Interim Management Statement

Invesco Asia Trust plc                             

                         Interim Management Statement                          

                     for the Three Months ended 31 July 2012                     

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 MSCI All Countries Asia Pacific ex-Japan Index (total
return), measured in sterling.

Material Events

No material events occurred in the period.

Dividends

An interim dividend of 3.2p per share for the year ended 30 April 2012 was
declared during the period. This dividend was paid on 1 August 2012 to ordinary
shareholders on the register on 6 July 2012.

Manager's review, outlook and strategy

Although the benchmark MSCI AC Asia Pacific ex-Japan Index delivered a small
positive return over the period in sterling terms, there was a significant
divergence in performance across the region. The Philippines, with its
resilient domestic economy, made strong gains, while China lagged notably as
concerns grew over its slowing economy, with second quarter GDP growth down to
7.6% year-on-year from 8.1% in the previous quarter.

Trade figures from the rest of Asia have also been weakening but economic
growth activity has not slowed as much as it did during the financial crisis of
2008/9. Meanwhile, several years of tight fiscal and monetary policy,
particularly in China, have brought inflation back under control, with China
CPI inflation at 2.2% year-on-year in June. While the Chinese authorities have
the capacity to ease policy significantly if needed, we believe a more measured
approach will be taken compared to 2008/09. Announcements have started to
build, with two interest rate cuts in recent months, lower reserve requirements
for banks and favourable lending conditions for first time property buyers,
with further moves to come if a more pro-growth approach is warranted, which
rhetoric from Beijing is increasingly suggesting.

Asian equity markets also continue to be influenced by external headwinds. ECB
President Draghi's recent announcement that he would do `whatever it takes to
preserve the euro' helped lift markets in late July, but significant challenges
remain. In our view, there is likely to be lingering uncertainty in the outlook
for global growth and downside risk to earnings estimates, until European
policymakers deliver the coordinated response to the current debt crisis that
the markets seek. However, the current valuation of Asian equities is
discounting much bad news, and the region's strong fundamentals - premium
growth rates and low leverage - suggest to us potential for good investment
returns in the medium term.

The Company continues to offer diversified exposure to the Asia Pacific
ex-Japan region, investing in companies that we believe offer upside potential
for share prices over the medium-to-long term. In recent months we have sold
stocks that look more vulnerable to a slowdown in Chinese economic growth, such
as West China Cement and KWG Property. While proceeds from these sales have
generally been reinvested in existing holdings where we have a higher level of
conviction in the quality and visibility of earnings, we have also introduced a
few new holdings, where valuations look particularly attractive in our view.
These include Chinese medical devices company Mindray Medical and Yes Bank, a
relatively young, but rapidly growing Indian bank.

Our main overweight positions relative to the benchmark remain Hong Kong &
China where we favour the consumer-related areas of the market, including Hong
Kong-listed conglomerates. However, we have relatively low exposure in Chinese
materials stocks where earnings are at risk. We also have a bias towards Korea,
which is valued at a discount relative to the region, with opportunities within
the corporate sector that are undervalued and have an attractive outlook in our
view. We remain underweight Australia and its banks, preferring to hold what we
believe are high quality, but undervalued banks in Korea, or those that appear
well placed to grow their loan books profitably, such as those in Thailand and
the Philippines where credit penetration is low. Our exposure in the tech
sector remains meaningful and includes industry leaders with significant market
share as well as Chinese internet companies.


Performance                     3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                        -5.7%       -12.2%        27.6%        40.0%
                                                                               
Net Asset Value (diluted)          -3.8%       -10.3%        31.9%        38.8%    
                                                                               
MSCI (All Countries) Asia           0.4%       -5.2%         34.8%        32.4%
                                                                               
Pacific ex-Japan Index                                                         
                                                                               
Capital Return                     -5.7%       -12.1%        25.2%        28.4%
                                                                               
Net Asset Value (diluted)                                                      

