Holding(s) in Company

Govett Asian Recovery Trust PLC
14 November 2003


                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


        1) Name of company

        Govett Asian Recovery Trust PLC

        2) Name of shareholder having a major interest

        The Carrousel Fund Limited and The Carrousel Fund II 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

        Not advised

        6) Percentage of issued class

        Not advised

        7) Number of shares/amount of stock disposed

        -

        8) Percentage of issued class

        -

        9) Class of security

        Ordinary shares of 10 pence each

        10) Date of transaction

        Not advised

        11) Date company informed

        14 November 2003

        12) Total holding following this notification

        The Carrousel Fund Limited 2,280,000 shares

        The Carrousel Funds II Limited 350,000 shares



        Total holding 2,630,000 shares

        13) Total percentage holding of issued class following this notification

        The Carrousel Fund Limited 6.40%

        The Carrousel Funds II Limited 0.98%

        Total 7.38%


        14) Any additional information

        Part of the holding by The Carrousel Fund Limited has been transferred
        to The Carrousel Fund II Limited, a new fund launched by Carrousel
        Capital Limited on 1 October 2003.

        15) Name of contact and telephone number for queries

        Eleanor Cranmer 020 7940 5742

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

        Eleanor Cranmer


        Date of notification 14 November 2003



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