Korea Asia Fund Ld
12 June 2000

The Korea Asia Fund Limited announces that on 12 June 2000 the Company purchased
for cancellation 600 IDRs (300,000 Ordinary Shares) at a price of US$3.414 per
Ordinary Share. Following the purchase, 72,575,000 Ordinary Shares remain in
issue.

Enquiries:

Steve Martin
Company Secretarial Advisors
KPMG
Tel: 01727 733102

Tom Durie
Company Broker
HSBC Investment Bank
Tel: 020  7336 2004