Change of Manager

Govett Asian Recovery Trust PLC
17 November 2003

17 November 2003



Govett Asian Recovery Trust PLC



Change of Investment Manager



Further to their announcement on 4 November 2003, the Board of Govett Asian
Recovery Trust PLC (the 'Company') now announce that they have appointed
Gartmore Investment Limited ('Gartmore') as Manager to the Company. This follows
the announcement by Allied Irish Banks, p.l.c. of the intended sale of certain
of the management contracts of Govett Investment Management Limited to Gartmore
Investment Management p.l.c.

Gartmore has been appointed Investment Manager through the novation of the
investment management agreement between the Company and Govett Investment
Management Limited with no changes to the terms of the agreement and no costs or
charges to the Company.

Under its articles, the Company is required to call a continuation vote by 29
January 2004. The Board is consulting with its advisors and Gartmore and will be
writing to shareholders shortly.



Enquiries:



David Price
Chairman
020 7628 8000

Angus Gordon Lennox
Cazenove & Co. Ltd
020 7588 2828


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