Portfolio              30 April 2007
                                                       in Period               
                                                                               
1        Samsung Electronics      South       5.0%         B            1      
                                  Korea                                        
                                                                               
2        Jardine Matheson       Hong Kong     3.3%         B            2      
                                                                               
3        China Mobile           Hong Kong     3.2%         B            4      
                                                                               
4        Hon Hai Precision        Taiwan      2.9%         B           32      
                                                                               
5        Kookmin Bank             South       2.6%         B           21      
                                  Korea                                        
                                                                               
6        Keppel Corporation     Singapore     2.3%        B/S           3      
                                                                               
7        BHP Billiton           Australia     2.2%         B           24      
                                                                               
8        Mediatek                 Taiwan      2.1%         S            6      
                                                                               
9        Cheung Kong            Hong Kong     2.0%        B/S           5      
                                                                               
10       Henderson Land         Hong Kong     2.0%         B            -      
         Development                                                           

Significant purchases in Hon Hai Precision, Kookmin Bank and BHP Billiton were
made during the period and a new holding in Henderson Land Development was
established. The Fund Manager considers that each of these companies has
attractive valuations and good fundamentals. He predicts strong growth and
favourable profits for these companies.

Changes to Share Capital

The Company has authority to buy back shares (for cancellation or into
Treasury) and to issue new shares (disapplying pre-emption rights), in each
case within specified limits. The Company expects to renew these authorities
each year.

The Company's issued share capital consists of 105,962,425 ordinary shares of
10p each. There were no changes to the share capital during the period.

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times under `Investment Companies' and in
the Daily Telegraph under `Investment Trusts'.

The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.

Further information can be obtained from Invesco Perpetual as follows:

Free Investor Helpline: 0800 085 8677

Internet address: www.invescoperpetual.co.uk/investmenttrusts

The information provided in this statement should not be considered as a
financial promotion.

Interim management statements are expected to be published in August and
February each year.

For and on behalf of

INVESCO Asset Management Limited

10 August 2007