Directorate Change

Monks Investment Trust PLC
01 September 2003

                         The Monks Investment Trust PLC

                            Appointment of Director

The Company is pleased to announce the appointment of Miss Carol Ferguson to the
Board with effect from 1 September 2003.

Carol Ferguson, who is 56, is a former partner in Wood Mackenzie and Company,
stockbrokers. She is a director of a number of companies including Gartmore
Smaller Companies Trust plc, Vernalis Group plc and the Association of
Investment Trust Companies. She is also a former financial journalist with The
Times.

Miss Ferguson does not currently hold shares in the Company.

The appointment of Miss Ferguson falls to be ratified by Shareholders at the
Annual General Meeting of the Company to be held in August 2004.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                1 September 2003


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