Gartmore Fledgling Trust plc

Transaction in Own Securities

Gartmore Fledgling Trust plc, managed by Gartmore Investment Limited,
repurchased for cancellation, on 6th January 2004, 30,000 Ordinary shares at a
price of 258.0p per share, representing 0.12% of the Ordinary shares then in
issue.

This is the twelfth repurchase of Ordinary shares pursuant to a general
authority given by shareholders at the Company's Annual General Meeting held on
7th October 2003.  The Company has repurchased 0.56% of its Ordinary shares
since that date.  The transaction has reduced the number of Ordinary shares in
issue to 24,927,505.

                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                        

GARTMORE INVESTMENT LIMITED

SECRETARIES

7th January 2004



END