Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31 January 2013                    

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

On 30 January 2013 the Company announced the appointment of Owen Jonathan as a
Non-executive Director with effect from 1 March 2013.

Dividends

No dividends were declared during the period.

Managers'review, outlook and strategy

Asian equity markets made solid gains over the period as investor risk appetite
grew due to several factors. Quantitative easing measures from developed
markets' central banks reduced global macroeconomic concerns, while a
broad-based improvement in economic data from China and a smooth leadership
transition has seen a marked improvement in investor sentiment towards Asia.

While there are clear signs of a cyclical recovery in China, the upturn is
likely to be moderate given the authorities' commitment to rebalancing the
economy towards consumption, with less emphasis on investment-led growth.
However, growth rates are still likely to compare favourably with those being
generated in developed markets, where the deleveraging cycle continues.
South-East Asian economies have proven remarkably resilient, driven by strong
domestic demand, although there are growing fears that inflation may start to
pick-up. In the meantime, inflation remains moderate in most countries across
Asia, with further gradual easing of monetary policy a possibility if the
global economic outlook should deteriorate. This should lend support to Asian
equity markets as investors gain confidence in a stabilisation of economic and
earnings growth. Consensus estimates for earnings growth of Asia Pacific ex
Japan companies in 2013 are currently at around 11%, bringing current valuation
levels for the region to 12.3 times 2013 earnings. We believe these are
attractive valuation levels relative to history and reflect more realistic
earnings expectations.

The Company remains committed to offering investors diversified exposure to the
Asia Pacific ex Japan region, with a focus on areas that can take advantage of
Asia's strong structural trends, such as rising income levels and the growth of
domestic consumption. Our main overweight position relative to the benchmark
continues to be in Hong Kong & China, where we favour consumer-related areas of
the market, including Hong Kong-listed conglomerates which own what we consider
to be undervalued retail operations. We also have an overweight position in
Korea, where the market is valued at a discount relative to the region.
Holdings include global leaders with competitive advantages at what we believe
to be attractive valuations. Our main underweight position is in Australia,
particularly its banks. We prefer to hold banks which have an ability to grow
their loan books profitably, such as those in Thailand and the Philippines
where credit penetration is low. We see limited value in the utilities sector
which is expensive. Our exposure in the technology sector remains meaningful
and includes industry leaders with significant market share, as well as Chinese
internet companies which are fundamentally undervalued in our view.

Asian equity markets remain dependent on global events, and although external
macroeconomic risks have eased, the debt levels of European economies and
fiscal challenges in the US remain a cause for concern. However, despite the
recent positive momentum enjoyed by Asian equity markets, valuation levels of
around 12 times forecast earnings are still historically low. With a focus on
selecting companies with good earnings visibility that trade at attractive
valuations, we continue to believe that there is strong potential for good
investment returns in the medium-term.


Performance                     3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                        11.3%        10.8%        39.1%        71.1%
                                                                               
Net Asset Value (diluted)          11.2%        12.8%        42.1%        67.4%    
                                                                               
MSCI (All Countries) Asia          10.1%        13.7%        36.1%        52.0%
                                                                               
Pacific ex-Japan Index                                                         

Source: Thomson Reuters Datastream

All figures expressed in sterling terms


Share Price and Discount

                                 As at           For the Three Months Ended    
                                                                               
                              31-Jan-1 3                 31-Jan-13             
                                                                               
                                                High        Low       Average  
                                                                               
Ordinary shares mid-market       163.3        163.3         142.0       152.4   
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value per                                                            
                                                                               
share:                                                                         
                                                                               
- cum income (pence)             183.8                                         
                                                                               
- ex income (pence)              181.5                                         
                                                                               
Discount per ordinary                                                          
share to NAV:                                                                  
                                                                               
- cum income                     11.2%                                         
                                                                               
- ex income                      10.1%                                         

Source: Thomson Reuters Datastream


Assets and Gearing

                                                31-Jan-13
                                                         
Total Assets less Current                           208.2
                                                         
Liabilities excl. loans (£m)                             
                                                         
of which cash (£m)                                    0.2
                                                         
Overdraft (£m)                                          -
                                                         
Borrowings (£m)                                      13.6
                                                         
Total Shareholders' Funds (£m)                      194.6
                                                         
Gross Gearing                                        7.0%
                                                         
Net Gearing                                          6.9%


Diluted Net Asset Value

As there are no longer any subscription shares, the current (basic) NAV is the
equivalent of the former diluted NAV for return statistics and calculations.

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
and cash equivalents. It is based on net borrowings as a percentage of
shareholders' funds.


Geographical Breakdown of Portfolio

                                          31-Jan -13
                                                    
China                                          22.4%
                                                    
South Korea                                    21.0%
                                                    
Hong Kong                                      18.7%
                                                    
Taiwan                                          9.1%
                                                    
Australia                                       7.7%
                                                    
India                                           6.7%
                                                    
United Kingdom                                  4.5%
                                                    
Singapore                                       4.1%
                                                    
Philippines                                     3.0%
                                                    
Thailand                                        1.6%
                                                    
Indonesia                                       1.2%
                                                    

Top 10 Holdings

     Investments                                           Country         % of
                                                                               
                                                                      Portfolio
                                                                               
1    Samsung Electronics                               South Korea         5.6%
                                                                               
2    Hutchison Whampoa                                   Hong Kong         3.6%    
                                                                               
3    Jardine Matheson                                    Hong Kong         3.4%
                                                                               
4    Taiwan Semiconductor Manufacturing                     Taiwan         3.1%
                                                                               
5    Industrial and Commercial Bank of China                 China         2.9%
                                                                               
6    CNOOC                                                   China         2.5%
                                                                               
7    Hon Hai Precision Industry                             Taiwan         2.4%
                                                                               
8    HSBC                                           United Kingdom         2.3%
                                                                               
9    Daphne International                                Hong Kong         2.3%
                                                                               
10   POSCO                                             South Korea         2.3%


Changes to Share Capital

                                  Ordinary Shares of 10p each  
                                                               
                                        Issued     Treasury    
                                                               
As at 31-Oct-12                    107,061,686    3,277,224    
                                                               
Ordinary shares bought back        (1,150,000)        0        
                                                               
Ordinary shares issued                       0        0        
                                                               
As at 31-Jan-13                    105,911,686    3,277,224    

There have been no further issues or buybacks of shares undertaken since the 
31 January 2013.

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.

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

28 February 2013

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

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