Interim Results

INVESCO Asia Trust plc                             

             Preliminary Announcement of Unaudited Interim Results             
                     For the Six Months to 31 October 2004                     

Chairman's Statement

The economic environment in the region in which the Company invests has been
tougher in 2004 than it was last year when there was a swift recovery from the
effects of the Sars epidemic. However, companies are now in better shape to
withstand a slowdown. Valuations are also still relatively cheap, and most of
the concerns are centred on external factors such as the oil price.

The Company's performance for the six months to 31 October 2004 reflects that
tough environment, though we are still producing positive returns.  Over the
period, the net asset value per ordinary share increased by 1.3% from 60.5p to
61.3p, compared to the fall of 1.9% in our benchmark index, the MSCI (All
Country) Far East Free ex Japan Index - adjusted for sterling.  The Company's
share price remained the same at 53.5p, and the discount to net asset value at
which the shares trade increased slightly to 13.6%.

No dividend is being declared in respect of the interim period.

Memories of the 1997/98 Asian financial crisis and the downturn earlier in this
decade are still fresh, and many investors remain nervous about Asia and, in
particular, the prospects for the Chinese economy. But there have been positive
changes in the economic fundamentals and, barring a global recession - which
could be disastrous for the region, the outlook is promising.  The economic
growth rates forecast for 2005 look very attractive on a global scale, and
there has been a significant change in regional corporate behaviour. 
Managements have become less optimistic about their expansion plans and are now
more cautious.

Looking forward, we expect markets to remain somewhat range-bound, in large
part because of the uncertainty surrounding the future strength of the US
economy; and analysts' forward earnings revisions will trend downwards in Asia,
particularly for the exporting sectors. In this environment, stock selection
will prove particularly critical. A major positive for Asia is the current
weakness of the US dollar, which is helping the domestic reflation theme
throughout the region.  In these circumstances the Manager continues to favour
counters, in sectors such as financials and domestic consumption, that are
positioned to benefit from strengthening domestic economies.  The second half
of our current financial year has started well.

In consultation with its advisers, the Board considered the possibility of a
new issue of Warrants, but concluded that this would not be appropriate in
current market conditions.  The matter will be kept under review.

I have been Chairman of the Board since the Company's formation in 1995 and the
time has come for me to step down from that role.  After careful consideration,
the Board has decided that David Hinde should succeed me as Chairman on 31
March 2005.  Mr Hinde has extensive experience of the Asian region and is a
non-executive director of an important financial institution in Hong Kong.  My
colleagues and I are confident that he will safeguard shareholders' interests
in what promises to be an exciting period of regional growth.

I have enjoyed the unstinting support of my fellow directors during my period
of office and I thank them most warmly for their guidance and wise counsel.  I
wish Mr Hinde great success in his new role.

Robin Baillie
Chairman
10 December 2004



Statement of Total Return
(Incorporating the Revenue Account)

                                                          Six Months to 31     
                                                            October 2004       
                                                             (Unaudited)       
                                                                               
                                                       Revenue Capital   Total 
                                                         £'000   £'000   £'000 
                                                                               
(Losses)/gains on investments - realised                     - (7,802) (7,802) 
                                                                               
                            - unrealised                     -   7,945   7,945 
                                                                               
Exchange losses                                              -    (52)    (52) 
                                                                               
Income                                                                         
                                                                               
Unfranked investment income                                                    
                                                                               
   - dividends                                             953      71   1,024 
                                                                               
Scrip dividends                                             32       -      32 
                                                                               
Deposit interest                                            38       -      38 
                                                                               
Other - note 1                                               -     787     787 
                                                                               
Gross return                                             1,023     949   1,972 
                                                                               
Investment management fee-note 2                          (59)   (177)   (236) 
                                                                               
Other expenses                                           (187)       -   (187) 
                                                                               
Net return before finance costs and taxation               777     772   1,549 
                                                                               
Interest payable and similar charges-note 2               (13)     (1)    (14) 
                                                                               
Return on ordinary activities before taxation              764     771   1,535 
                                                                               
Tax on ordinary activities                               (257)     133   (124) 
                                                                               
Return on ordinary activities after tax for the                                
financial period (attributable to equity shareholders)     507     904   1,411 
                                                                               
Dividends in respect of equity shares-note 3                 -       -       - 
                                                                               
Transfer to reserves                                       507     904   1,411 
                                                                               
Return per ordinary share:-note 4                                              
                                                                               
Basic                                                    0.48p   0.85p   1.33p 
                                                                               

The Revenue column of this statement is the Revenue account of the Company. All
revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.



