Interim Results

INVESCO Asia Trust plc                             

             Preliminary Announcement of Unaudited Interim Results             

                     For the Six Months to 31 October 2006                     

                                          31 October       30 April         %
                                                2006           2006    Change
                                                                             
Net assets (£'000)                           100,455        107,209      -6.3
                                                                             
Actual gearing                                   107            106          
                                                                             
Asset gearing                                    108            105          
                                                                             
Net asset value per ordinary share             94.8p         101.2p      -6.3
                                                                             
Net asset value (total return) (1)                                       -5.0
                                                                             
Mid-market price per ordinary share            86.3p          96.0p     -10.1
                                                                             
Discount per ordinary share                     9.0%           5.1%          
                                                                             
MSCI (All Country) Far East Free                                             
                                                                             
  ex Japan Index (Adjusted for                 198.3          209.7      -5.4
sterling) (1)                                                                
                                                                             
MSCI (All Country) Far East Free ex            599.6          622.1      -3.6
Japan Total Return Index (Adjusted                                           
for Sterling) (1)                                                            

(1) Source: Thomson Financial Datastream

Chairman's Statement

Performance and Prospects

The Company's performance for the six months to 31 October 2006 reflects the
volatile period for equities which we have seen since May 2006. Over the
period, the net asset value per ordinary share decreased from 101.2p to 94.8p,
a fall of 6.3%. The benchmark index, the MSCI (All Country) Far East Free ex
Japan Index (adjusted for Sterling), fell by 5.4%. The Company's share price
fell from 96.0p to 86.3p, while the discount to net asset value at which the
shares trade widened to 9.0% from 5.1%.

Since the management of the Company moved to Henley in March 2004, overall
performance has remained strong. The underperformance over the six-month period
reflects a difficult period for investors during which Stuart Parks and his
team adopted a cautious approach and reduced exposure to the more expensive
Asian growth stocks. The team predicted the overall scenario broadly correctly,
both in terms of the global outlook and of the impact that it would have upon
Asian stockmarkets. They have now adopted a more proactive strategy designed to
take advantage of opportunities in the current environment, but have maintained
their strong focus on generating medium- to-long-term value. It is encouraging
to note that in the last two months of 2006 the Company's share price has risen
and the discount to net asset value has narrowed.

With the high savings rates, cost competitiveness and demographics of the
region making its growth prospects more attractive than those of developed
economies, the Asian equity markets continue to provide attractive investment
opportunities. There are also signs that, in economic and stockmarket terms,
Asia is decoupling from the US, something that it has struggled to do in the
past. At the same time, the Chinese economy, which continues to experience
strong growth, is becoming increasingly influential on the economic prospects
of the rest of the region.

Economic growth remains robust, with recent third-quarter GDP growth figures
highlighting Asia's ability to grow even when the US economy is beginning to
slow. This is obviously a very strong positive for Asia.

Dividend

As usual, no dividend is being declared in respect of the interim period.

Board Appointment

I am delighted to report that Mr James Robinson was appointed to the Board on 3
January 2007. Mr Robinson's extensive experience in investment trusts and fund
management will be of great value to the Company.

Outlook

Although a number of markets in the region have hit new highs, the long-term
outlook remains promising. The region now trades on a forward price to earnings
ratio of around 12 times 2007 earnings which should provide a cushion against
corrections in world stockmarkets.

David Hinde
Chairman
15 January 2007


Income Statement

                                                Six Months to                
                                               31 October 2006               
                                                 (Unaudited)                                  
                                          Revenue          Capital      Total
                                           return           return     return
                                                                             
                                            £'000            £'000      £'000
                                                                             
Losses on investments held at                                                
fair                                                                         
                                                                             
  value through profit or loss                  -          (6,067)    (6,067)
                                                                             
Losses on foreign currency                      -            (153)      (153)
revaluation                                                                  
                                                                             
