THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION FOR WHICH THE SAME COULD BE UNLAWFUL.

This announcement is not an offer to sell, or a solicitation of an offer to acquire, securities in the United States or in any other jurisdiction in which the same would be unlawful. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

8 November 2022

THE MONKS INVESTMENT TRUST PLC

Legal Entity Identifier: 213800MRI1JTUKG5AF64

Proposed combination with The Independent Investment Trust PLC

Results of the Scheme and Issue of New Shares

In connection with the combination of the assets of the Company with the assets of The Independent Investment Trust PLC ("IIT") which was approved by IIT Shareholders earlier today, the Board of The Monks Investment Trust PLC (the "Company" or "MNKS") is pleased to announce that the Company will acquire approximately £173 million of net assets from IIT in consideration for the issue of 16,717,601 New Shares to IIT Shareholders in accordance with the Scheme.

The number of New Shares to be issued was calculated based on a MNKS FAV per Share of 1,035.305776 pence and an IIT FAV per Share of 454.237179 pence, producing a conversion ratio of approximately 0.438747 of a New Share for every IIT Share rolling over, each calculated in accordance with the Scheme. As set out in the shareholder circular published by the Company on 6 October 2022 (the "Circular"), fractions of New Shares arising as a result of the conversion ratio will not be issued under the Scheme and entitlements to such New Shares will be rounded down to the nearest whole number.

Applications have been made for the New Shares to be admitted to the premium segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange (together, "Admission"). It is expected that Admission will take place at 8.00am on 9 November 2022.

Following the issue of the New Shares noted above, the Company's share capital will consist of 234,566,666 Ordinary Shares (excluding treasury shares), with each Ordinary Share holding one voting right, and an additional 18,604,794 Ordinary Shares held in treasury.

The figure of 234,566,666 Ordinary Shares may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in voting rights, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

Capitalised terms used but not defined in this announcement will have the same meaning as set out in the Circular.

Enquiries

The Monks Investment Trust plc

Karl Sternberg (Chairman)                                                          Contact via Investec

Investec Bank plc (Corporate Broker)

David Yovichic                                                                             T: 020 7597 4000