Interim Results

INVESCO Asia Trust plc                             

             Preliminary Announcement of Unaudited Interim Results             

                 For the Financial Year Ended 31 October 2002                  

Chairman's Statement

The period under review was characterised by volatility in global markets as
investors' fears over the threat of war, subdued economic activity in the US
and indiscriminate selling of equities by insurance companies and mutual funds
countered the positives of low interest rates and low inflation environments.

In these difficult conditions, the Company's net asset value fell by 30.2% over
the six month period by comparison with a fall of 24.8%, adjusted for sterling,
in the benchmark index (the MSCI (All Country) Far East ex Japan Free Index).
Performance had shown some improvement at the start of the period, before a
steady decline between June and September as the tensions referred to earlier
fuelled investor unease.

Borrowing was reduced during the period from £6.9 million to £4.3 million.
Gearing increased from 3% to 5% as a result of the decline in the portfolio
value.

No dividend will be declared in respect of the interim period.

Looking ahead, it is hard to be optimistic of any significant improvement in
global markets while there continues the possibility of war in Iraq and further
terrorist activity. However, the portfolio is well placed to benefit from a
return in investor confidence which would follow resolution - one way or
another - of current global tensions.

Statement of Total Return

(Incorporating the Revenue Account)

                                                     Six Months to         
                                                        31 October         
                                                              2002         
                                                                           
                                                       (Unaudited)         
                                                                           
                                             Revenue       Capital    Total
                                                                           
                                               £'000         £'000    £'000
                                                                           
Losses/(gains) on investments-realised             -       (1,103)  (1,103)
                                                                           
-unrealised                                        -      (21,747) (21,747)
                                                                           
Exchange losses/(gains)                            -          (96)     (96)
                                                                           
Income                                                                     
                                                                           
Unfranked investment income-dividends            568             -      568
                                                                           
Stock dividends                                   27             -       27
                                                                           
Deposit interest                                   5             -        5
                                                                           
Other income                                       -             -        -
                                                                           
Gross return                                     600      (22,946) (22,346)
                                                                           
Investment management fee-note 1                (57)         (171)    (228)
                                                                           
Other expenses                                 (174)           (1)    (175)
                                                                           
Net return before finance costs and                                        
                                                                           
  taxation                                       369      (23,118) (22,749)
                                                                           
Interest payable and similar charges - note     (38)         (113)    (151)
1                                                                          
                                                                           
Return on ordinary activities before                                       
                                                                           
  Taxation                                       331      (23,231) (22,900)
                                                                           
Tax on ordinary activities                     (142)            66     (76)
                                                                           
Return on ordinary activities after tax for                                
                                                                           
  the financial period (attributable to                                    
                                                                           
  equity shareholders)                           189      (23,165) (22,976)
                                                                           
Dividends in respect of equity                                             
                                                                           
  shares-note 2                                    -             -        -
                                                                           
Transfer to/(from) reserves                      189      (23,165) (22,976)
                                                                           
Return/(loss) per ordinary share:-note 3                                   
                                                                           
Basic                                          0.18p      (21.86)p (21.68)p

The Revenue column of this statement is the Revenue account of the Company. All
revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.

Statement of Total Return                                                      
                                                                               
(Incorporating the Revenue                                                     
Account)                                                                       
                                                                               
                                         Six Months to 31            Year to 30
                                             October 2001            April 2002
                                                                               
                                              (Unaudited)             (Audited)
                                                                               
                                 Revenue          Capital    Total        Total
                                                                               
                                   £'000            £'000    £'000        £'000
                                                                               
Gains/(losses) on investments          -            1,980    1,980        8,155
                                                                               
-realised                                                                      
                                                                               
-unrealised                            -         (16,861) (16,861)        1,417
                                                                               
Exchange losses                        -            (119)    (119)        (191)
                                                                               
