Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          
                   for the Three Months ended 31 January 2009                   

Objective of the Company

The objective of Invesco Asia Trust plc is to provide long-term capital growth
by investing in a diversified portfolio of Asian and Australasian companies.
The Company aims to achieve growth in its net asset value in excess of the
Benchmark Index, the Morgan Stanley Capital International All Countries Asia
Pacific ex-Japan Index, measured in sterling.

Material Events

There are no material events to report other than those explained elsewhere in
this statement.

Dividends

No dividends were declared in the period.

Manager'sReport

Asia's equity markets staged a recovery during the period, most notably in
December when they enjoyed a year-end rally. This rebound was more a reflection
of the markets having been previously oversold than of an improving outlook.
Indeed, the economic indicators continued to deteriorate with both exports and
activity indicators slumping. On the positive side, the region's authorities
have been proactive in attempts to ease the effects of the downturn through
lower interest rates and fiscal stimulus packages - the most notable of which
was the US$580 bn spending programme announced in China - equivalent to 15% of
GDP. It is worth remembering that, for the most part, Asia is structurally
sound. In general, the region's governments, households and companies have low
leverage and debt levels.

The portfolio remains focused on businesses that have sustainable earnings,
strong market positions and solid cash flows. Domestic demand is an important
theme, based around positive demographics and savings trends in Asia. The
largest underweight is in banks, where the likely growth in non-performing
loans could negatively impact earnings, but we are overweight the insurance
sector where we see sustainable growth prospects and attractive valuations. We
are also underweight utilities, which we believe expensive and offer limited
growth prospects. Hong Kong is the largest geographical weighting, as we
believe it has quality businesses that can benefit from China's long-term
growth potential and from exceptionally low levels of US interest rates.

The Company is currently positioned to benefit from a market recovery, and we
remain confident of the long-term outlook for Asian markets.

Performance - Total Return

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Share Price                        13.6%       -20.7%        -3.2%        66.9%
                                                                               
Net Asset Value                     5.0%       -25.8%        -5.0%        49.1%
                                                                               
MSCI (All Countries) Asia           5.7%       -29.5%        -6.0%        48.3%
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            

Source: Fundamental Data

Share Price and Discount

                                 As at           For the Three Months Ended    
                                                                               
                              31 Jan 2009                31 Jan 2009           
                                                                               
                                                  High       Low      Average  
                                                                               
Ordinary shares mid-market        81.3            89.5       64.5      77.6    
                                                                               
price (pence)                                                                  
                                                                               
Discount                         -7.1%                                         

Source: Datastream

Assets and Gearing

                                   31 Jan 2009        31 Oct 2008        Change
                                                                               
Fixed Assets Investment                   79.7               76.5          4.2%
                                                                               
Total Gross Assets (£m)                   82.1               76.8          6.9%
                                                                               
of which cash (£m)                         2.3                2.0              
                                                                               
Borrowings (£m)                              -                  -              
                                                                               
Total Shareholders' Funds (£m)            82.1               76.8          6.9%
                                                                               
Cum Income Net Asset Value                87.5               81.8          6.9%
                                                                               
(pence)                                                                        
                                                                               
Actual Gearing                             100                100              

Gearing

The term applied to the effect of borrowings and prior charge share capital on
assets that will increase the return on investment when the value of the
Company's investments is rising but reduce the return when values are
declining. A gearing level of 100 or 0% indicates there is no gearing.

Actual Gearing reflects the loans already arranged and in use by the Company.
This is the gearing figure published by the Association of Investment
Companies. It is calculated by dividing the aggregate of shareholders' funds
and all drawndown loans by shareholders' funds.

GeographicalBreakdown of Portfolio

                               31 Jan 2009       31 Oct 2008
                                                            
Hong Kong                            31.3%             33.2%
                                                            
Korea                                13.4%             13.2%
                                                            
Taiwan                               12.4%             14.0%
                                                            
India                                10.9%              8.4%
                                                            
Australia                            10.3%              9.2%
                                                            
China                                10.1%              9.2%
                                                            
Singapore                             4.4%              6.2%
                                                            
UK                                    2.0%              1.6%
                                                            
Thailand                              1.9%              0.7%
                                                            
Indonesia                             1.4%              1.4%
                                                            
Philippines                           1.2%              1.8%
                                                            
Malaysia                              0.7%              1.1%

Top 10 Holdings

Ranking    Investments                Market of        % of        Ranking at  
                                                                               
Now                                    Listing       Portfolio       31 Oct    
                                                                               
                                                                      2008     
                                                                               
1          Samsung Electronics       South Korea       5.5%            1       
                                                                               
2          Taiwan Semiconductor         Taiwan         5.1%            3       
                                                                               
           Manufacturing                                                       
                                                                               
3          Jardine Matheson           Hong Kong        5.1%            2       
                                                                               
4          China Mobile              Hong Kong R       3.4%            6       
                                                                               
5          QBE Insurance              Australia        3.4%            5       
                                                                               
6          Beijing Enterprise        Hong Kong R       3.0%            8       
                                                                               
7          Wharf                      Hong Kong        2.9%            12      
                                                                               
8          Ping An Insurance           China H         2.5%            16      
                                                                               
9          United Phosphorus            India          2.5%            9       
                                                                               
10         BHP Billiton               Australia        2.4%            11      

All ordinary shares unless otherwise stated

R= Red Chip Holdings

H= H shares

Maximum Exposure Limits

The maximum holding in a single investment in a company or combined exposure to
Group-related companies is limited to 5% and 15% respectively of gross assets
at the time of the investment, unless otherwise authorised by the Board.

Changes to Share Capital

There were no changes to the Company's share capital during the period. As at
31 January 2009 the Company's issued share capital consisted of 93,837,425
ordinary shares of 10p each. No shares were held in Treasury.

The Company has authority to buy back shares (for cancellation or into
Treasury) within specified limits. The authority to issue new shares
(disapplying pre-emptions rights) was not renewed by shareholders at the AGM
held on 6 August 2008.

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 or recommendation.

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

For and on behalf of

Invesco Asset Management Limited

16 February 2009

Registered Office

30 Finsbury Square, London, EC2A 1AG

Telephone: [phone]

Facsimile: 020 7065 3166

Registered in England No 3011768

An Investment Company under Section 833

of the Companies Act 2006