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Themis FTSE Fldg Idx (TFF)


Friday 03 December, 1999

Themis FTSE Fldg Idx

Formula Asset Value

Themis FTSE Fledgling Index Tst PLC
3 December 1999

Offer by Gartmore Fledgling Index Trust plc for Themis FTSE Fledgling Index
Trust PLC

The Board of Themis FTSE Fledgling Index Trust PLC (the 'Company') notes the
announcement by Gartmore Fledgling Index Trust plc ('Gartmore Fledgling') that
as at 3:00pm on 2 December, 1999, it had received valid acceptances of its
share for share offer for the Company from shareholders representing in
aggregate 37,743,065 ordinary shares (representing 75.08% of the Company's
issued share capital) and that the Offer has been declared unconditional in
all respects subject only to the admission of the Gartmore Fledgling shares to
be issued pursuant to the Offer to the Official List of the London Stock
Exchange becoming effective (which admission has now become effective).  The
Directors note that the Offer will remain open for acceptances until further

The Formula Asset Value for each ordinary share of the Company as at 30
November, 1999 (the date on which the Offer was declared unconditional as to
acceptances) has been agreed at 161.3109p per share.  Gartmore Fledgling's
reported net asset value per share as at 30 November, 1999 was 183.3568p per
share.  Accordingly, accepting shareholders will receive:

for each ordinary share of   0.8798 of a new Gartmore
the Company                  Fledgling ordinary share

Any fractional entitlements shall be rounded down to the nearest whole number.

Given the level of acceptances as at 2 December, 1999 and the Offer having
being declared unconditional in all respects, your Board will not be pursuing
alternative proposals and sees no advantage to any shareholder who has not
accepted the Offer remaining as a minority shareholder in the Company.  In
these circumstances, your Directors, who have been so advised by Hoare Govett
Limited, recommend that any ordinary shareholders who have not already done so
accept the Offer.

Board changes

Peter Dicks has accepted an invitation from Mr. Jimmy West, the Chairman of
Gartmore Fledgling, to join that company's Board. Mr. Robert Williams and Mr.
David Morrison will resign with effect from the close of business today and
Mr. Jimmy West and Mr. John Hancox, both persons nominated by Gartmore
Fledgling, will be appointed as Directors in their place.

Changes to previously published information

Save as set out in this announcement, there have been no changes to
information previously published by or on behalf of the Company during the
offer period.

If shareholders are in any doubt about the action they should take, they
should consult an independent financial adviser authorised under the Financial
Services Act 1986 without delay.

Unless the context otherwise requires, the definitions contained in this
announcement are the same as those used in the circular to Shareholders dated
24 November 1999.

Hoare Govett Limited, which is regulated in the United Kingdom by the
Securities and Futures Authority Limited, is acting for Themis FTSE Fledgling
Index Trust PLC and no-one else in connection with the Offer and will not be
responsible to anyone other than Themis FTSE Fledgling Index Trust PLC for
providing the protections afforded to customers of Hoare Govett Limited, nor
for providing advice in connection with the contents of this announcement.

This announcement which has been issued by Themis FTSE Fledgling Index Trust
PLC has been approved by Hoare Govett Limited, which is regulated by The
Securities and Futures Authority Limited, for the purposes of section 57 of
the Financial Services Act 1986.


Bob Cowdell                  
Hoare Govett Limited         0207 678 8000


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