Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          

                     for the Three Months ended 31 July2 011                     

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 (total return), measured in sterling.

Material Events

No material events occurred in the period.

Dividends

At the Annual General Meeting on 5 August 2011, shareholders approved the
payment of a final dividend of 2.9p per ordinary share on 12 August 2011 to
shareholders on the Register on 15 July 2011.

Manager's Report

The performance of Asian equity markets during the period was mixed, with the
outperformance of the ASEAN markets unable to counter weakness in the rest of
the region. Investors remain concerned over relatively higher inflation in
China and India and the effect of policy tightening on earnings growth, while
external headwinds included sovereign debt concerns surrounding the US and
Eurozone as well as growing fears over a slowdown in global economic growth.

These external headwinds have seen a marked return of volatility to Asian
equity markets, especially in recent weeks, which fall outside of the period
covered by this report. While the problems facing the US and Europe do not
directly affect Asia, as their largest trading partners, the market has been
quick to price in this risk. However, economic growth in Asia remains robust,
with rising levels of domestic consumption able to help counter a slowdown in
exports to developed markets, although this may moderate in coming quarters.
Inflation also remains a concern, although we believe it is close to peaking as
economic leading indicators are easing and y-o-y comparisons will look easier
in the next couple of months, which should help the market. In the medium-term
there is still reason to be positive. Asia's economic growth remains a key
contributor to global growth. The region's strong fundamentals, including
relatively low levels of government and household debt, will continue to
support Asian companies, which are best placed to capitalise on the growth of
domestic demand. We remain confident that Asian businesses can continue
delivering greater returns than in the past, making the region an attractive
investment destination.

In seeking to capitalise on the structural strengths of the region, we remain
focussed on selecting companies with high quality earnings and good visibility
that trade at attractive valuations. As such, we continue to hold a significant
overweight position in industrials, with exposure to conglomerates such as
Jardine Matheson and Hutchison Whampoa, groups that we believe the market
continues to undervalue despite excellent earnings streams from high quality
and diverse assets. We remain overweight in the financial sector, with real
estate well represented, preferring to focus on the commercial and retail
areas, which we believe offer greater value and less volatility than the
residential sub-sector. We have recently reduced our exposure to Chinese banks,
as we believe that the market will not give these companies the benefit of the
doubt as far as long run credit costs are concerned. Exposure to local
government financing vehicles is of particular concern. We continue to hold
high quality information technology companies that have come through the
downturn with stronger, competitive advantages and lower cost bases, enhancing
their profitability as the demand outlook remains buoyant in many areas of the
sector.

Geographically speaking, we continue to favour China and Hong Kong, believing
that companies there can take advantage of the favourable economic backdrop. We
have significant exposure to Korean companies that are undervalued in our view
and maintain a large underweight in Australia which is at a later stage in the
credit cycle and has a lower growth profile compared to other economies in the
region. We are also concerned about the high valuation of the Australian
dollar.

Performance

                                3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                        -1.7%       +22.6%       +70.6%      +113.1%
                                                                               
Net Asset Value (Diluted)          +3.1%       +22.6%       +69.8%      +115.0%
                                                                               
MSCI (All Countries) Asia          -2.3%       +15.7%       +53.1%       +94.4%
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            
                                                                               
Capital Return                                                                 
                                                                               
Net Asset Value (Diluted)          +1.5%       +20.6%       +62.4%      +100.6%

Source: Thomson Reuters

Share Price and Discount

                                     As at     For the Three Months Ended 31 July
                                                            2011               
                                 31 July 2011                                      
                                                                               
                                                High        Low       Average  
                                                                               
Ordinary shares mid-market            160.50       167.8      152.5       161.1
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value (diluted)                                                      
per                                                                            
                                                                               
Share:                                                                         
                                                                               
- cum income (pence)                  178.62                                   
                                                                               
- ex income (pence)                   177.26                                   
                                                                               
Discount per ordinary                                                          
share                                                                          
                                                                               
on diluted NAV:                                                                
                                                                               
- cum income                           10.1%                                   
                                                                               
- ex income                             9.5%                                   

Source: Thomson Reuters

Assets and Gearing

                                     31 July2011
                                                
Total Assets less Current                £184.5m
                                                
Liabilities excl. loans                         
                                                
of which cash                              £0.6m
                                                
Borrowings                                 £6.5m
                                                
Total Shareholders' Funds                £178.0m
                                                
Gross Gearing                               3.6%

Diluted Net Asset Value

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

Gross Gearing

Gross gearing reflects the amount of gross borrowings in use by a company and
takes no account of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds. A nil gearing percentage or `nil', shows a
company is ungeared and a negative percentage indicates that the company is not
fully invested.

GeographicalBreakdown of Portfolio

                              31 July 2011
                                          
South Korea                          22.0%
                                          
Hong Kong                            21.9%
                                          
Taiwan                               11.3%
                                          
China                                10.0%
                                          
Australia                             9.4%
                                          
India                                 6.8%
                                          
UK                                    4.3%
                                          
Singapore                             4.1%
                                          
Philippines                           3.8%
                                          
Thailand                              2.5%
                                          
Malaysia                              2.4%
                                          
Indonesia                             1.5%

Top 10 Holdings

Investments                          Country          % of
                                                 Portfolio
                                                          
Jardine Matheson                   Hong Kong          4.8%
                                                          
Samsung Electronics              South Korea          4.8%
                                                          
HSBC                                      UK          3.1%
                                                          
Hutchison Whampoa                  Hong Kong          2.6%
                                                          
DGB Financial                    South Korea          2.5%
                                                          
Shinhan Financial                South Korea          2.5%
                                                          
United Phosphorous                     India          2.4%
                                                          
Daphne International               Hong Kong          2.3%
                                                          
Petrochina H                           China          2.0%
                                                          
China Life Insurance                  Taiwan          1.9%

All ordinary shares unless otherwise stated

H= H shares

Changes to Share Capital

There were no changes to the Company's ordinary share capital during the
period. As at 31 July 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 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

16 August 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