RNS Number:4073G
Govett Asian SmallerCo'sInv.Tst Ld
4 July 2001


                  DEALINGS BY SUBSTANTIAL SHAREHOLDERS


1)   NAME OF COMPANY

     GOVETT ASIAN SMALLER COMPANIES INVESTMENT TRUST LIMITED

2)   NAME OF SHAREHOLDER HAVING A MAJOR INTEREST

     LAZARD ASSET MANAGEMENT - FUNDS UNDER DISCRETIONARY MANAGEMENT

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.

     NOT ADVISED

6)   ( N/A %) of issued Class

7)   Number of shares/amount of stock disposed

     NOT ADVISED 

8)   ( N/A %) of issued Class

9)   Class of security

     ORDINARY US$0.01

10)  Date of transaction

     NOT ADVISED

11)  Date company informed

     3.7.01

12)  Total holding following this notification

     359,945
               
              
13)  Total percentage holding of issued class following this notification

     1.37%

14)  Any additional information

     NO LONGER A NOTIFIABLE HOLDING

15)  Name of contact and telephone number for queries

     ELIZABETH DUCIE
     0207 9405737

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

     Date of Notification  4.7.01



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