Statement of Total Return
(Incorporating the Revenue Account)

                                                 Six Months to 31      Year to 
                                                   October 2003       30 April 
                                                   (Unaudited)            2004 
                                                                     (Audited) 
                                              Revenue Capital  Total     Total 
                                                £'000   £'000  £'000     £'000 
                                                                               
Gains /(Losses) on investments - realised           -     450    450   (2,453) 
                                                                               
                              -unrealised           -  17,526 17,526    19,401 
                                                                               
Exchange losses                                     -   (179)  (179)     (263) 
                                                                               
Income                                                                         
                                                                               
Unfranked investment income                                                    
                                                                               
    - dividends                                   698       -    698     1,350 
                                                                               
Scrip dividends                                     -       -      -         - 
                                                                               
Deposit interest                                    6       -      6        31 
                                                                               
Other                                               -       -      -         - 
                                                                               
Gross return                                      704  17,797 18,501    18,066 
                                                                               
Investment management fee-note 2                 (62)   (187)  (249)     (489) 
                                                                               
Other expenses                                  (193)       -  (193)     (352) 
                                                                               
Net return before finance costs and taxation      449  17,610 18,059    17,225 
                                                                               
Interest payable and similar charges-note 2      (10)    (29)   (39)      (70) 
                                                                               
Return on ordinary activities before taxation     439  17,581 18,020    17,155 
                                                                               
Tax on ordinary activities                      (132)      37   (95)     (175) 
                                                                               
Return on ordinary activities after tax for                                    
the financial period (attributable to equity                                   
shareholders)                                     307  17,618 17,925    16,980 
                                                                               
Dividends in respect of equity shares-note 3        -       -      -     (530) 
                                                                               
Transfer to reserves                              307  17,618 17,925    16,450 
                                                                               
Return per ordinary share:-note 4                                              
                                                                               
Basic                                           0.29p  16.63p 16.92p    16.02p 
                                                                               



Balance Sheet

                                                       At       At          At
                                               31 October 30 April  31 October
                                                     2004     2004        2003
                                              (Unaudited) (Audited (Unaudited)
                                                    £'000    £'000       £'000
                                                                              
Fixed assets                                                                  
                                                                              
Investments                                        61,706   62,574      66,942
                                                                              
Current assets                                                                
                                                                              
Amounts due from brokers                            1,030       45           -
                                                                              
VAT recoverable                                        25       26          27
                                                                              
Prepayments and accrued income                         31      151          72
                                                                              
Cash at bank                                        5,962    2,399          19
                                                                              
                                                    7,048    2,621         118
                                                                              
Creditors: amount falling due within one year                                 
                                                                              
Amounts owed to brokers                           (2,980)    (282)           -
                                                                              
Short-term loan                                         -        -     (1,210)
                                                                              
Accruals and deferred income                        (227)    (247)       (239)
                                                                              
Proposed dividend                                       -    (530)           -
                                                                              
                                                  (3,207)  (1,059)     (1,449)
                                                                              
Net current assets/(liabilities)                    3,841    1,562     (1,331)
                                                                              
Total assets less current liabilities              65,547   64,136      65,611
                                                                              
Capital and reserves                                                          
                                                                              
Called up share capital                            10,596   10,596      10,596
                                                                              
Share premium account                              74,588   74,588      74,588
                                                                              
Other reserves                                                                
                                                                              
Capital redemption reserve                            650      650         650
                                                                              
Special reserve                                    25,796   25,796      25,796
                                                                              
Capital reserve-realised                         (47,705) (40,664)    (37,560)
                                                                              
Capital reserve-unrealised                            277  (7,668)     (9,543)
                                                                              
Revenue reserve                                     1,345      838       1,084
                                                                              
Equity Shareholder's funds                         65,547   64,136      65,611
                                                                              
Net asset value per ordinary share-note 5                                     
                                                                              
Basic                                               61.9p    60.5p       61.9p
                                                                              



Cash Flow Statement

                                          Six Months to   Year to  Six Months to
                                             31 October  30 April     31 October
                                                   2004      2004           2003
                                            (Unaudited) (Audited)    (Unaudited)
                                                  £'000     £'000          £'000
                                                                             
