Directorate Change

Monks Investment Trust PLC
11 August 2003

                         The Monks Investment Trust PLC

                            Retirement of Directors

The Board of Directors announces the retirement of Michael Sayers and  Tim
Shakerley from the Board with effect from 6 August 2003. The Board thanks them
for their past services and wishes them well for the future.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries


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