Final Results

Monks Investment Trust PLC
29 May 2002


                         THE MONKS INVESTMENT TRUST PLC

                     Results for the year to 30 April 2002



Over the year Monks outperformed its comparative index by 5.3 percentage points.
While net asset value per share fell by 10.6%, the value of the FTSE World Index
in sterling terms fell by 15.9%. The cause of the relative outperformance was a
combination of a defensive strategy, with a heavy weighting in bonds and cash,
and good stock selection.

     Turnover of holdings was lower than in the previous year, but exposure to
     technology was reduced, especially IT hardware and telecoms. This was
     offset by an increase in consumer goods and financials. Exposure to Asia 
     Pacific was increased from 4.5% to 7.0% and North America from 33.5% to 
     36.1%, while the Japanese stake dropped to 6.0% from 9.2%.

     In the second half of the year, net asset value per share rose by 9%
     compared with a gain of 3% in the FTSE World Index in sterling terms.

     As expected, earnings per share were lower at 1.61p as opposed to 1.83p
     and a reduced final dividend of 1.0p (1.2p) is being proposed to give a
     total for the year of 1.6p (1.8p).

     The outlook remains uncertain, with a high degree of international
     political risk and the threat of further terrorist attacks influencing
     sentiment. However, most major economies do seem to be on a path of 
     moderate growth and while interest rates may increase slightly, rises will 
     be from low levels. Markets generally are still relatively highly rated and 
     market progress will depend on a trend of increased profits. This trend has 
     not yet been established and a cautious stance is still being maintained.

Monks, with total assets of £800 million, invests internationally in order to
achieve capital growth. An ISA and a Share Plan are available. Monks is managed
by Baillie Gifford & Co., the leading independent Edinburgh based fund
management group with around £23 billion under management and advice.

28 May 2002.

                                    - ends -


For further information please contact:

Richard Burns, Manager

The Monks Investment Trust PLC 0131 222 4000

                                        07703 439 226 (mobile)

Mike Lord, Director

Broadgate Marketing     020 7726 6111


Baillie Gifford & Co. is regulated by the FSA.




                         THE MONKS INVESTMENT TRUST PLC

The following is the unaudited preliminary statement for the year to 30 April
2002 which was approved by the Board on 28 May 2002. The Directors of The Monks
Investment Trust PLC are recommending to the Annual General Meeting of the
Company to be held on 29 July 2002 the payment of a final dividend of 1.00p net
(1.20p+ net last year) per ordinary share, making a total of 1.60p net (1.80p+
net last year) per ordinary share for the year ended 30 April 2002.



                           STATEMENT OF TOTAL RETURN

               (unaudited and incorporating the revenue account*)


                                              For the year ended                          For the year ended
                                                30 April 2002                                30 April 2001

                                        Revenue     Capital         Total            Revenue     Capital          Total
                                          £'000       £'000         £'000              £'000       £'000          £'000

(Losses)/gains on investments                 -     (79,925)      (79,925)                 -      12,796         12,796

Currency losses                               -        (201)         (201)                 -      (1,682)        (1,682)

Income (note 1)                          18,497           -        18,497             20,758           -         20,758

Investment management fee                (3,721)          -        (3,721)            (4,581)          -         (4,581)

Other administrative expenses              (593)          -          (593)              (950)          -           (950)

Net return before finance costs and      14,183     (80,126)      (65,943)            15,227      11,114         26,341
taxation                                 

Finance costs of borrowings              (8,351)          -        (8,351)            (8,524)          -         (8,524)

Return on ordinary activities             5,832     (80,126)      (74,294)             6,703      11,114         17,817
before taxation                           

Tax on ordinary activities                 (923)          -          (923)              (809)          -           (809)

Return on ordinary activities after       4,909     (80,126)      (75,217)             5,894      11,114         17,008
taxation                                  

Dividends in respect of equity           (4,882)          -        (4,882)            (5,477)          -         (5,477)
shares (note 2)

Transfer to/(from) reserves                  27     (80,126)      (80,099)               417      11,114         11,531

Return per ordinary share                  1.61p    (26.26p)      (24.65p)             1.83p+      3.46p+         5.29p+
(note 3)

Dividends per ordinary share               1.60p                                       1.80p+



* The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.

+Restated for the five for one share split in July 2001(see note 5).