Cash flow from operating activities               1,448       343            216
                                                                             
Servicing of finance                               (26)      (70)           (40)
                                                                             
Taxation                                              -         -              -
                                                                             
Capital expenditure and financial                                            
investment                                                                   
                                                                             
Purchase of investments                        (22,760)  (52,436)       (17,704)
                                                                             
Sale of investments                              25,483    58,507         20,198
                                                                             
Equity dividends paid                             (530)     (424)          (424)
                                                                             
Net cash inflow before management of                                         
liquid resources and financing                    3,615     5,920          2,246
                                                                             
Management of liquid resources                  (2,647)   (1,573)              -
                                                                             
Financing                                             -   (4,525)        (3,315)
                                                                             
Increase/(decrease) in cash in the                  968     (178)        (1,069)
period                                                                       
                                                                             
Cash outflow from increase in liquid              2,647     1,573              -
resources                                                                    
                                                                             
Cash outflow from decrease in debt                    -     4,525          3,315
                                                                             
Translation difference                             (52)     (263)          (179)
                                                                             
Movement in net funds in the period               3,563     5,657          2,067
                                                                             
Net funds/(debt) at beginning of period           2,399   (3,258)        (3,258)
                                                                             
Net funds/(debt) at end of period                 5,962     2,399        (1,191)
                                                                             



Reconciliation of Movement in Shareholders' Funds

                                            Six                   Six
                                      Months to   Year to   Months to
                                     31 October  30 April  31 October
                                           2004      2004        2003
                                    (Unaudited) (Audited) (Unaudited)
                                          £'000     £'000       £'000
                                                                     
Revenue return for the period               507        61         307
                                                                     
Capital return for the period               904    16,389      17,618
                                                                     
Net movement in Shareholders' funds       1,411    16,450      17,925
                                                                     
Opening Shareholders' funds              64,136    47,686      47,686
                                                                     
Closing Shareholders' funds              65,547    64,136      65,611
                                                                     



Notes to the interim accounts

1.         During the period the Company received £787,000 in respect of a
final liquidation payment from Drayton Far Eastern Trust plc.  This has been
credited to realised capital reserves.

2.         Investment management fees and interest payable on borrowings are
charged as to 75% to the capital reserves and 25% to the revenue account.

3.         No interim dividend has been declared in respect of the year ending
30 April 2005 (2004-nil).

4.         Basic revenue return per ordinary share is based on the net revenue
on ordinary activities after taxation and on 105,962,284 (30 April 2004:
105,962,225; 31 October 2003: 105,962,225) ordinary shares, being the weighted
average number of shares in issue during the period.

            Basic capital return per ordinary share is based on net capital
gains on ordinary activities after taxation and on 105,962,284 (30 April 2004:
105,962,225; 31 October 2003: 105,962,225) ordinary shares, being the weighted
average number of shares in issue during the period.

5.         The basic net asset value per ordinary share of 10p has been
calculated on net assets at the period end and on 105,962,425 ordinary shares
(30 April 2004: 105,962,422; 31 October 2003: 105,962,225), being the number of
ordinary shares in issue at the period end. On this basis the net asset value,
which is calculated after addition of the undistributed net reserve of the
period, is 61.9p (30 April 2004: 60.5p; 31 October 2003: 61.9p). This compares
to the AITC net asset value which is calculated before addition of the
undistributed net revenue, of 61.4p (30 April 2004: 60.0p; 31 October 2004:
61.6p). At 31 October 2004 there were no warrants in issue.

6.         During the period 200 warrants were exercised for 100p for a
corresponding number of ordinary shares of 10p each.  All the remaining warrant
subscription rights lapsed on 25 August 2004.

7.         It is the intention of the Directors to conduct the affairs of the
Company so that it satisfies the conditions for approval as an investment trust
company set out in section 842 of the Income and Corporation Taxes Act 1988.

8.         The foregoing information at 30 April 2004 is an abridged version of
the Company's full accounts which carry an unqualified Auditor's Report and
which have been filed with the Registrar of Companies.

By order of the Board
INVESCO Asset Management Limited
Secretaries

10 December 2004