Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          

                   for the Three Months ended 31 January 2011                   

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 with volatility returning and
increased risk aversion due to rising inflationary pressures and the prospect
of further policy tightening in China and India. Taiwan and Korea, often
considered to be relatively insulated from inflationary pressures, made strong
gains during the period while key laggards included China and India where
further policy tightening is expected.

Across Asia there continues to be evidence of a sustainable economic recovery,
which is increasingly based on rising domestic demand in Asia's larger economy.
Looking ahead, we believe that as long as export growth is positive, there is
enough internal expansion in Asia for growth to significantly outpace that
available in the West. The catalysts for domestic growth 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. What is clear though is that there is a keen
appetite among China's policymakers to prevent the economy from overheating,
even if that is at the expense of short-term growth, and that can only be
positive for long-term investors.

Information technology is a sector where the Company has one of its larger
overweight positions and is an area where a number of Asian companies have
become global industry leaders including Taiwan Semiconductor and Samsung
Electronics. We remain overweight in the real estate sector as we expect
property groups to benefit from ongoing urbanisation trends and government
affordability initiatives. Greater levels of disposable income are also
supportive of consumer demand and while valuations in some directly
consumer-related stocks have risen to reflect this potential growth, we believe
that some indirect consumer proxies offer attractive value. We also have
exposure to the industrials sector where the valuation levels of a number of
conglomerates do not reflect the strength of the underlying businesses.
However, we remain cautious on the materials and energy sectors where
valuations imply unsustainably high prices for the underlying commodities.
China and Hong Kong remain our preferred countries as we believe that companies
in these markets can take advantage of the favourable economic backdrop.

Macroeconomic developments are likely to lead to further volatility in Asian
equity markets this year, with issues such as inflation and monetary policy
normalisation in Asia adding to potential market swings. 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

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                         3.9%        32.0%        62.4%        98.2%
                                                                               
Net Asset Value (Diluted)           3.4%        28.9%        51.8%        94.4%
                                                                               
MSCI (All Countries) Asia           3.1%        24.8%        39.4%        85.8%
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            
                                                                               
Capital Return                                                                 
                                                                               
Net Asset Value (Diluted)           3.4%        27.0%        45.5%        81.9%

Source: Thomson Datastream

Share Price and Discountto Net Asset Value

                                 As at           For the Three Months Ended    
                                                                               
                            31 January 2011            31 January 2011         
                                                                               
                                                      High      Low     Average
                                                                               
Ordinary shares mid-market             161.25        168.5    151.5       158.8
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value (diluted)                                                      
per                                                                            
                                                                               
Share:                                                                         
                                                                               
- cum income (pence)                   172.70                                  
                                                                               
- ex income (pence)                    170.70                                  
                                                                               
Discount per ordinary                                                          
share                                                                          
                                                                               
on diluted NAV:                                                                
                                                                               
- cum income                             6.6%                                  
                                                                               
- ex income                              5.5%                                  

Source: Thomson Datastream

Assets and Gearing

                               31 January 2011    31 October 2010        Change
                                                                               
Total Assets less Current                182.2              172.3          5.7%
                                                                               
Liabilities excl. loans (£m)                                                   
                                                                               
of which cash (£m)                         1.3                0.3              
                                                                               
Borrowings (£m)                           10.8                7.5              
                                                                               
Total Shareholders' Funds (£m)           171.4              164.8          4.0%
                                                                               
Gearing                                  106.0              105.0              

Gearing

The term applies 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 indicates there is no gearing.

GeographicalBreakdown of Portfolio

                           31 January 2011   31 October 2010
                                                            
Hong Kong                            23.5%             26.4%
                                                            
South Korea                          19.7%             17.8%
                                                            
Taiwan                               13.7%             10.9%
                                                            
China                                12.4%             14.4%
                                                            
Australia                             9.6%              8.2%
                                                            
India                                 5.7%              8.9%
                                                            
UK                                    3.8%              1.5%
                                                            
Philippines                           3.1%              4.0%
                                                            
Singapore                             2.6%              2.7%
                                                            
Malaysia                              2.4%              1.3%
                                                            
Indonesia                             2.1%              2.4%
                                                            
Thailand                              1.4%              1.5%

Top 10 Holdings

Ranking   Investments                Market of         % of       Ranking at   
                                                                               
Now                                   Listing       Portfolio     31 October   
                                                                               
                                                                     2010      
                                                                               
1         Samsung Electronics     South Korea          5.5%            2       
                                                                               
2         Jardine Matheson        Hong Kong            4.5%            1       
                                                                               
3         Taiwan Semiconductor    Taiwan               3.6%            5       
          Manufacturing                                                        
                                                                               
4         Hutchison Whampoa       Hong Kong            2.8%            4       
                                                                               
5         HSBC                    UK                   2.7%            -       
                                                                               
6         Industrial & Commercial China                2.6%            3       
          Bank of China H                                                      
                                                                               
7         Petrochina H            China                2.1%            9       
                                                                               
8         Shinhan Financial       South Korea          2.0%           15       
                                                                               
9         Daphne International    Hong Kong            1.9%           17       
                                                                               
10        Daegu Bank              South Korea          1.9%           18       

All ordinary shares unless otherwise stated

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 10% and 15% respectively of the Fund's
total 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 2011 the Company's issued share capital consisted of
94,136,605 ordinary shares of 10p each and 18,468,305 Subscription Shares of 1p
each. No shares were held in Treasury.

Price and Performance

The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Financial Times and The 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

21 February 2011

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