Gartmore Fledgling Trust plc

Transaction in Own Securities

Gartmore Fledgling Trust plc, managed by Gartmore Investment Limited,
repurchased for cancellation, on 21st January 2004, 10,000 Ordinary shares at a
price of 280.0p per share, representing 0.04% of the Ordinary shares then in
issue

This is the sixteenth 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 1.44% of its Ordinary shares
since that date.  The transaction have reduced the number of Ordinary shares in
issue to 24,707,505.

                    
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                                                                            
                                                                                    

GARTMORE INVESTMENT LIMITED

SECRETARIES

23rd January 2004



END