Source: Thomson Reuters Datastream

All figures in sterling


Share Price and Discount

                                 As at           For the Three Months Ended    
                                                                               
                              31 July 2012               31 July 2012           
                                                                               
                                                High        Low       Average  
                                                                               
Ordinary shares mid-market      137.75         150.5       131.0       139.8   
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value (diluted)                                                      
per                                                                            
                                                                               
share:                                                                         
                                                                               
- cum income (pence)            157.20                                         
                                                                               
- ex income (pence)             155.83                                         
                                                                               
Discount per ordinary                                                          
share                                                                          
                                                                               
on diluted NAV:                                                                
                                                                               
- cum income                     12.4%                                         
                                                                               
- ex income                      11.6%                                         

Source: Thomson Reuters Datastream


Assets and Gearing

                                     31 July 2012
                                                
Total Assets less Current                  158.3
                                                
Liabilities excl. loans (£m)                    
                                                
of which cash (£m)                           0.2
                                                
Overdraft (£m)                               2.0
                                                
Borrowings (£m)                              5.1
                                                
Total Shareholders' Funds (£m)             151.2
                                                
Gross Gearing                               4.7%
                                                
Net Gearing                                 4.5%


Diluted Net Asset Value

The diluted net asset value per share 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 equal to or greater than the basic net asset value per ordinary share,
there is no dilutive effect.

Gross Gearing

This reflects the amount of gross borrowings in use by the company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of shareholders' funds.

Net Gearing

This reflects the amount of net borrowings invested, i.e borrowings less cash.
It is based on net borrowings as a percentage of shareholders' funds.

Geographical Breakdown of Portfolio

                               31 July 2012
                                          
South Korea                          22.5%
                                          
China                                22.1%
                                          
Hong Kong                            18.1%
                                          
Taiwan                                8.3%
                                          
Australia                             8.0%
                                          
India                                 6.6%
                                          
Singapore                             4.6%
                                          
Philippines                           4.1%
                                          
UK                                    3.2%
                                          
Thailand                              1.4%
                                          
Indonesia                             1.1%
                                          

Top 10 Holdings

     Investments                                           Country         % of
                                                                               
                                                                      Portfolio
                                                                               
1    Samsung Electronics                               South Korea         7.1%
                                                                               
2    Jardine Matheson                                    Hong Kong         4.8%    
                                                                               
3    China Mobile                                            China         3.2%
                                                                               
4    Hutchison Whampoa                                   Hong Kong         2.9%
                                                                               
5    Taiwan Semiconductor Manufacturing                     Taiwan         2.9%
                                                                               
6    Daphne International                                Hong Kong         2.7%
                                                                               
7    Hon Hai Precision                                      Taiwan         2.4%
                                                                               
8    Hyundai Mobis                                     South Korea         2.3%
                                                                               
9    CNOOC                                                   China         2.2%
                                                                               
10   Digital China                                           China         2.1%



Changes to Share Capital

On 20 July 2012 the Company purchased 598,899 of its own ordinary shares of 10p
each at a price of 136.75p per share which were placed in treasury. As at 31
July 2012 the Company's issued share capital consisted of 93,165,757 ordinary
shares of 10p each, of which 92,566,858 shares are in circulation and 598,899
shares are held in treasury. There are 17,648,153 subscription shares of 1p
each in issue.

The Company has authority to buy back shares for cancellation or placing 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.

Subscription Shares

The final opportunity for subscription shareholders to convert their
subscription shares into fully paid ordinary shares of 10p each, at a price of
125p per share, will take place on 31 August 2012. The Company has given notice
in writing to subscription shareholders reminding them of their subscription
rights and providing the appropriate information required for conversion. The
new ordinary shares resulting from the exercise of subscription rights will
rank pari passu with the existing ordinary shares in all respects and will be
allotted not later than 14 September 2012. The ordinary shares allotted
pursuant to the exercise of the subscription rights will be admitted to the
Official List by 28 September 2012.

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 March and August
each year.


For and on behalf of

Invesco Asset Management Limited

9 August 2012

Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment
Funds

Subscription Shares - Listing Category: Standard - Shares

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