INVESCO AsiaNET Fund plc                            

                           Preliminary Announcement                            

                            Unaudited Final Results                            

                      For the Year Ended 31 December 2002                      

Chairman's Report

Performance

During this past year, the Company's net asset value declined again, falling by
15.9% from $4.33 to $3.64. While it must be our prime objective to make money
for our Shareholders, there is some comfort to be taken from the fact that our
benchmark index, against which we compare our performance, fell a good deal
further, declining by 29.9%. The year 2002 was the third year running that
markets around the world declined in the aftermath of the Y2K bubble and
technology stocks generally did not fare well.

The fact that our relative performance was quite a bit better than that of our
benchmark index - The FTSE Global - Pro Asian Technology Index - was largely
due to the careful and consistent approach that Billy Chan and Henry Chan have
taken in their management of the portfolio. As we have mentioned before, the
investment strategy focuses on maintaining a short list of holdings in
technology companies, which are market leaders, are winners and/or have strong
business franchises. Billy and Henry have continued this strategy and this has
helped contain the fall in the net asset value that might otherwise have
resulted. Of the 63 holdings held during the course of the year, no less than
25 of them returned a profit; in a bear market of course the size of rises
tends to be much smaller than the extent of the falls.

Our portfolios in India, Singapore and South Korea in fact actually made money
for us during the year, albeit small sums and certainly not large enough to
offset losses in other areas, the most significant of which came from our
Taiwanese portfolio. The strength of most East Asian currencies against the US
Dollar, our base currency, contributed to our performance.

Costs

Since the launch of the Fund in April 2000, its size has fallen considerably -
as the 64% fall in the net asset value illustrates. While at these lower levels
your Board believes that the prospects for making money from a much more
attractively valued portfolio are good, it is very conscious that the costs
involved in running the Fund have risen as a percentage of its total assets.
The Board of course monitors its total expense ratio regularly and maintains a
disciplined control on all costs.

Outlook

The outlook for the world's stock markets, yet alone for the technology sector
in Asia, is, at the time of writing this statement, uncertain; confidence
everywhere is at a low ebb. America and its coalition partners are at war in
Iraq, consumer confidence in America, whose economy is so important to the rest
of the world and particularly to our world of investment, is well down from its
peak levels and business confidence is such that investment decisions are on
hold. In East Asia there is additional uncertainty caused by the outbreak of
SARS. It is very much wait-and-see time.

Investor confidence is affected by all these issues and others, the most
important of which is confidence in the reporting of corporate profits. But the
uncertainty will not last forever. Assuming that the war in Iraq is a short
one, then after it is over it is likely that it will be back-to-business and
that the American economy will begin to grow. Given that during these last
three years of bear markets the pace of technological development has
continued, that we are now much closer to the establishment of third generation
mobile phone systems, that other products such as digital cameras and flat
screen televisions are growing in popularity and that the personal computer
replacement cycle is now quite mature, there is the chance that some technology
companies can start performing quite well. But it will be important to identify
those that will prosper and those that won't and that is why we believe that
our disciplined approach to stock selection should stand us in good stead and
allow us to make some money for our Shareholders in anything but the
short-term. We are encouraged by the fact that America's technology influenced
NASDAQ Composite Index has risen so far this year.

Robert Alexander Hammond-Chambers

Chairman

9 April 2003

INVESCO AsiaNET Fund plc                                                       
                                                                               
                                                                               
                                                                               
Profit and Loss Account                                                        
                                                                               
For the year ended 31 December 2002                                            
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                              2002         2001
                                                                               
                                                                 $            $
                                                                               
                                                                               
                                                                               
Income                                                                         
                                                                               
Dividend income                                            257,931      266,591
                                                                               
Less: Withholding tax                                     (13,465)     (15,876)
                                                                               
Interest Income                                             12,106        6,629
                                                                               
                                                           256,572      257,344
                                                                               
                                                                               
                                                                               
Expenses                                                                       
                                                                               
Management Fee - Income                                    201,166      207,174
                                                                               
Directors' fees & expenses                                  65,312       61,291
                                                                               
Administration Fee                                          46,211       44,171
                                                                               
Bank Interest & fees                                         3,008       23,129
                                                                               
Custodian Fee                                               17,164       11,980
                                                                               
Auditor's Remuneration                                      11,143        9,708
                                                                               
General expenses                                           108,183       45,506
                                                                               
                                                           452,187      402,959
                                                                               
                                                                               
                                                                               
Income/(Deficit) arising in the year                     (195,615)    (145,615)
                                                                               
                                                                               
                                                                               
Realised & Unrealised Gain/(Loss) on Investments                               
                                                                               
Realised Loss on Investments                           (3,698,990) (11,987,429)
                                                                               
