Investment policy

Govett Asian Recovery Trust PLC
27 October 2003


Govett Asian Recovery Trust PLC

Investment policy

The Board of Govett Asian Recovery Trust PLC (the 'Company') notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it is the Company's policy to invest no more
than 15% of its gross assets in other listed investment companies (including
listed investment trusts).

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