Income                                                                         
                                                                               
Unfranked investment income          546                -      546        1,105
                                                                               
-dividends                                                                     
                                                                               
Scrip dividends                       35                -       35           53
                                                                               
Deposit interest                      51                -       51           87
                                                                               
Other income                          28                -       28            -
                                                                               
Gross return                         660         (15,000) (14,340)       10,626
                                                                               
Investment management fee-note 1    (52)            (155)    (207)        (493)
                                                                               
Other expenses                     (176)              (9)    (185)        (397)
                                                                               
Net return before finance costs                                                
and                                                                            
                                                                               
Taxation                             432         (15,164) (14,732)        9,736
                                                                               
Interest payable and similar         (2)              (5)      (7)         (96)
charges - note 1                                                               
                                                                               
Return on ordinary activities                                                  
before                                                                         
                                                                               
Taxation                             430         (15,169) (14,739)        9,640
                                                                               
Tax on ordinary activities         (137)               68     (69)        (117)
                                                                               
Return on ordinary activities        293         (15,101) (14,808)        9,523
after tax for the financial                                                    
period (attributable to                                                        
                                                                               
equity shareholders)                                                           
                                                                               
Dividends in respect of equity                                                 
                                                                               
shares-note 2                          -                -        -        (424)
                                                                               
Transfer to/(from) reserves          293         (15,101) (14,808)        9,099
                                                                               
Return/(loss) per ordinary                                                     
share:-note 3                                                                  
                                                                               
Basic                              0.28p         (14.25)p (13.97)p        8.99p

Balance Sheet

                                      At        At          At
                                                              
                              31 October  30 April  31 October
                                                              
                                    2002      2002        2001
                                                              
                             (Unaudited) (Audited) (Unaudited)
                                                              
                                   £'000     £'000       £'000
                                                              
Fixed assets                                                  
                                                              
Investments                       56,016    78,437      47,313
                                                              
Current assets                                                
                                                              
Amounts due from brokers             179     4,105           -
                                                              
Tax recoverable                        -         6          74
                                                              
VAT recoverable                       27        30          26
                                                              
Prepayments and accrued               48       124          53
income                                                        
                                                              
Cash at bank                       1,636     1,058       4,982
                                                              
                                   1,890     5,323       5,135
                                                              
Creditors: amount falling                                     
due                                                           
                                                              
  within one year                                             
                                                              
Amounts owed to brokers              211         -           -
                                                              
Short-term loan                    4,340     6,900           -
                                                              
Accruals and deferred income         222       327         246
                                                              
Proposed dividend                      -       424           -
                                                              
                                   4,773     7,651         246
                                                              
Net current (liabilities)/       (2,883)   (2,328)       4,889
assets                                                        
                                                              
Total assets less current         53,133    76,109      52,202
liabilities                                                   
                                                              
Capital and reserves                                          
                                                              
Called up share capital           10,596    10,596      10,596
                                                              
Share premium account             74,588    74,588      74,588
                                                              
Other reserves                                                
                                                              
  Capital redemption reserve         650       650         650
                                                              
  Special reserve                 25,796    25,796      25,796
                                                              
  Capital reserve-realised      (35,383)  (33,965)    (39,787)
                                                              
  Capital reserve-unrealised    (23,931)   (2,184)    (20,462)
                                                              
Revenue reserve                      817       628         821
                                                              
Equity Shareholder's funds        53,133    76,109      52,202
                                                              
Net asset value per ordinary                                  
share-note 4                                                  
                                                              
Basic                              50.1p     71.8p       49.3p

Cash Flow Statement

                                   Six months   Year to  Six months
                                           to                    to
                                                                   
                                   31 October  30 April  31 October
                                                                   
                                         2002      2002        2001
                                                                   
                                  (Unaudited) (Audited) (Unaudited)
                                                                   
                                        £'000     £'000       £'000
                                                                   
Cash flow from operating                   80       227         152
activities                                                         
                                                                   
Servicing of finance                    (137)      (94)         (7)
                                                                   
Taxation                                    7       154          85
                                                                   
Capital expenditure and financial                                  
investment                                                         
                                                                   
  Purchase of investments             (8,066)  (51,498)    (15,859)
                                                                   
