Transaction in Own Shares

Monks Investment Trust PLC
16 July 2004

                         The Monks Investment Trust PLC

                           Purchase of Own Securities

On 16 July 2004, the Company purchased for cancellation 3,000,000 ordinary
shares at a price of  161p.

There remain 291,355,295 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    16 July 2004


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