Korea Asia Fund Ld
23 June 2000


Letter to Company Announcements Office

The Korea Asia Fund Limited

The Korea Asia Fund Limited announces that on 23 June 2000 the Company purchased
for cancellation 300 IDRs (150,000 Ordinary Shares) at a price equivalent to
US$3.213 per Ordinary Share. Following the purchase 72,397,500 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

Letter from KPMG