  We present the discovery observations of the optical counterpart of the
gamma-ray burster GRB990712 taken 4.16 hours after the outburst and discuss its
light curve observed in the V, R and I bands during the first ~35 days after
the outburst. The observed light curves were fitted with a power-law decay for
the optical transient (OT), plus an additional component which was treated in
two different ways. First, the additional component was assumed to be an
underlying galaxy of constant brightness. The resulting slope of the decay is
0.97+/-0.05 and the magnitudes of the underlying galaxy are: V = 22.3 +/- 0.05,
R = 21.75 +/- 0.05 and I = 21.35 +/- 0.05. Second, the additional component was
assumed to be a galaxy plus an underlying supernova with a time-variable
brightness identical to that of GRB980425, appropriately scaled to the redshift
of GRB990712. The resulting slope of the decay is similar, but the
goodness-of-fit is worse which would imply that either this GRB is not
associated with an underlying supernova or the underlying supernova is much
fainter than the supernova associated with GRB980425. The galaxy in this case
is fainter: V = 22.7 +/- 0.05, R = 22.25 +/- 0.05 and I = 22.15 +/- 0.05; and
the OT plus the underlying supernova at a given time is brighter. Measurements
of the brightnesses of the OT and the galaxy by late-time HST observation and
ground-based observations can thus assess the presence of an underlying
supernova.