  Sale of investments                  11,774    39,681      14,187
                                                                   
Equity dividends paid                   (424)     (318)       (282)
                                                                   
Net cash inflow/(outflow)inflow                                    
before                                                             
                                                                   
  management of liquid resources                                   
and                                                                
                                                                   
  financing                             3,234  (11,848)     (1,094)
                                                                   
Management of liquid resources          (603)     1,640            
                                                                   
Financing                             (2,560)     6,900           -
                                                                   
Increase/(decrease) in cash in             71   (3,308)       (546)
the period                                                         
                                                                   
Cash outflow/(inflow) from                                         
                                                                   
  increase/(decrease) in liquid         2,560   (1,640)     (1,640)
resources                                                          
                                                                   
Cash outflow/(inflow) from                                         
decrease/(increase)                                                
                                                                   
  in debt                                 603   (6,900)           -
                                                                   
Translation difference                   (96)     (191)       (121)
                                                                   
Movement in net funds/(debt) in         3,138  (12,039)     (1,215)
the period                                                         
                                                                   
Net (debt)/funds at beginning of      (5,842)     6,197       6,197
period                                                             
                                                                   
Net (debt)/funds at end of period     (2,704)   (5,842)       4,982

Reconciliation of Movement in Shareholders' Funds

                                  Six                   Six
                                                           
                            Months to   Year to   Months to
                                                           
                           31 October  30 April  31 October
                                                           
                                 2002      2002        2001
                                                           
                          (Unaudited) (Audited) (Unaudited)
                                                           
                                £'000     £'000       £'000
                                                           
Revenue return for the            189       100         293
period                                                     
                                                           
Capital return for the       (23,165)     8,999    (15,101)
period                                                     
                                                           
Net movement in              (22,976)     9,099    (14,808)
Shareholders' funds                                        
                                                           
Opening Shareholders'          76,109    67,010      67,010
funds                                                      
                                                           
Closing Shareholders'          53,133    76,109      52,202
funds                                                      

Notes to the interim accounts

1. Investment management fees and interest payable on borrowings are allocated
75% to the capital reserve-realised and 25% to the revenue account.

2. No interim dividend has been declared in respect of the year ending 30 April
2003 (2002-nil).

3. Basic revenue return per ordinary share is based on the net revenue on
ordinary activities after taxation and on 105,962,217 (30 April 2002:
105,962,136; 31 October 2001: 105,962,059) ordinary shares, being the weighted
average number of shares in issue during the period.

Basic capital return per ordinary share is based on net capital gains on
ordinary activities after taxation and on 105,962,217 (30 April 2002:
105,962,136; 31 October 2001: 105,962,059) ordinary shares, being the weighted
average number of shares in issue during the period.

4. The basic net asset value per ordinary share of 10p has been calculated on
net assets at the period end and on 105,962,225 ordinary shares (30 April 2002:
105,962,215; 31 October 2001: 105,962,215), being the number of ordinary shares
in issue at the period end. On this basis the net asset value is calculated as
50.1p (71.8p: 30 April 2002, 49.3p: 31 October 2002). This compares to the net
asset value reported to the AITC of 49.9p (71.7p; 30 April 2002, 48.9p: 31
October 2002) which takes no account of the undistributed net revenue of the
period. On 24 October 2002, 10 warrants were exercised for £1 each and
converted into 10 ordinary shares of 10p each, leaving a balance of 22,157,684
warrants at the period end.

5. It is the intention of the Directors to conduct the affairs of the Company
so that it satisfies the conditions for approval as an investment trust company
set out in section 842 of the Income and Corporation Taxes Act 1988.

6. The foregoing information at 30 April 2002 is an abridged version of the
Company's full accounts which carry an unqualified Auditor's Report and which
have been filed with the Registrar of Companies.

7. On 25 November 2002 the registered office of the Company and of INVESCO
Asset Management Limited changed to 30 Finsbury Square, London EC2A 1AG.

By order of the Board

INVESCO Asset Management Limited

Secretaries

17 December 2002