Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31 January 2010                    

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 events occurred during the period under review.

Dividends

No dividends were declared in the period.

Manager'sReport

Asian equity markets were mixed during the period as gains in the final two
months of 2009 were followed by profit taking in January. Early signs of policy
tightening in China and India sparked concerns about the outlook for growth
during 2010 and saw risk aversion move higher.

Across Asia there is genuine evidence of a sustainable economic recovery, which
is increasingly based on rising domestic demand in Asia's largest economies.
Looking ahead, we believe that, as long as export growth is not negative, there
is enough internal expansion in Asia for growth significantly to outpace that
in the West. The catalysts of favourable demographics, high savings rates and
rising incomes are in place and governments are now actively encouraging a
rebalancing of growth towards internal consumption. Tightening measures in
China may present a short-term challenge to equity markets, but we believe that
early steps to cool the pace of growth will be beneficial in the longer term as
they should help to promote smoother and more sustainable economic expansion.

Currently, the portfolio has overweight positions in consumer staples
companies, as we believe they have sustainable earnings growth potential which
is not fully recognised in their valuations. Real estate and insurance are also
major sector positions as we expect property groups to benefit from ongoing
urbanisation and strong affordability, while low penetration rates in the
Chinese insurance industry provide the potential for strong long-term growth.
Information technology is an area where a number of Asian companies have become
global industry leaders and the Company has exposure through high quality
businesses including Taiwan Semiconductor and Samsung Electronics. China and
Hong Kong remain the major geographical biases as valuation levels are
attractive and do not fully discount the supportive environment for businesses
in these locations from ongoing robust economic growth in China.

Asian equities are likely to be volatile in the near-term while some
uncertainty persists about the pace at which Asian authorities will adjust
loose policy settings. However, in the longer term, companies in the region
will benefit from Asia's sound economic fundamentals and the vast potential of
rising internal demand.

The Company seeks to exploit Asia's positive outlook and its advantages
relative to developed economies by focusing on companies with unrecognised
growth potential.

Performance - Total Return

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Share Price                         1.2%        55.1%        37.1%       122.1%
                                                                               
Net Asset Value                     0.0%        58.7%        36.1%       115.5%
                                                                               
MSCI (All Countries) Asia           2.6%        58.4%        32.8%       103.5%
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            

Source: Fundamental Data

Share Price and Discountto Net Asset Value

                                 As at           For the Three Months Ended    
                                                                               
                             31 January2010            31 January2010          
                                                                               
                                                  High       Low      Average  
                                                                               
Ordinary shares mid-market       124.25          135.3      121.8      128.3   
                                                                               
price (pence)                                                                  
                                                                               
Discount                         -8.6%                                         

Source: Datastream

Assets and Gearing

                                31 January2010         31 October        Change
                                                                               
                                                             2009              
                                                                               
Total Assets less Current              £129.6m            £127.9m          1.3%
                                                                               
Liabilities                                                                    
                                                                               
of which cash                            £4.9m              £1.0m              
                                                                               
Total Shareholders' Funds              £129.6m            £127.9m          1.3%
                                                                               
Diluted Cum income Net Asset            135.9p             134.4p          1.1%
Value per Share                                                                
                                                                               
Gearing                                    100                100              

Diluted Net Asset Value

The diluted net asset value is the net asset value per share that would arise
if the subscription shares were converted at 125p. It is calculated by dividing
the net asset value, by the number of shares that would be in issue if all the
subscription shares were converted to ordinary shares. Where the diluted net
asset value per ordinary share is greater than the basic net asset value per
ordinary share, there is no dilutive effect.

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 figure of 100 or 0% indicates there is no gearing.

GeographicalBreakdown of Portfolio

                           31 January 2010   31 October 2009
                                                            
Hong Kong                            26.8%             25.3%
                                                            
South Korea                          15.8%             15.8%
                                                            
Taiwan                               13.0%             13.1%
                                                            
China                                12.2%             13.3%
                                                            
Australia                            10.4%             10.3%
                                                            
India                                 7.9%              8.1%
                                                            
UK                                    4.3%              4.9%
                                                            
Singapore                             2.7%              2.6%
                                                            
Indonesia                             2.4%              2.1%
                                                            
Philippines                           2.1%              2.2%
                                                            
Malaysia                              1.7%              1.7%
                                                            
Thailand                              0.7%              0.6%

Top 10 Holdings

Ranking   Investments                Market of         % of       Ranking at   
                                                                               
Now                                   Listing       Portfolio     31 October   
                                                                               
                                                                     2009      
                                                                               
1         Samsung Electronics     South Korea          6.0%            1       
                                                                               
2         Jardine Matheson        Hong Kong            4.2%            2       
                                                                               
3         Taiwan Semiconductor    Taiwan               3.1%            3       
          Manufacturing                                                        
                                                                               
4         China Taiping Insurance Hong Kong            3.0%            4       
          R                                                                    
                                                                               
5         Wharf                   Hong Kong            2.9%            5       
                                                                               
6         QBE Insurance           Australia            2.9%            6       
                                                                               
7         Industrial & Commercial China                2.3%            8       
          Bank of China H                                                      
                                                                               
8         United Phosphorus       India                2.3%           12       
                                                                               
9         Hutchison Whampoa       Hong Kong            2.2%            9       
                                                                               
10        Bank of China H         China                2.1%            7       

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 the Fund's
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. As at 31 January 2010 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-emption 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

25 February 2010

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