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: 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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