Closure of forward contract

Monks Investment Trust PLC
23 May 2005

                         The Monks Investment Trust PLC

                      Closure of forward currency contract

On 30 November 2004 the Company opened  a forward currency contract to hedge
approximately half of the value of its US portfolio (US$200m) against further
weakening of the US dollar. On 20 May 2005, the Company closed out this
contract, realising a loss of £3.3m.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     23 May 2005


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