Final Results

GOVETT EMERGING MARKETS INVESTMENT TRUST PLC
20 September 1999

Preliminary Announcement of Unaudited results for the year ended 30 June 1999

I am pleased to report that the sixth year of the Govett Emerging Markets
Investment Trust saw the resurgence in the world's developing stock markets.
Over the twelve months to 30th June 1999 the net asset value of the Trust rose
by 21% to 103.9 pence. However, this result masks a volatile performance during
the year. The share price increased from 71 pence to 82.5 pence over the period.
The discount to asset value reflects the perceived investment attraction of the
investment mandate. This varied widely during the year reflecting the volatility
of investor sentiment.

I commented in my interim statement that despite a difficult six months for
investors, the long-term investment case for emerging markets remains intact.
With this in mind I said we intended to increase the gearing of the portfolio as
opportunities arose. As discussed in the review, the portfolio has been
progressively geared over the past six months and this has been of benefit to
the portfolio, in which the NAV and the share price rose by 51% and 68%
respectively. Your board continues to believe that, despite the recent recovery,
there remains long-term value in the emerging markets and in consequence is
preparing to increase gearing within prudent limits. The combination of rising
markets and low, borrowing costs is an attractive one for an investment trust.

The comprehensive review of our strategy that was undertaken and the greater
degree of selectivity in our investment process that was introduced were
rewarded by better performance last year. This meant that the Manager focused
the portfolio so as to reinforce the inherent qualities of the above average
growth at attractive valuations that selected emerging markets offer. The
performance of the Trust, which had suffered in the latter half of 1998,
improved markedly in 1999.

Our share price, which reached a low of 38 pence in September 1998, is 76 pence
at the time of writing. Although the discount to net assets has recovered from
its widest point it continues to be uncomfortably high. As I mentioned in the
interim statement, the Board intends to implement powers to buy back its own
shares and this will he voted upon at the Annual General Meeting. This has the
twin objective of the enhancement of the shareholder value and the stabilisation
of the discount to asset values.

The Association of Investment Trust Companies (AITC) has launched a significant
advertising campaign. All Trust companies were invited to contribute to the cost
of the campaign. The Board views this as a necessary move, which should have the
effect of reducing investment trust discounts. We have therefore decided to
support the campaign. This will be reinforced by the AIB Govett advertising and
promotion budget to draw attention to the attractions of our trust.

Turning to the composition of the Board, it is now over five years since the
formation of your Trust and changes are appropriate. At the age of 72, I feel it
is time to make way for younger blood, at the time of the AGM in the year 2000
at the latest. Bill Govett intends to retire at the AGM this year. He has given
important service to the company and he will be missed. I am pleased that Kevin
Pakenham has agreed to continue to serve for the time being, but he intends to
have stepped down by the time of the AGM in the year 2000. These departures and
the introduction of new directors mean that we shall have a desirable blend of
change and continuity to take the company forward.

We have agreed with AIB Govett Asset Management a reduction in the period of
notice required to terminate the investment agreement from 2 years to 1 year.
This is in order to conform to industry practices and I am grateful to our
Manager for their co-operation.

Finally, I am pleased to announce a dividend of 0.50 pence per share, which is
the same amount as last year.

John Morrell, Chairman
17th September 1999


Unaudited Statement of Total Return (incorporating the revenue account) for the
year to 30th June 1999

                          Year to 30th June l999      Year to 30th June 1998
                        Revenue    Capital    Total  Revenue   Capital    Total
                          £000s      £000s    £000s    £000s     £000s    £000s
Realised and unrealised 
 gains/(losses) on 
 investments                 -       7,011    7,011        -   (19,072) (19,072)

Net foreign currency 
 exchange differences         -       (239)    (239)       -       261      261

Income from investments     663          -      663      840         -      840

Deposit interest             28          -       28       21         -       21

Investment management fee   (64)      (255)    (319)    (112)     (449)    (561)

Other expenses             (288)       (88)    (376)    (304)      (59)    (363)


Net return before finance 
 costs and taxation         339       6,429   6,768      445   (19,319)  18,874)

Interest payable             (8)        (33)    (41)     (29)     (118)    (147)


Return on ordinary activities 
 before taxation            331       6,396   6,727      416   (19,437) (19,021)

Tax on ordinary activities (100)         42     (58)    (142)       59      (73)


Return on ordinary activities 
 after taxation             231       6,438   6,669      274   (19,368)  19,094)


Ordinary dividend          (179)          -    (179)    (179)        -     (179)


Transfer to Reserves         52       6,438   6,490       95   (19,368) (19,273)


Return per Ordinary Share  0.65p      18.00p  18.65p    0.77p  (54.15)p (53.38)p


                                       1999             1998
CAPITAL                                £000             £000

Investments at valuation             43,990           28,821

Net current (liabilities)/assets     (6,825)           1,854


                                     37,165           30,675


Net Asset Value: per share           103.90p           85.75p


The Directors announce that they recommend a final dividend of 0.50 pence per
share which, if approved at the Annual General Meeting, will be paid on 29
October 1999 to all persons registered as holders of the ordinary shares of the
Company at the close of business on 1 October 1999. The ex-dividend date is 27
September 1999.

The Annual General Meeting of the Company will be held at 12 noon on 21st
October 1999 at Shackleton House. We look forward to meeting shareholders at the
AGM, which will be followed by a brief presentation.

The Company's annual report and accounts will be sent to shareholders in
September 1999. Copies will be available to the public at the registered office
of the Company, Shackleton Home, 4 Battle Bridge Lane, London

This preliminary statement which has been agreed with the auditors, was approved
by the Board on 17 September 1999. It is not the Company's statutory accounts.
The statutory accounts for the period ended 30th June 1998 have been delivered
to the Register of Companies and received an audit report which was unqualified
and did not contain statements under s237(2) or (3) of the Companies Act 1985.
The statutory accounts for the year ended 30th June 1999 have not yet been
audited or filed.

Shackleton House                        By order of the Board
4 Battle Bridge Lane                    AIB Govett Secretaries Limited
London                                  Secretary
SE1 2HR                                 17th September 1999
                                        Registered in England no:2819577