Holding in Company

Govett Asian Recovery Trust PLC
30 March 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 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.

     250,000

6)   (0.691%) of issued Class

7)   Number of shares/amount of stock disposed



8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY 10p SHARES

10)  Date of transaction

     29.3.01

11)  Date company informed

     30.03.01

12)  Total holding following this notification

     1,130,000
              
13)  Total percentage holding of issued class following this notification

     3.12%

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 ...30 MARCH 2001