Holding(s) in Company

Govett Asian Recovery Trust PLC
07 August 2002


                   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

        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

        500,000

        6) Percentage of issued class

        1.38%

        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

        5th August 2002



        11) Date company informed

        7th August 2002

        12) Total holding following this notification

        1,700,000 shares



        13) Total percentage holding of issued class following this notification

        4.67%


        14) Any additional information

        -

        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 7th August 2002



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