                         THE MONKS INVESTMENT TRUST PLC

                            SUMMARISED BALANCE SHEET

                                at 30 April 2002

                                  (unaudited)
                                                                                                        

                                                                       30 April 2002                 30 April 2001
                                                                       £'000                         £'000
Net assets

Investments at market value                                            784,323                       850,565
Net liquid assets                                                      2,305                         16,194
Total assets (before deduction of loans and debentures)                786,628                       866,759
Debentures and short term borrowings (note 4)                          (110,237)                     (110,269)
                                                                       676,391                       756,490
Capital and Reserves
Called-up share capital                                                15,257                        15,257
Capital reserves                                                       644,023                       724,149
Revenue reserve                                                        17,111                        17,084
Equity shareholders' funds                                             676,391                       756,490

Net asset value per ordinary share                                     221.5p                        247.7p+
(after deducting prior charges at par)

Ordinary shares in issue (note 5)                                      305,130,295                   305,130,295+





                             DISTRIBUTION OF ASSETS

                                at 30 April 2002

                                  (unaudited)

                                                                       30 April 2002                 30 April 2001
                                                                       %                             %

Equities:                United Kingdom                                22.8                          20.8
                         Continental Europe                            10.7                          10.9
                         North America                                 36.1                          33.5
                         Japan                                         6.0                           9.2
                         Asia Pacific                                  7.0                           4.5
                         Other Emerging Markets                        1.5                           1.4
                                                                       84.1                          80.3

Bonds:     UK                                                          3.7                           1.1
Continental Europe                                                     6.3                           2.9
North America                                                          5.6                           13.8
Net liquid assets                                                      0.3                           1.9
Total assets (before debentures and short term borrowings)             100.0                         100.0



     + Restated for the five for one share split in July 2001 (see note 5).





                         THE MONKS INVESTMENT TRUST PLC

                         SUMMARISED CASH FLOW STATEMENT

                                   (unaudited)

                                                                   For the year ended            For the year ended
                                                                     30 April 2002                 30 April 2001

                                                                    £'000         £'000             £'000         £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                        13,409                          14,477

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                       (8,262)                         (8,533)

TOTAL TAX PAID                                                                     (702)                           (650)

FINANCIAL INVESTMENT
Acquisitions of investments                                      (270,630)                       (413,292)
Disposals of investments                                          259,436                         461,435
Realised currency loss                                               (266)                           (104)

NET CASH (OUTFLOW)/INFLOW FROM FINANCIAL INVESTMENT                             (11,460)                         48,039
                                                                                
EQUITY DIVIDENDS PAID                                                            (5,492)                         (6,021)

NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING                                      (12,507)                         47,312

FINANCING
Shares purchased for cancellation                                       -                         (73,118)
Bank loans repaid                                                 (30,713)                        (30,705)
Bank loans drawn down                                              30,713                          30,991

NET CASH OUTFLOW FROM FINANCING                                                        -                        (72,832)

DECREASE IN CASH                                                                (12,507)                        (25,520)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT
Decrease in cash in the period                                                  (12,507)                        (25,520)
Net inflow from bank loans                                                            -                            (286)
Exchange movement on bank loans                                                      65                          (1,578)
Other non-cash changes                                                              (33)                            (32)

MOVEMENT IN NET DEBT IN THE PERIOD                                              (12,475)                        (27,416)

NET DEBT AT 1 MAY                                                               (93,380)                        (65,964)

NET DEBT AT 30 APRIL                                                           (105,855)                        (93,380)





                         THE MONKS INVESTMENT TRUST PLC

                                     NOTES

                                                                          30 April 2002                    30 April 2001
                                                                                  £'000                            £'000
1.     Income

       Income from investments and interest receivable                           18,478                           20,743
       Other income                                                                  19                               15

2.     The total cost of the dividends for the year is £4,882,000 (2001 - £5,477,000). If approved, the final dividend
       will be paid on 5 August 2002 to all shareholders on the register at the close of business on 12 July 2002.

3.     Return per ordinary share

       Revenue return                                                             4,909                            5,894
       Capital return                                                           (80,126)                          11,114

       Return per ordinary share is based on the above totals for revenue and capital and on 305,130,295 (2001 -
       321,635,600) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

4.     Loans and debentures include €50 million (2001 - €50 million) drawn down under a short-term multi-currency loan
       facility. The market value of debenture stocks at 30 April 2002 was £90,927,000 (30 April 2001 - £92,148,000).

5.     At the AGM in July 2001 shareholders approved a resolution to sub-divide each of the Company's ordinary shares of
       25p into five ordinary shares of 5p each, which increased the number of ordinary shares in issue from 61,026,059
       to 305,130,295. All per share figures for the prior periods have been restated.

6.     At the AGM shareholders also approved the renewal of the Company's authority to buy back its own ordinary shares
       in respect of 45,739,031 ordinary shares of 5p each (equivalent to 14.99% of its share capital at that date). No
       ordinary shares were bought back in the period under review and, therefore, at 30 April 2002 the Company's
       authority to buy back its own shares remained unchanged at 45,739,031 ordinary shares of 5p each.

7.     The financial information set out above does not constitute the Company's statutory accounts for the year ended
       30 April 2002. The financial information for 2001 is derived from the statutory accounts for 2001 which have been
       delivered to the Registrar of Companies. The Auditors have reported on the 2001 accounts; their report was
       unqualified and it did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The
       statutory accounts for 2002 will be finalised on the basis of the financial information presented in this
       preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual
       General Meeting.




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