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GBAT Securities PLC (GBAZ)

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Friday 27 February, 2004

GBAT Securities PLC

Interim Results


                              GBAT Securities PLC                              

                             INTERIM ANNOUNCEMENT                              

                     FOR THE SIX MONTHS TO 31 JANUARY 2004                     

The Company, which is a wholly owned subsidiary of Gartmore Balanced Assets
Trust PLC (`GBAT'), was launched in November 1999. It has a fixed life to 1st
November 2004 and was established to provide gearing to the parent company, in
the form of Zero Dividend Preference ('ZDP') shares, and to enable the parent
to have an indefinite life. Arrangements are in place between GBAT and GBAT
Securities PLC to safeguard the interests of the ZDP shareholders and to
provide that they receive their final capital entitlement (subject to there
being sufficient assets available) on the ZDP repayment date.

As the Company is a wholly owned subsidiary the interim results announced
today, 27th February 2004, by GBAT incorporated the Company's results. The
Board do not consider that it is necessary to announce separate interim results
(statement of total return and balance sheet) for the Company as it holds only
a token portfolio, which generates minimal revenue. The interim report for the
Group will be posted to shareholders shortly.

The Net Asset Value per share of the ZDP's on 31st January 2004 per FRS4 was
48.4p (31 July 2003: 40.8p). The ZDP's were covered 0.3 times for repayment on
1st November 2004.

Gartmore Investment Limited

Secretaries

27th February 2004


              

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