Interim Management Statement

Invesco Asia Trust plc                             

                          Interim Management Statement                          

                     for the Three Months ended 31 July 2008                     

Material Events

No material events occurred in the period.

Dividends

In the period a final dividend of 1.5p per ordinary share was declared and was
paid on 11 August 2008 to shareholders on the Register on 11 July 2008.

Performance - Total Return

                              3 Months      1 Year      3 Years      5 Years   
                                                                               
Share Price                    -11.1%       -6.5%        43.5%        112.0%   
                                                                               
Net Asset Value                -11.8%       -9.1%        42.9%        106.8%   
                                                                               
MSCI (All Countries) Asia      -15.1%       -11.6%       28.9%        86.8%    
                                                                               
Pacific ex Japan Index                                                         
                                                                               
(Sterling Adjusted)                                                            

Source: Fundamental Data

Share Price and Discount

                                 As at           For the Three Months Ended    
                                                                               
                              31 July 2008               31 July 2008           
                                                                               
                                                  High       Low      Average  
                                                                               
Ordinary shares mid-market        98.8           117.8       92.5      105.8   
                                                                               
price (pence)                                                                  

Source: Datastream

Assets and Gearing

                                       31 July          30 April         Change
                                                                               
                                          2008              2008               
                                                                               
Total Gross Assets (£m)                  102.8             121.4         -15.4%
                                                                               
of which cash (£m)                         2.4               1.1               
                                                                               
Borrowings (£m)                              -               2.5               
                                                                               
Cum Income Net Asset Value               109.5             125.2†        -12.5%
                                                                               
(pence)                                                                        
                                                                               
Actual Gearing                             100               102               
                                                                               
Asset Gearing                               99               101               

† ex dividend

`Actual Gearing' reflects loans drawn down, whereas `Asset Gearing' reflects
the amount of loans invested in the portfolio. A figure of 100 means that the
Company has no gearing.

GeographicalBreakdown of Portfolio

                               31 July        30 April
                                                      
                                  2008            2008
                                                      
Hong Kong                        29.1%           26.5%
                                                      
Korea                            14.2%           13.8%
                                                      
Taiwan                           12.7%           15.1%
                                                      
Australia                        11.2%           10.4%
                                                      
Singapore                         9.9%            9.3%
                                                      
India                             8.3%           10.1%
                                                      
China                             5.9%            5.0%
                                                      
UK                                2.7%            2.7%
                                                      
Philippines                       2.2%            2.3%
                                                      
Indonesia                         1.7%            1.7%
                                                      
Malaysia                          1.4%            2.4%
                                                      
Thailand                          0.7%            0.7%

Top 10 Holdings

Ranking  Investments            Market of      % of      Bought/     Ranking   
                                                                               
Now                              Listing     Portfolio     Sold         at     
                                                                               
                                                            in       30 April  
                                                                               
                                                          Period       2008    
                                                                               
1        Jardine Matheson       Hong Kong      5.7%         S           2      
                                                                               
2        Samsung Electronics   South Korea     5.0%         B           3      
                                                                               
3        BHP Billiton           Australia      4.4%                     4      
                                                                               
4        Taiwan Semiconductor     Taiwan       4.0%         B           5      
                                                                               
         Manufacturing                                                         
                                                                               
5        China Mobile           Hong Kong      2.7%         S           1      
                                                                               
6        QBE Insurance          Australia      2.4%         B           8      
                                                                               
7        Wharf                  Hong Kong      2.4%                     9      
                                                                               
8        United Phosphorus        India        2.4%                     7      
                                                                               
9        Sina                     China        2.1%                     10     
                                                                               
10       Noble                  Hong Kong      2.1%         S           16     

All ordinary shares unless otherwise stated.

Changes to Share Capital

There have been no changes to the Company's share capital during the period. As
at 31 July 2008 the Company's issued share capital consisted of 93,837,425
ordinary shares of 10p each. No shares were held in treasury.

The Company has authority to buy back shares (for cancellation or into
treasury) within specified limits. The authority to issue new shares
(disapplying pre-emption rights) was not renewed by shareholders at the AGM
held on 6 August 2008.

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 August and
February each year.

For and on behalf of

Invesco Asset Management Limited

20 August 2008