Interim Results - 6 Months to 31 December 1999

Govett Emerging Markets Investment Trust PLC
28 February 2000


    Preliminary Announcement of Govett Emerging Markets Investment Trust PLC

          Unaudited Results for the half year ended 31st December 1999

                              Chairman's Statement

Over  the  six  month period the net asset value of the Trust  rose  from  £37.2
million to £46.8 million, an increase of 25.8%. This compares to an increase  in
the MSCI Global Emerging Markets Index of 16.0% in sterling terms. The net asset
value per share rose from 103.90 pence to 128.83 pence and the share price  rose
from  82 1/2 pence to 99 1/2 pence. This reflects the gradual return of
confidence to  markets  that  were  clearly  over-sold. It  also  reflects  our 
policy  of concentrating  our  portfolio on the quality markets and a
constructive  use  of financial gearing within prudent limits.

In  reading my statements and our Managers' review over the last two years,  one
could  be  forgiven  for wondering whether our continued optimism  for  emerging
market  investment would be justified. Even our most optimistic  views did  not
foresee  a share price return of 102.0% over twelve months following the horrors
of  1998. This was the result of a remarkable recovery in many emerging markets,
arising  from  both a positive cyclical recovery and the continuation  of  their
long-term  growth  potential. Above average sustainable growth  is  anticipated,
which continues to offer a sound basis for investment.

The question of the most appropriate benchmark continues to exercise us. We have
decided that in the future we will show our results in relations to a number  of
reference  points of relevance to a performance appraisal (various indices,  the
peer  group,  return over cash etc). For our shareholders we  believe  that  the
principal  and  most relevant reference point from henceforth  is  the  sterling
denominated MSCI Emerging Markets Free Index.

The  discount at which our shares trade is of continuing concern to  the  Board.
Accordingly,  at a specifically convened EGM we are taking powers  to  renew 
our authority  to buy back shares and to amend the Company's Articles to enable 
the Company  to  retain investment company status while effecting share
repurchases using capital profits. Furthermore, the AITC 'its' marketing
campaign is now  in full  swing and we have committed an additional marketing
budget of our own.  We are  beginning to see benefits from this programme as
evidenced by the reduction in the discount.

Following  the  retirement  of Bill Govett at the last  AGM  and  as  previously
announced, Kevin Pakenham and I will be resigning from the Board not later  than
the next AGM in October 2000. We have been particularly fortunate to secure the
services of Lord Stewartby who has indicated his willingness to take over from
me as Chairman. Lord Stewartby has extensive knowledge of the investment trust
industry and detailed knowledge of many of the emerging markets within which we
operate. He is Deputy Chairman of Standard Chartered plc amongst other
directorships. Arrangements are in hand through our Nomination Committee for
further appointments to the Board.

John Morrell, Chairman
28 February 2000.

Unaudited of Statement Total Return (incorporating the revenue account) 
For the half year ended 31st December 1999.
                    
                                   31st December 1999        31st December 1998
                              Revenue Capital Total  Revenue  Capital  Total
                              £000's  £000's  £000's £000's   £000's   £000's

Gains/(losses) on investments   -     9,805   9,805    -       (5,792)  (5,792)
Net foreign currency losses     -      (422)   (422)   -         (215)    (215)
Income                         198       -      198    323          -      323
Investment management fee      (50)    (201)   (251)   (31)      (124)    (155)
Other expenses                (152)     (42)   (194)  (143)       (46)    (189)

Net return before finance 
costs and taxation              (4)   9,140   9,136    149     (6,177)  (6,028)

Interest payable               (39)    (157)   (196)    -          (2)      (2)

Return on ordinary activities 
before tax                     (43)   8,983   8,940    149     (6,179)  (6,030)

Tax on ordinary activities     (22)             (22)   (48)        28      (20)

Return on ordinary activities 
after tax                      (65)   8,983   8,918    101     (6,151)   6,050

Dividends                       -        -      -       -           -       -

Total returns after 
dividends paid                 (65)   8,983   8,918    101     (6,151)   6,050

Return per ordinary share    (0.18)p  25.11p  24.93p  0.28p   (17.19)p (16.91)p

* The revenue column of this statement represents the revenue account of the
Company.
All the revenue and capital items in the above statement derive from continuing
activities.



                                                31st       30th         31st
                                            December       June     December
                                                1999       1999         1998
NET ASSETS                                      £000       £000         £000

Investment at valuation                       52,390     43,990       24,153
Net current (liabilities)/assets              (6,304)    (6,825)         472

                                              46,806     37,165       24,625

Net asset value per share                     128.83p    103.90p       68.84p

The figures and financial information for the period ended 30th June 1999 are an
extract from the latest published accounts and do not constitute statutory
accounts for the period as defined by section 240 of the Companies Act 1985

Those accounts, which have been delivered to the Registrar of Companies,
included the report of the auditors which was unqualified and did not contain
statements under s237(2) or (3) of the Companies Act 1985.

Shackleton House                       By order of the Board
4 Battle Bridge Lane                   AIB Govett Secretaries Limited
London                                 Secretary
SE1 2HR                                28th February 2000
                                       Registered in England no. 2819577