Corporate Update

Gartmore Monthly Income Tst PLC 27 March 2002 Gartmore Monthly Income Trust PLC ('Gartmore Monthly') and GMIT Securities PLC (together the 'Group') The Directors announced on 8 February 2002 proposals for the redemption of ZDP shares on or around 30 April 2002 and that, as a consequence of such redemptions, part or all of the bank facility provided by The Royal Bank of Scotland (the 'Bank Facility') may be required to be prepaid. On 11 March 2002, the Directors announced that 76.78 per cent. of the ZDP shares in issue had been elected for redemption on or around 30 April 2002. The Directors have therefore decided that it is appropriate to realise a substantial proportion of the Group's equity portfolio in order to reduce the level of market risk to which the Group is exposed given the requirement to fund such ZDP share redemptions and the related prepayment of the Bank Facility referred to above. Consequently, approximately £88 million of the equity portfolio (representing approximately 71 per cent. of the equity portfolio) was sold in the market on 26 March, 2002. The Directors also announce that they have substantially hedged the Group's residual equity portfolio (of which approximately 83 per cent. are constituents of the FTSE 100 Index) by entering into FTSE 100 futures contracts with a notional value of £31.3 million, in order to reduce the impact of market movements on this part of the Group's residual equity portfolio. As a result of these transactions, the total assets of the Group as at 26 March, 2002 were invested as follows: £ million % portfolio Cash 124.9 64.7 Equity portfolio 35.4 18.3 Income share portfolio 32.9 17.0 Total assets 193.2 100.0 The Directors of Gartmore Monthly and GMIT Securities intend to write to ZDP shareholders and ordinary shareholders, as soon as practicable, and in any event by no later than 25 April, 2002, to report the outcome of their review of the ongoing viability of the Group. Enquiries: Roger Wood 020 7782 2000 Chairman Vivien Gould/Richard Prvulovich 020 7782 2000 Gartmore Investment Limited Ian Williams 020 7490 8828 Lansons Ian Davis 020 7678 8000 Hoare Govett Limited This information is provided by RNS The company news service from the London Stock Exchange