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



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