Income                                                                       
                                                                             
  UK dividends                                 26                -         26
                                                                             
  Overseas dividends                        1,574                -      1,574
                                                                             
  Scrip dividends                              61                -         61
                                                                             
  Deposit interest                              6                -          6
                                                                             
Gross return                                1,667          (6,220)    (4,553)
                                                                             
Investment management                        (95)            (285)      (380)
fee - note 2                                                                 
                                                                             
Other expenses                              (227)             (74)      (301)
                                                                             
Net return before finance costs                                              
                                                                             
  and taxation                              1,345          (6,579)    (5,234)
                                                                             
Interest payable and similar                                                 
charges -                                                                    
                                                                             
  note 2                                     (28)             (86)      (114)
                                                                             
Dividends on ordinary shares -            (1,272)                -    (1,272)
note 3                                                                       
                                                                             
Return on ordinary activities                                                
                                                                             
  before tax                                   45          (6,665)    (6,620)
                                                                             
Tax on ordinary activities                  (367)              233      (134)
                                                                             
Net return on ordinary                                                       
activities                                                                   
                                                                             
  after tax for the period                  (322)          (6,432)    (6,754)
                                                                             
Return per ordinary share -                                                  
note 4                                                                       
                                                                             
Basic                                       0.90p          (6.07)p    (5.17)p

The total column of this statement represents the Company's profit and loss
account. The supplementary revenue and capital columns are both prepared under
guidance published by the Association of Investment Companies (previously known
as the Association of Investment Trust Companies). All items in the above
statement derive from continuing operations and the Company has no other gains
or losses, therefore no Statement of Total Recognised Gains and Losses is
presented. No operations were acquired or discontinued in the period.

Income Statement

                                              Six Months              Year to
                                           to 31 October             30 April
                                                    2005                 2006
                                             (unaudited)            (audited)
                                                                             
                                Revenue          Capital    Total       Total
                                 return           return   return      return
                                  £'000            £'000    £'000       £'000
                                                                             
Gains on investments held at                                                 
fair                                                                         
                                                                             
  value through profit and            -           11,028   11,028      36,735
loss                                                                         
                                                                             
Losses on foreign currency            -             (62)     (62)       (125)
revaluation                                                                  
                                                                             
Income                                                                       
                                                                             
  UK Dividends                        -                -        -           6
                                                                             
  Overseas dividends              1,442                -    1,442       2,407
                                                                             
  Scrip dividends                    39                -       39         154
                                                                             
  Deposit interest                   22                -       22          26
                                                                             
Gross return                      1,503           10,966   12,469      39,203
                                                                             
Investment management              (82)            (247)    (329)       (736)
fee - note 2                                                                 
                                                                             
Other expenses                    (209)              (6)    (215)       (508)
                                                                             
Net return before finance                                                    
costs                                                                        
                                                                             
  and taxation                    1,212           10,713   11,925      37,959
                                                                             
Interest payable and similar                                                 
charges -                                                                    
                                                                             
  note 2                           (26)             (64)     (90)       (272)
                                                                             
Dividends on ordinary shares -    (954)                -    (954)       (954)
note 3                                                                       
                                                                             
Return on ordinary activities                                                
                                                                             
  before taxation                   232           10,649   10,881      36,733
                                                                             
Tax on ordinary activities        (409)              239    (170)       (372)
                                                                             
Net return on ordinary                                                       
activities                                                                   
                                                                             
  after tax for the period        (177)           10,888   10,711      36,361
                                                                             
Return per ordinary share -                                                  
note 4                                                                       
                                                                             
Basic                             0.73p           10.28p   11.01p      35.22p



Balance Sheet

                                                  At           At          At
                                          31 October     30 April  31 October
                                                2006         2006        2005
                                         (Unaudited)    (Audited) (Unaudited)
                                               £'000        £'000       £'000
                                                                             
