Holding in Company

Govett Asian Recovery Trust PLC
23 August 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     GOVETT ASIAN RECOVERY TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     EXETER ASSET MANAGEMENT LIMITED

3)   Please state whether notification indicates that it is in respect of 
     holding of the Shareholder named in 2 above or in respect of a 
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

     AS IN 2

4)   Name of the registered holder(s) and, if more than one holder, the 
     number of shares held by each of them.

     NOT ADVISED

5)   Number of shares/amount of stock acquired.

     -

6)   ( - %) of issued Class

7)   Number of shares/amount of stock disposed

     200,000

8)   (0.55%) of issued Class

9)   Class of security

     ORDINARY 10P

10)  Date of transaction

     17.8.01

11)  Date company informed

     20.8.01

12)  Total holding following this notification

     1,300,000
               
13)  Total percentage holding of issued class following this notification

     3.59%

14)  Any additional information

     -

15)  Name of contact and telephone number for queries

     ELIZABETH DUCIE         020 7940 5737

16)  Name and signature of authorised company official responsible for 
     making this notification

     Date of Notification ....23.8.2001....................