Net realised & unrealised loss on currencies               (3,392)     (81,740)
                                                                               
Movement in unrealised gain/(loss) on investments        2,063,076    8,512,841
                                                                               
Net realised and unrealised loss for the year          (1,639,306)  (3,556,328)
                                                                               
Result of operations for the year                      (1,834,921)  (3,701,943)

                                                                               
                                                                               
INVESCO AsiaNET Fund plc                                                       
                                                                               
                                                                               
                                                                               
Balance Sheet as at 31 December 2002                                           
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                                               
                                                   31-Dec-02       31-Dec-01   
                                                                               
                                                       $               $       
                                                                               
                                                                               
                                                                               
Assets                                                                         
                                                                               
Investments at market value (cost 2002:               9,534,604      16,248,227
US$14,075,090)                                                                 
                                                                               
cost 2001: US$22,521,664                                392,008         295,096
                                                                               
Cash at bank                                                                   
                                                                               
Debtors                                                   1,853          24,751
                                                                               
Total Assets                                          9,928,465      16,568,074
                                                                               
                                                                               
                                                                               
Liabilities                                                                    
                                                                               
Creditors                                                30,910          71,295
                                                                               
                                                         30,910          71,295
                                                                               
                                                                               
                                                                               
Net Assets                                                                     
                                                                               
Equivalent to Shareholder's equity                    9,897,555      16,496,779
                                                                               
                                                                               
                                                                               
Units in Issue                                        2,721,507       3,812,530
                                                                               
                                                                               
                                                                               
Net Asset Value per Share                                 $3.64           $4.33

                                                                               
                                                                               
  INVESCO AsiaNET Fund plc                                                     
                                                                               
                                                                               
                                                                               
  Cash Flow Statement                                                          
                                                                               
  For the year ended                                   31-Dec-02    31-Dec-01  
                                                                               
                                                                               
                                                                               
  Cash Flow from Operating Activities                                          
                                                                               
                                                                               
                                                                               
  Net deficit                                         (195,615)    (145,615)   
                                                                               
  Increase in debtors                                 22,898       93,527      
                                                                               
  Decrease in creditors                               (40,385)     (90,916)    
                                                                               
  Net Cash Outflow from Operating Activities           (213,102)    (143,003)  
                                                                               
                                                                               
                                                                               
  Cash Flow from Investing Activities                                          
                                                                               
  Purchase of investments                             (11,290,597) (12,059,951)
                                                                               
  Proceeds from sale of investments                   16,364,914   14,863,362  
                                                                               
                                                      5,074,317    2,803,411   
                                                                               
                                                                               
                                                                               
  Cash Flow from Financing Activities                                          
                                                                               
  Creations for the year                              (4,964,464)  -           
                                                                               
  Redemptions for the year                            200,161      (1,366,633) 
                                                                               
                                                      (4,764,303)  (1,366,633) 
                                                                               
                                                                               
                                                                               
  Net decrease in Cash and Cash Equivalents           96,912       1,293,775   
                                                                               
  Cash and cash equivalents at beginning of year      295,097      (998,678)   
                                                                               
  Cash overdraft and cash equivalents at end of year  392,008      295,097     

Note to the Financial Statements

Taxation

The Fund qualifies as an investment undertaking as defined in Section 739B of
the Taxes Consolidation Act, 1997. It is not chargeable to Irish tax on its
income and gains.

Tax may arise on the happening of a chargeable event. A chargeable event
includes any distribution payments to Shareholders or any encashment,
redemption or transfer of units. No tax will arise on the Fund in respect of
chargeable events in respect of:

1) a Shareholder who is not Irish resident and not ordinarily resident in
Ireland at the time of the chargeable event, provided the necessary signed
statutory declarations are held by the Fund; and

2) certain exempted Irish resident investors who have provided the Fund with
the necessary signed statutory declarations.

Dividend income, interest and capital gains received by the Fund may be subject
to non-recoverable withholding tax in the countries of origin.

The financial information set out above does not constitute the Company's
statutory accounts for the year ended 31 December 2002 or the year ended 31
December 2001. The financial information for 2001 is derived from the statutory
accounts for 2001. The auditors have reported on the 2001 accounts; their
report was unqualified. The financial information for the year ended 31
December 2002 is unaudited. The statutory accounts for 2002 will be finalised
on the basis of the financial information presented by the Directors in this
preliminary announcement.

The audited Report and Accounts will be posted to shareholders shortly. Copies
may be obtained during normal business hours from the Company's Registered
Office, George's Quay House, 43 Townsend Street, Dublin 2, Ireland.

By order of the Board

INVESCO Asset Management (Ireland) Limited - Secretaries 9 April 2003



END