Fixed assets                                                                 
                                                                             
Investments held at fair value through                                       
                                                                             
  profit or loss                             108,160      113,101      83,614
                                                                             
Current assets                                                               
                                                                             
Amounts due from brokers                         101          624       3,122
                                                                             
Tax recoverable                                    3            -           -
                                                                             
VAT recoverable                                   35           46          39
                                                                             
Prepayments and accrued income                   148          162         119
                                                                             
Cash at bank                                   1,736        1,098       1,419
                                                                             
                                               2,023        1,930       4,699
                                                                             
Creditors: amounts falling due within                                        
                                                                             
  one year                                                                   
                                                                             
Amounts owed to brokers                      (2,035)        (607)     (2,165)
                                                                             
Short-term loan                              (7,300)      (6,800)     (4,275)
                                                                             
Accruals and deferred income                   (379)        (371)       (280)
                                                                             
                                             (9,714)      (7,778)     (6,720)
                                                                             
Net current liabilities                      (7,691)      (5,848)     (2,021)
                                                                             
Total assets less current liabilities        100,469      107,253      81,593
                                                                             
Provisions for liabilities                      (14)         (44)        (34)
                                                                             
Total net assets attributable to                                             
                                                                             
  Shareholders                               100,455      107,209      81,559
                                                                             
Total net assets attributable to                                             
                                                                             
  Shareholders are represented by:                                           
                                                                             
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                (26,535)     (28,357)    (39,937)
                                                                             
  Capital reserve - unrealised                13,473       21,727       8,187
                                                                             
  Revenue reserve                              1,887        2,209       1,679
                                                                             
                                             100,455      107,209      81,559
                                                                             
Net asset value per share - note 5                                           
                                                                             
Basic                                          94.8p       101.2p       77.0p



Cash Flow Statement

                                 Six months to         Year to  Six months to
                                    31 October        30 April     31 October
                                          2006            2006           2005
                                   (Unaudited)       (Audited)    (Unaudited)
                                         £'000           £'000          £'000
                                                                             
Cash inflow from operating                                                   
                                                                             
  activities                               857           1,157            914
                                                                             
Servicing of finance                                                         
                                                                             
Interest paid on bank loans              (118)           (301)          (117)
                                                                             
Dividends paid to Shareholders         (1,272)           (954)          (954)
                                                                             
Capital expenditure and                                                      
                                                                             
  financial investment                                                       
                                                                             
Purchase of investments               (40,466)       (124,897)       (59,121)
                                                                             
Sale of investments                     41,290         117,642         54,708
                                                                             
Net cash inflow/(outflow) before                                             
                                                                             
  management of liquid resources                                             
                                                                             
  and financing                            291         (7,353)        (4,570)
                                                                             
Management of liquid resources               -           3,588          3,213
                                                                             
Financing                                  500           3,100            575
                                                                             
Increase/(decrease) in cash in                                               
                                                                             
  the period                               791           (665)          (782)
                                                                             
Reconciliation of cash flow to                                               
movement                                                                     
                                                                             
  in net funds/(debt)                                                        
                                                                             
Increase/(decrease) in cash in             791           (665)          (782)
the period                                                                   
                                                                             
Cash inflow from movement in             (500)         (3,100)          (575)
debt                                                                         
                                                                             
Cash movement from decrease                                                  
                                                                             
  in liquid resources                        -         (3,588)        (3,213)
                                                                             
Translation difference                   (153)           (125)           (62)
                                                                             
Movement in net funds/(debt)                                                 
                                                                             
  in the period                            138         (7,478)        (4,632)
                                                                             
Net (debt)/funds at beginning of       (5,702)           1,776          1,776
period                                                                       
                                                                             
Net debt at end of period              (5,564)         (5,702)        (2,856)

Notes

1. The accounts of the Company are prepared in accordance with applicable UK
Accounting Standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued by the Association of
Investment Trust Companies in December 2005.

The Financial Information for the period to 31 October 2006 has been prepared
on the basis consistent with the accounting policies adopted by the Company in
its statutory accounts for the year ended 30 April 2006.

2. Investment management fees and interest payable on borrowings are charged
75% to the capital reserve and 25% to the revenue account.

3. The Company paid a final dividend of 1.2p per ordinary share for the year
ended 30 April 2006 on 28 July 2006 to shareholders on the register on 7 July
2006. The Directors do not propose the payment of an interim dividend (2005:
nil).

