Statement re Performance Update

Invesco Asia Trust plc

PERFORMANCE UPDATE

The Board is pleased to announce that the Company’s net asset value per share rose strongly in the half year ended 31 October 2016, recording a total return of approximately 33.6%. This performance puts the Company ahead of its benchmark which increased 32.1% (total return in sterling terms) and places the Company in the top quartile of its peer group over the period. Asian equity markets made solid gains in the period, helped by an easing of concerns over the health of the Chinese economy, expectations that interest rates will remain low for some time and positive earnings revisions from analysts across the region. The devaluation of sterling also made a material contribution to the Company’s performance.

The half year performance continues the Company’s strong long term performance which has seen the Company’s net asset value total return outperform the benchmark over the 5 years ended 31 October 2016 by 25.6% per cent.

The Company’s share price for the half year also performed strongly, returning 37.1% on a total return basis. As at 31 October 2016, the Company’s discount (ex income) stood at 9.5%, having averaged 10.7% over the first half of the year.  The Board’s discount control policy provides that it is desirable for the Company’s shares to trade, in normal market conditions, at a discount to net asset value of less than 10%.  To that end, the Company repurchased over 1.7 million shares during the first half of the year pursuant to its annual AGM authority. However, while market conditions have been such that the Board’s discount target has not been achieved in the first half of the year, the Company’s average discount is one of the narrowest in its peer group. 

Despite the Company’s performance and discount comparing very favourably to its peer group, the Board confirms its proposal for a conditional tender offer as described in the most recent Chairman’s statement. In the statement, the Board proposed a tender offer if the shares traded over the year to 30 April 2017 at an average discount of more than 10% to net asset value (ex income). Unless the shares trade at an average discount (ex income) of less than 9.3% in the second half of the year, the tender for up to 15% of the Company’s share capital at a 2% discount to net asset value less the costs of the tender will be triggered.

Enquiries

Andrew Watkins                                   020 3753 1000

Invesco Perpetual

Alastair Moreton                                  020 7601 6118

Stockdale Securities Limited