Result of EGM

Gartmore Monthly Income Tst PLC
25 February 2002



25 February 2002


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

Result of Gartmore Monthly extraordinary general meeting

The Directors of Gartmore Monthly announce that the ordinary resolution proposed
at the extraordinary general meeting of Gartmore Monthly held earlier today was
passed.

Amendment to articles of association of GMIT Securities to provide for 2004
redemption option

The Board of GMIT Securities announces that the special resolution
('Resolution'), proposed at the Extraordinary General Meeting of GMIT Securities
to amend the articles of association of GMIT Securities to provide for the 2004
redemption option has been passed. As referred to above, the Directors of
Gartmore Monthly were authorised by holders of Gartmore Monthly ordinary shares
('Ordinary Shareholders'), at the extraordinary general meeting of Gartmore
Monthly held earlier today, to vote the ordinary shares held by Gartmore Monthly
and its nominees in GMIT Securities in favour of the Resolution.

Level of redemption notifications received to date

The Board also announce that as at 22 February 2002, 9,756,548 ZDP Shares
(representing 9.4 per cent. of the ZDP Shares in issue) have so far been elected
for redemption in April 2002.

The Board would like to remind ZDP Shareholders that they have a further 11 days
until 8 March 2002 (the latest date for the receipt of redemption notifications)
to return their redemption notifications should they choose to elect for some or
all of their ZDP shares to be redeemed in April 2002. ZDP Shareholders who
decide to return redemption notifications are advised to use the reply paid
envelope previously supplied and to allow at least 3 clear business days for
delivery.

Portfolio composition review

As at 22 February 2002, the total assets of the Group were invested as follows:

                                                                             %                          £m

Equity portfolio                                                          66.9                       135.8
Income portfolio                                                          28.8                        58.5
Cash or cash equivalents                                                   4.3                         8.6
Total assets                                                             100.0                       202.9

As at 22 February 2002, £7.2 million had been realised from the income portfolio
since the commencement of such realisations during December 2001. It is the
intention of the Board and the investment manager to continue to undertake such
realisations, to provide liquidity to assist with funding the redemption of ZDP
Shares and any related prepayment of the bank facility, in a manner which they
consider most likely to preserve value for the Group's ongoing shareholders.

Timetable

The Directors expect to write to Ordinary Shareholders and ZDP Shareholders
(together 'Shareholders'), at the earliest practicable date which is expected to
be on or around 25 April 2002, to report the outcome of their review of the
Group's ongoing viability and either advise Shareholders of the prospects for
the ongoing Group (including the revised dividend policy, anticipated portfolio
composition and capital structure) or report that, after having taken all
relevant factors into consideration, they have concluded that the ongoing Group
is not viable. In the latter instance, the Board will put proposals to
Shareholders which may include a winding-up or a reconstruction of the Group.

ZDP Shareholders who do not wish to redeem any ZDP Shares pursuant to the
redemption option should not complete or return their redemption notification
and need take no further action.

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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