Interim Management Statement

Invesco Asia Trust plc

                           Interim Management Statement                          

                     for the Three Months ended 31 July 2009                     

Objective of the Company

Invesco Asia Trust plc (`the Company') is a UK investment trust listed on the
London Stock Exchange. The Company was launched in July 1995.

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

No material occurred during the period under review. However on 12 August 2009
a total of 18,767,485 Subscription Shares were allotted to Shareholders on the
register at 5.00 p.m. on 11 August 2009, on the basis of one Subscription Share
for every five Ordinary Shares held as at that date. Following Admission of
the Subscription Shares there are 93,837,425 Ordinary
Shares and 18,767,485 Subscription Shares in issue. 

Dividends

No dividends were declared in the period.

Manager'sReport

Asian equity markets closed higher over the period as concerns about the global
recession eased and confidence in the potential for recovery increased. Modest
valuations and early signs that economic data had stabilised saw risk appetite
rise, helping stocks to advance.

In an environment of weak external demand, expanding internal sources of growth
is a key priority for Asian governments and we believe this will be an
important element of Asia's long-term economic development. In the immediate
future, exports will continue to play a significant role in Asia's economic
recovery and hopes for improvement have been supported by early signs of
stability in developed economies. However, the more dominant and less
export-dependent economies of India and China are still recording relatively
robust growth, clearly distinguishing them from developed markets which are
likely to remain weak.

The portfolio continues to seek exposure to the positive long-term trend of
consumer demand in Asia; the household and personal products and food, beverage
and tobacco sectors are among the Company's largest overweight positions. The
real estate sector also provides exposure to the consumer demand theme and we
believe that it is likely to benefit from the long-term trend of urbanisation,
as well as from a stronger economic background. We have a strong representation
within the insurance sector, specifically in China, where the industry is still
in the early stages of development, providing the potential for significant
long-term growth. Although we remain underweight in the banking sector, this
underweight position has been reduced recently, as improving economic
fundamentals and strong loan growth should help support bank earnings.
Geographically, we favour China as we believe that it has the strongest
potential to deliver sustainable economic recovery.

Following the strong recent performance from Asian equities, some short-term
weakness in stocks cannot be ruled out. However, whilst the immediate outlook
remains volatile, the stronger growth profile of the region should be
supportive of Asian equity markets in the longer term.

The Company is positioned to benefit from sustainable economic recovery, a
strategy that has been combined with a focus on valuation.

Performance - Total Return

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Share Price                        22.3%        17.3%        46.6%       151.4%
                                                                               
Net Asset Value                    21.7%        15.5%        46.3%       136.7%
                                                                               
MSCI (All Countries) Asia          16.0%         7.7%        36.8%       120.9%
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            

Source: Fundamental Data

Share Price and Discountto Net Asset Value

                                 As at           For the Three Months Ended    
                                                                               
                              31 July2009                31 July2009           
                                                                               
                                                  High       Low      Average  
                                                                               
Ordinary shares mid-market       114.3           114.8       94.5      102.8   
                                                                               
price (pence)                                                                  
                                                                               
Discount                         -8.8%                                         

Source: Datastream

Assets and Gearing

                                  31 July 2009     30 April 2009         Change
                                                                               
Fixed Assets (£m)                        121.0              98.3          23.1%
                                                                               
Total Assets less Current                119.1              98.7          20.7%
                                                                               
Liabilities (£m)                                                               
                                                                               
of which cash (£m)                         0.6               0.6               
                                                                               
Borrowings (£m)                            1.5                 -               
                                                                               
Total Shareholders' Funds (£m)           117.6              98.7          19.1%
                                                                               
Net Asset Value per Ordinary             125.3              103.6†        20.9%
                                                                               
Share (pence)                                                                  
                                                                               
Actual Gearing                             101               100               

† Ex dividend

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 July 2009     30 April 2009
                                                            
Hong Kong                            26.2%             25.3%
                                                            
South Korea                          16.4%             16.4%
                                                            
Taiwan                               13.1%             15.4%
                                                            
China                                12.2%             11.3%
                                                            
India                                 9.6%              9.2%
                                                            
Australia                             8.1%             10.5%
                                                            
UK                                    5.1%              3.0%
                                                            
Singapore                             4.2%              3.9%
                                                            
Indonesia                             2.2%              1.3%
                                                            
Philippines                           1.6%              1.4%
                                                            
Thailand                              0.7%              1.6%
                                                            
Malaysia                              0.6%              0.7%



Top 10 Holdings

Ranking   Investments                Market of         % of       Ranking at   
                                                                               
Now                                   Listing       Portfolio      30 April    
                                                                               
                                                                     2009      
                                                                               
1         Samsung Electronics     South Korea          5.2%            1       
                                                                               
2         Jardine Matheson        Hong Kong            4.1%            3       
                                                                               
3         Taiwan Semiconductor    Taiwan               3.4%            2       
          Manufacturing                                                        
                                                                               
4         Bank of China H         China                3.4%           19       
                                                                               
5         China Insurance R       Hong Kong            3.3%            6       
                                                                               
6         Wharf                   Hong Kong            3.0%            4       
                                                                               
7         United Phosphorus       India                2.4%           10       
                                                                               
8         West China Cement       United Kingdom       2.4%           16       
                                                                               
9         QBE Insurance           Australia            2.3%            5       
                                                                               
10        China Mobile R          Hong Kong            2.3%            8       

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 ordinary share capital during the
period. On 12 August 2009 a total of 18,767,485 Subscription Shares were
allotted to Shareholders. As at 31 July 2009 the Company's issued share capital
consisted of 93,837,425 ordinary shares of 10p each and 18,767,485 Subscription
Shares of 1p each. No shares were held in Treasury.

The Company has authority to buy back shares (for cancellation or into
Treasury) up to an aggregate nominal amount of £1,406,623 and to issue shares
in accordance with Section 80 of the Companies Act 1985, up to an aggregate
nominal amount of £938,374. Authority to issue new shares disapplying
pre-emptions rights was not given by shareholders at the AGM held on 12 August
2009.

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 February and
August each year.

For and on behalf of

Invesco Asset Management Limited

1 September 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