ZDP Share Redemption Result

Gartmore Monthly Income Tst PLC
11 March 2002

11 March 2002


 Gartmore Monthly Income Trust PLC ('Gartmore Monthly'/the 'Company') and GMIT
           Securities PLC ('GMIT Securities') (together the 'Group')


                    Result of ZDP Share redemption elections

The board of directors of GMIT Securities announces that 80,021,124 ZDP shares
(representing 76.78 per cent. of the ZDP shares in issue) have been elected for
redemption on or around 30 April, 2002. The aggregate redemption entitlement
attributable to those ZDP shares elected for redemption in 2002, based upon the
accrued capital entitlement of 109.37p per ZDP share as at 30 April, 2002, is
£87,519,103.

As announced on 25 February 2002, the special resolution proposed at the
Extraordinary General Meeting of GMIT Securities held that day to amend the
articles of association of GMIT Securities to provide for the 2004 redemption
option was passed.


As noted in the circulars issued by Gartmore Monthly and GMIT Securities each
dated 8 February, 2002, the Group will be required to realise securities from
its portfolio in order to fund the redemption of ZDP shares and the related
prepayment of the bank facility (together with associated repayment costs) in
order to comply with the financial covenants contained in that facility
agreement.


In considering the prospects and ongoing viability of the Group, the Directors
will consider the required level of prepayment of the bank facility to be made
at the same time as those ZDP shares elected for redemption are redeemed. Such a
prepayment would be intended to ensure that there is sufficient headroom to
withstand further falls in the market value of the Group's investments before
the financial covenants contained in the bank facility are breached. The actual
amount of the bank facility to be prepaid, together with any associated breakage
costs arising from terminating (in whole or in part) the Group's existing
interest rate swap arrangement, will not be determined until April 2002 and will
depend, among other factors, upon the level of total assets of the Group at that
time, the value of the assets expected to be comprised in the income portfolio
and equity portfolio and market movements generally. As at the close of business
on Friday, 8 March 2002, the total value of the Group's portfolio was £202.5
million. Approximately 70.7 per cent (£143.2 million) was invested in the equity
portfolio, 25.1 per cent. (£50.9 million) in the income portfolio and 4.2 per
cent. (£8.4 million) in cash.


Shareholders should be aware there can be no certainty as to the achievable
level and value of realisations from the Company's income share portfolio in
particular. There is therefore a risk that GMIT Securities may not, following
the prepayment of part or all of the bank facility (and associated repayment
costs), have sufficient realisable assets to be able to redeem the ZDP Shares at
their accrued capital entitlement of 109.37p per share on or around 30 April
2002. In such circumstances, the holders of all the ZDP Shares would instead be
repaid in a liquidation of GMIT Securities, save to the extent that they elect
to continue their investment in any successor investment vehicle made available
by the board of GMIT Securities. In this event, there may be no assets
attributable to the holders of ordinary shares in Gartmore Monthly.


The Directors expect to write to ordinary shareholders and ZDP shareholders at
the earliest practicable date, which is expected to be not 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

Bob Cowdell/Ian Davis                                 020 7678 8000
Hoare Govett Limited



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