Renewal of Buy Back Authority

Monks Investment Trust PLC
9 May 2001


                THE MONKS INVESTMENT TRUST PLC (THE 'COMPANY')

                        RENEWAL OF BUY BACK AUTHORITY

At an extraordinary general meeting of the Company held earlier today,
shareholders approved a resolution renewing the Company's authority to make
market purchases of up to 14.99 per cent of the Company's current issued share
capital, being 9,147,806 shares.

Such authority will expire on 8 November 2002 unless previously varied,
revoked or renewed. Future purchases of shares will only be made at prices
which, after allowing for costs, will enhance the net asset value of the
Company.

Under the previous share buy-back authority granted on 18 April 2000 the
Company made market purchases for cancellation of 6,792,811 shares,
representing 10.02 per cent of the 14.99 per cent authority granted at that
date. Such purchases increased net asset value for shareholders by
approximately 1.3 per cent.





                                                         Baillie Gifford & Co.

                                                           Company Secretaries