GARTMORE FLEDGLING TRUST PLC                          

In accordance with Listing Rule 21.20(l)(ii), Gartmore Fledgling Trust plc
announces that at 31st December 2003 the ten largest investments held were as
follows:

Company                                                 �'000     Percentage of
                                                                   Gross Assets
                                                                               
Guinness Peat Group                                     4,321               5.5
                                                                               
Avon Rubber                                               842               1.1
                                                                               
Melrose Resources                                         834               1.1
                                                                               
Wiggins Group                                             821               1.1
                                                                               
Fibernet Group                                            791               1.0
                                                                               
Renold                                                    765               1.0
                                                                               
JKX Oil & Gas                                             764               1.0
                                                                               
Clarkson                                                  741               0.9
                                                                               
NSB Retail Systems                                        732               0.9
                                                                               
Edinburgh Oil & Gas                                       677               0.9

Gartmore Investment Limited

Secretaries

7th January 2004



END