Holding in Company

Govett Emerging Markets Inv Tst PLC
5 February 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     GOVETT EMERGING MARKETS INVESTMENT TRUST PLC

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     LAKE ASSET MANAGEMENT LTD ON BEHALF OF THE METAGE SPECIAL EMERGING 
     MARKETS FUND LTD

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

     500,000

8)   ( NOT ADVISED%) of issued Class

9)   Class of security

     ORDINARY 10P SHARES

10)  Date of transaction

     02/02/2001

11)  Date company informed

     05/02/2001

12)  Total holding following this notification

     709,458 NO LONGER A NOTIFIABLE HOLDING
               
              
13)  Total percentage holding of issued class following this notification

     1.98%

14)  Any additional information

     NO

15)  Name of contact and telephone number for queries

     SARAH WALTHAM
     020 7940 5745

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

     Date of Notification .... 5/2/2001