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Universal Salvage (UVS)

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Wednesday 29 November, 2000

Universal Salvage

Holding in Company

Universal Salvage PLC
28 November 2000



SECTION 198 NOTIFICATION

Pursuant to Section 198 of the Companies Act 1985, the Company was notified on
the 27th November 2000 by Gartmore Investment Management Limited, of a
registered holding of 2,989,090 Ordinary Shares of 10p each in Universal Salvage
plc, representing 11.10% of the Company's issued share capital, by way of the
attached schedule.

LETTER TO:  UNIVERSAL SALVAGE PLC

We, Gartmore Investment Limited (GIL), Gartmore Fund Managers Limited (GFM) and
Fenplace Two Limited (FTL) write to advise you pursuant to Section 198 of the
Companies Act 1985 (the 'Act') as amended by the Disclosure of Interest in
Shares (amendment) Regulations 1993, that:

1.  This notification relates to the ordinary 10p share capital of Universal    
   Salvage Plc.

2.  The number of shares of the person(s) with an interest, for the purposes of 
   Section 208 and 209 of the Act, immediately after the time when the          
  obligation arose, are shown on the attached schedule.

3.  The identities of the registered holders of these shares and the number of  
   shares held by each holder, so far as is known at the date of this           
  notification, are shown on the attached schedule.

4.  The percentages quoted on the attached schedule are based on your issued    
   share capital of 26,925,643 as advised to us by Exshare.

5.  None of the attached schedules relates to interests as mentioned in Section
    208 (5) of the Act.

From:  Gartmore Investment Management

                  UNIVERSAL SALVAGE ORD GBP0.10

Number Of     Percentage of     Registered Owner          Beneficial Owner
Shares Held   Issue Capital         

160137               .59 %    BANK OF NEW YORK NOMINEES    GARTMORE ABSOLUTE
                              LIMITED                      GWTH+INC (GROWTH)

214737               .79 %    BNY GIL CLT A/C NOMS LTD     GARTMORE FLEDGLING
                              A/C GMT                      INDEX TRUST PLC

 20200               .07 %    BNY GIL CLT A/C NOMS LTD     HUNTING UK EQTY
                              A/C HUKE                     SATELLITE SMALLER CO

 35000               .13 %    RBSTB NOMINEES LIMITED       CORP OF LONDON -
                              A/C CHCOLBHE                 BRIDGE HSE SMALLER

1255496             4.68 %    BNY GIL CLT A/C NOMS LTD     GARTMORE GROWTH 
                              A/C NWSC                     OPPORTUNITIES

 894331             3.32 %    RBSTB NOMINEES LTD           GARTMORE UK & IRISH
                                                           SMLLR CO'S FUND

 179800              .66 %    BNY GIL CLT A/C NOMS LTD     SMALLER CO'S EXEMPT
                              A/C SMCE                     FUND

 149389              .55 %    HSBC GLOBAL CUSTODY          WEST MIDLANDS METRO
                              NOMINEE (UK) LTD             ETHICAL

  80000              .29 %    CAPITAL STRATEGY FUND LTD    CAPITAL STRATEGY UK
                              A/C CSBF                     SMALLER COS FUND

2989090             11.10%                      No. of shares issued  26925643