AGM Statement

Govett Asian Recovery Trust PLC
29 July 2003



The Board of Govett Asian Recovery Trust PLC announces that all Resolutions set
out in the Notice of meeting were passed unanimously at the Annual General
Meeting of the Company held earlier today, including the Special Resolution to
authorise the Company to buy back its own shares.


The Chairman made the following statement at the meeting:


'As you will have seen in the report and accounts, it was announced on 18 June
2003 that Christian Dangerfield will be leaving Govett within the next six
months. Christian has been one of the principal fund managers of your trust
since its launch in September 1998. We are naturally disappointed to see
Christian depart but wish him well for the future.


Govett has assured your board that there will be a smooth handover of
Christian's responsibilities and that they are actively seeking a manager to
replace Christian. No appointment has yet been made but it is hoped that an
announcement will be made in the near future. In the meantime, Christian and the
team in Singapore continue to manage your trust. Christian is here today to give
a presentation on the trust along with one of the other principal members of the
team in Singapore, Kerry Goh who manages the Japanese portfolio.


Under the Company's Articles, a continuation vote is due to be put to
shareholders between 29 October 2003 and 29 January 2004. In the light of this,
the Board is considering its options, including proposals that have been put
forward by third parties. A further announcement will be made in due course.'




29 July 2003


Enquiries:


Cazenove          020 7588 2828

Julian Cazalet

Angus Gordon-Lennox


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