As the ordinary shares are classified as liabilities, the dividends payable on
the ordinary shares are now accounted for under finance costs.

4. Return per Ordinary Share

The return per ordinary share is based on 105,962,425 ordinary shares, being
the number of shares in issue throughout the periods and on the following
figures:

                        Six Months to             Six Months to         Year to
                       31 October 2006           31 October 2005       30 April
                                                                           2006
                         (Unaudited)               (Unaudited)        (Audited)
                                                                               
                    Revenue Capital   Total  Revenue  Capital   Total     Total
                     Return  Return  Return   Return   Return  Return    Return
                      £'000   £'000   £'000    £'000    £'000   £'000     £'000
                                                                               
Return on             (322) (6,432) (6,754)    (177)   10,888  10,711    36,361
ordinary                                                                       
activities after                                                               
tax for the                                                                    
period                                                                         
                                                                               
Dividends paid to     1,272       -   1,272      954        -     954       954
Shareholders                                                                   
                                                                               
Return                  950 (6,432) (5,482)      777   10,888  11,665    37,315
attributable to                                                                
Ordinary                                                                       
Shareholders                                                                   
                                                                               
Return per            0.90p (6.07)p (5.17)p    0.73p   10.28p  11.01p    35.22p
Ordinary Share -                                                               
Basic                                                                          

5. The basic net asset value per ordinary share of 10p has been calculated on
net assets of £100,455,000 (30 April 2006: £107,209,000; 31 October 2005: £
81,559,000) and on 105,962,425 ordinary share in issue throughout the periods.

6. Reconciliation of Movements in Ordinary Share Capital and Reserves

                                    Capital          Capital    Capital               
                   Share   Share Redemption Special  Reserve  Reserve - Revenue        
                                                           -                           
                 Capital Premium    Reserve Reserve Realised Unrealised Reserve   Total
                                                                                       
                   £'000   £'000      £'000   £'000    £'000      £'000   £'000   £'000
                                                                                       
For the six                                                                            
months ended                                                                           
                                                                                       
31 October 2006                                                                        
(Unaudited)                                                                            
                                                                                       
Balance as at     10,596  74,588        650  25,796 (28,357)     21,727   2,209 107,209
                                                                                       
1 May 2006                                                                             
                                                                                       
Net return from        -       -          -       -    1,822    (8,254)   (322) (6,754)
ordinary                                                                               
activities                                                                             
                                                                                       
At 31 October     10,596  74,588        650  25,796 (26,535)     13,473   1,887 100,455
2006                                                                                   
                                                                                       
For the year                                                                           
ended                                                                                  
                                                                                       
30 April 2006                                                                          
(Audited)                                                                              
                                                                                       
Balance as at     10,596  74,588        650  25,796 (46,805)      4,167   1,856  70,848
                                                                                       
1 May 2005                                                                             
                                                                                       
Net return from        -       -          -       -   18,448     17,560     353  36,361
ordinary                                                                               
activities                                                                             
                                                                                       
At 30 April 2006  10,596  74,588        650  25,796 (28,357)     21,727   2,209 107,209
                                                                                       
For the six                                                                            
months ended 31                                                                        
October 2005                                                                           
(Unaudited)                                                                            
                                                                                       
Balance as at     10,596  74,588        650  25,796 (46,805)      4,167   1,856  70,848
                                                                                       
1 May 2005                                                                             
                                                                                       
Net return from        -       -          -       -    6,868      4,020   (177)  10,711
ordinary                                                                               
activities                                                                             
                                                                                       
At 31 October     10,596  74,588        650  25,796 (39,937)      8,187   1,679  81,559
2005                                                                                   

7. 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.

8. The foregoing information at 30 April 2006 is an abridged version of the
Company's full accounts which carry an unqualified Auditor's report and have
been filed with the Registrar of Companies.

By Order of the Board

INVESCO Asset Management Limited

Secretary

15 January 2007