Purchase of Own Securities

GOVETT ASIAN RECOVERY TRUST PLC
16 July 1999

Purchase of Own Shares

Govett Asian Recovery Trust PLC announces that it purchased for cancellation
50,000 ordinary shares at 160 pence per share and 50,000 ordinary shares at 161
pence per share on 15 July 1999.  This brings the total ordinary shares
purchased to date to 300,000.