Interim Management Statement

Invesco Asia Trust plc

                         Interim Management Statement                          

                    for the Three Months ended 31 July 2013 
                    

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 MSCI All Countries Asia Pacific ex-Japan Index (total
return), measured in sterling.

Material Events

Annual General Meeting

Shareholders are given the opportunity to vote on the future of the Company
every three years and at the Annual General Meeting held on 8 August 2013, an
ordinary resolution was passed releasing the Directors from their obligation to
convene a General Meeting in 2014 and to propose a resolution that the Company
be wound up on a voluntary basis.

At the conclusion of the Annual General Meeting on 8 August 2013, David Hinde
retired as a Director of the Company, having been on the Board since 2003 and
Chairman since 2005. The Chairmanship of the Company has been passed to Carol
Ferguson.

General Meeting

At the General Meeting on 8 August 2013, shareholders approved a resolution to
authorise the Company to undertake the Tender Offer for up to 15 per cent. of
the shares in issue.

Dividends

At the Annual General Meeting on 8 August 2013 Shareholders approved the
payment of a final dividend of 3.2p per ordinary share to be paid on 13 August
2013 to shareholders on the register on 19 July 2013. The shares went
ex-dividend on 17 July 2013.

Managers' Review, Outlook and Strategy

Asian equity markets were broadly weaker over the period, with volatility
largely driven by the announcement that the US Federal Reserve may begin
slowing bond purchases if the US economy continues to recover. However, we
believe the Fed will be mindful of withdrawing liquidity too quickly given the
potential negative impact to overall economic activity, particularly given the
potential vulnerability of the US property market to mortgage rate hikes.

Emerging ASEAN markets fell hardest as they priced in a heightened risk from
this less accommodating interpretation of US monetary policy, having benefited
from strong levels of liquidity in recent years, while currency weakness acted
as an additional headwind. These economies continue to generate strong levels
of growth, with robust domestic consumption and growing evidence of an
investment cycle. However, we remain wary of the risks of overheating, for
example in Indonesia and Thailand, where credit growth is unsustainably high
and current accounts are now in deficit.

Currency weakness has also been a headwind for equity returns from India and
Australia, with both the rupee and the Australian dollar weakening by around
10% against sterling over the period. The Australian dollar's status as a
safe-haven has been weakened by rising long-dated US bond yields, while the
domestic outlook has worsened and the Reserve Bank of Australia has surprised
with an interest rate cut. In India, investors await signs of a new investment
cycle, and while inflation remains elevated, the central bank has had to resort
to liquidity tightening measures to stabilise the currency.

China 2Q GDP growth slowed to 7.5% y-o-y, from 7.7% the previous quarter.
Although economic activity continues to grow at relatively high levels, recent
data from China has fallen short of expectations. The authorities appear
comfortable with a more moderate pace of growth as they seek to rebalance the
Chinese economy towards consumption, with less emphasis on investment-led
growth. However, they have sought to remove some uncertainty by reiterating
their growth target of 7.5% for 2013, while suggesting a 7.0% floor for growth
would be maintained.

There have also been concerns surrounding the financial system in China. Bank
loan growth and total social financing have rebounded more rapidly than the
authorities feel comfortable with. However, the recent deliberate liquidity
squeeze in the Chinese interbank lending market reflects a determination to
rein in credit growth, as well as an appetite for structural reform within the
financial system, although this is likely to prove a headwind for economic
growth in the near-term.

While current valuation levels for Asia Pacific ex Japan companies appear
reasonable relative to history, recent macroeconomic data from Asia has been
mixed. As the corporate earnings season gets underway, we believe some
companies face a downward revision to earnings expectations, an additional
headwind for equity markets in the second half of the year.

The investment trust continues to be well-balanced with exposure to a variety
of businesses which we believe possess strong competitive advantages and
undervalued earnings growth prospects. Over the period we have sought to
further consolidate the portfolio, with a focus on the quality and visibility
of earnings. As such, we have disposed entirely of holdings in Keppel, China
Resources Enterprise, Digital China Holdings, Venture Corp and Angang Steel. We
have also taken profits from recent outperformers, where we feel share prices
now reflect a more realistic view of future growth, disposing entirely of
holdings in Sohu and Metropolitan Bank & Trust and reducing our exposure in
core holding Jardine Matheson. In turn, we have added to existing holdings that
we believe possess high quality growth potential and strong fundamentals that
are trading at what we consider to be attractive valuations. We have also
initiated new holdings in United Overseas Bank and Adani Ports & Special
Economic Zone.

Our main overweight position relative to the benchmark index remains Hong Kong
& China, where we favour the consumer-related areas of the market, including
Hong Kong-listed conglomerates. We remain underweight in Australia,
particularly its banks, as even after recent weakness, we believe share prices
are still underestimating the risks: with the Australian dollar remaining
overvalued, and a weak domestic economy in the later stages of a credit cycle.
We have significant exposure in financials from elsewhere across Asia,
preferring to hold what we believe are high quality, but undervalued banks in
Korea, or those that appear well placed to grow their loan books profitably,
such as those in India where credit penetration is low. Our exposure in the
tech sector remains meaningful and includes industry leaders with good growth
prospects as well as Chinese internet companies that are fundamentally
undervalued in our opinion despite consistently generating strong free cash
flow.


