Retirement of Director

Monks Investment Trust PLC
24 July 2001

                        The Monks Investment Trust PLC

                            Retirement of Director

The Board of Directors announces the resignation of Mr Oliver Dawson from the
Board with effect from 24 July 2001.

The Board thanks Oliver for his past services and wishes him well for the
future.



                                                         Baillie Gifford & Co.

                                                           Company Secretaries