Interim Management Statement

Invesco Asia Trust plc Interim Management Statement for the Three Months ended 31 July 2010 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 Shareholders are given the opportunity to vote on the future of the Company every three years and, at the Annual General Meeting held on 5 August 2010, an ordinary resolution was passed releasing Directors from their obligation to convene an Extraordinary General Meeting in 2011 proposing a special resolution that the Company be wound up on a voluntary basis. In the Board's ongoing discussions with shareholders in advance of the continuation vote, it became clear that one of the Company's larger shareholders wished the Board to consider, in the year of the continuation vote, a tender offer to provide a return of capital to shareholders at close to NAV as a means of discount control. After careful consideration, the Board has decided that it would be in the interests of shareholders as a whole to propose a tender offer at the end of the current financial year (subject to receiving necessary shareholder approval) for up to 15% of the Company's issued share capital, at a 2% discount to NAV less the costs of the tender, if the Company's shares have traded over the year to 30 April 2011 at an average discount of more than 10% to NAV (fully diluted, ex income). After the conclusion of the Annual General Meeting on 5 August 2010, Robin Baillie retired as a Director of the Company, having been on the Board since April 1995. Dividends At the Annual General Meeting on 5 August 2010, shareholders approved the payment of a final dividend of 2.25p per ordinary share on 13 August 2010 to shareholders on the Register on 16 July 2010. Manager's Report Asian equity markets returned mixed performances in the period, against a background of rising concerns about the sustainability of the global economic recovery. These issues contrasted with largely positive corporate earnings, resulting in further market volatility. Slowing growth in China and signs that the global recovery may be moderating have weighed upon Asian markets. While China's rate of expansion is slowing, it is doing so from a peak of almost 12% year-on-year growth and we expect GDP growth for the year as a whole to be robust. Rising domestic consumption and continued recovery in exports from a lower base should keep the economy firmly on a growth footing in our view. With the outlook for growth globally becoming less clear, Asian authorities are likely to slow the pace of policy normalisation, leaving accommodative policies in place for longer than had previously been expected. We believe that Asia's better economic and corporate fundamentals relative to the rest of the world can protect its markets on the downside. Over the longer term, we see Asia's correlation with western markets reducing as the relative importance of exports declines and domestically generated demand increases. As a result, we remain positive about the long term prospects for both Asian economies and equity markets. Currently, we have significant positions in the insurance sector, where we believe the vast potential of a relatively untapped Chinese market is not reflected in valuations. The real estate sector is also well represented within the portfolio. In our view, this sector is not only attractively valued, but is also supported by the structural shift towards cities, high savings rates and generally reasonable levels of affordability. With healthy wage growth and low levels of debt, consumer goods companies are also seeing strong top line growth. At the current time, we believe that some companies within the household and personal products and the consumer durables sectors are at valuation levels that underestimate their sustainable growth potential. We maintain a cautious outlook for telecom groups, which are generally fully valued and have limited growth prospects in what is a highly competitive environment. We also have an underweight position in energy and material companies, which we believe have already priced-in economic recovery, leaving little potential upside. Geographically, we have significant exposure to Hong Kong and China in companies that can benefit from strong and sustainable economic growth in China. Performance 3 Months 1 Year 3 Years 5 Years Total Return Share Price -2.0% +18.6% +30.1% +99.8% Net Asset Value (Diluted) -2.2% +19.9% +26.3% +98.0% MSCI (All Countries) Asia -5.5% +22.9% +20.7% +87.5% Pacific ex Japan Index (Sterling Adjusted) Capital Return Net Asset Value (Diluted) -3.7% +18.2% +21.1% +85.4% Source: Thomson Datastream Share Price and Discountto Net Asset Value As at For the Three Months Ended 31 July 2010 31 July 2010 High Low Average Ordinary shares mid-market 133.25 139.0 126.8 132.9 price (pence) Net Asset Value (diluted) per Share: - cum income (pence) 148.3 - ex income (pence) 147.0 Discount per ordinary share on diluted NAV: - cum income -10.1% - ex income -9.4% Source: Thomson Datastream Assets and Gearing 31 July 2010 30 April Change 2010 Total Assets less Current £146.5m £155.9m -6.0% Liabilities excl. borrowings of which cash £0.9m £1.2m Borrowings £3.0m £5.0m Total Shareholders' Funds £143.5m £150.9m -4.9% Gearing 102 103 Diluted Net Asset Value The diluted net asset value is the 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. Gearing The term applied 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 or 0% indicates there is no gearing. GeographicalBreakdown of Portfolio 31 July 2010 30 April 2010 Hong Kong 25.4% 25.2% South Korea 16.7% 17.1% China 13.5% 12.5% Taiwan 11.2% 11.8% India 8.1% 7.8% Australia 7.8% 9.6% UK 5.1% 4.9% Singapore 3.3% 2.7% Philippines 3.3% 3.0% Indonesia 2.8% 3.0% Malaysia 2.1% 1.8% Thailand 0.7% 0.6% Top 10 Holdings Ranking Investments Market of % of Ranking at Now Listing Portfolio 30 April 2010 1 Samsung Electronics South Korea 5.2% 1 2 Jardine Matheson Hong Kong 4.8% 2 3 China Taiping Insurance Hong Kong 2.9% 3 R 4 West China Cement United Kingdom 2.8% 5 5 Taiwan Semiconductor Taiwan 2.7% 4 Manufacturing 6 United Phosphorus India 2.3% 7 7 Hutchison Whampoa Hong Kong 2.3% 6 8 Industrial & Commercial China 2.1% 17 Bank of China H 9 Wharf Hong Kong 2.0% 8 10 Daegu Bank South Korea 1.9% 16 All ordinary shares unless otherwise stated R= Red Chip Holdings 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 July 2010 the Company's issued share capital consisted of 93,837,425 ordinary shares of 10p each and 18,767,485 Subscription Shares of 1p each. No shares were held in Treasury. The Company has authority to buy back ordinary shares (for cancellation or into Treasury) up to a maximum number of 14,066,230 or 14.99% of ordinary shares in issue and subscription shares (for cancellation) up to a maximum number of 2,813,246 or 14.99% of subscription shares in issue. The Company has the authority to allot relevant securities of the Company up to an aggregate nominal amount of £938,374 and to allot relevant securities of the Company, disapplying pre-emption rights for up to an aggregate nominal amount of £469,187. 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 3 September 2010 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: 020 7065 4000 Facsimile: 020 7065 3166 Registered in England No 3011768 An Investment Company under Section 833 of the Companies Act 2006

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