Performance                     3 Months       1 Year      3 Years      5 Years
                                                                               
Total Return                                                                   
                                                                               
Share Price                        -0.8%        18.1%        27.1%        76.9%
                                                                               
Net Asset Value (diluted)          -1.3%        14.9%        26.3%        75.0%    
                                                                               
MSCI (All Countries) Asia          -5.5%        11.4%        22.3%        61.8%
                                                                               
Pacific ex-Japan Index                                                         
(sterling adjusted)                                                                                             

Source: Thomson Reuters Datastream


Share Price and Discount

                                                  For the Three Months Ended    
                                                                               
                                As at                    31-Jul-13             
                                                                               
                               31-Jul-13       High         Low        Average  
                                                                               
Ordinary shares mid-market      159.50        175.00        143.50     160.10   
                                                                               
price (pence)                                                                  
                                                                               
Net Asset Value (diluted)                                                      
per share:                                                                         
                                                                         
                                                                               
- cum income (pence)            177.43                                         
                                                                               
- ex income (pence)             175.82                                         
                                                                               
Discount per ordinary                                                          
share on diluted NAV:                                                          
                                                                               
- cum income                     10.1%                                         
                                                                               
- ex income                      9.3%                                          

Source: Thomson Reuters Datastream


Assets and Gearing

                                                31-Jul-13
                                                         
Total Assets less Current                                                            
Liabilities excl. borrowings (£m)                   191.9  
                                                                                                   
of which cash (£m)                                    1.5
                                                         
Overdraft (£m)                                          -
                                                         
Borrowings (£m)                                       4.0
                                                         
Total Shareholders' Funds (£m)                      187.9
                                                         
Cum Income Net Asset Value -                       177.4*
diluted (pence)                                          
                                                         
Gross Gearing                                        2.1%
                                                         
Net Gearing                                          1.3%
                                                         
*Ex-dividend        
                                     

Diluted Net Asset Value

The diluted NAV is the equivalent of the undiluted (basic) NAV for return
statistics and the calculation of the discount.

Gross Gearing

This reflects the amount of gross borrowings in use by the company and takes no
account of any cash balances. It is based on gross borrowings as a percentage
of shareholders' funds.

Net Gearing

This reflects the amount of net borrowings invested, i.e. borrowings less cash
and cash equivalents. It is based on net borrowings as a percentage of
shareholders' funds.


GeographicalBreakdown of Portfolio

                                           31-Jul-13
                                                    
South Korea                                    21.0%
                                                    
China                                          20.3%
                                                    
Hong Kong                                      17.6%
                                                    
Taiwan                                         10.6%
                                                    
India                                           8.8%
                                                    
United Kingdom                                  7.2%
                                                    
Australia                                       5.2%
                                                    
Philippines                                     3.1%
                                                    
Singapore                                       2.7%
                                                    
Thailand                                        2.1%
                                                    
Indonesia                                       1.4%

                                                    

Top Ten Holdings

     Investments                                           Country         % of
                                                                               
                                                                      Portfolio
                                                                               
1    Samsung Electronics                               South Korea         6.1%
                                                                               
2    Hutchison Whampoa                                   Hong Kong         4.5%    
                                                                               
3    Baidu - ADR                                             China         3.8%
                                                                               
4    Taiwan Semiconductor Manufacturing                     Taiwan         3.4%
                                                                               
5    NetEase - ADR                                           China         3.1%
                                                                               
6    HSBC -Hong Kong Reg                            United Kingdom         3.0%
                                                                               
7    Shinhan Financial                                 South Korea         2.8%
                                                                               
8    Hyundai Motor - Preference Shares                 South Korea         2.6%
                                                                               
9    China Mobile                                            China         2.6%
                                                                               
10   CNOOC                                                   China         2.5%



Changes to Share Capital

                                  Ordinary Shares of 10p each  
                                                               
                                        Issued         Treasury    
                                                               
As at 30-Apr-13                    105,911,686        3,277,224    
                                                               
Ordinary shares bought back                  -                -
                                                               
Ordinary shares issued                       -                -
                                                               
As at 31-Jul-13                    105,911,686        3,277,224
                                                               
9-Aug-13 ordinary shares bought     15,886,669                -
back                                                           
                                                               
As at 14-Aug-13                     90,025,017        3,277,224

90,025,017 shares may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interests in, the Company under the FCA's
Disclosure and Transparency Rules.

The Company has authority to buy back shares for cancellation or placing into
treasury and to issue new shares (disapplying pre-emption rights), in each case
within specified limits. The Company expects to renew these authorities each
year.

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

15 August 2013

Ordinary Shares - Listing Category: Premium - Equity Closed-ended Investment
Funds

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