The Independent Investment Trust PLC

13 October 2017

Legal Entity Identifier : EMMWZ68BJXG580FSQ522

Net Asset Value with borrowings at par - including current year income

603.13p

Net Asset Value with borrowings at par - excluding current year income

596.51p

Fair value NAVs have not been provided as either
(a) there are no loans outstanding which are used for investment purposes
or (b) the fair value of such loans are the same as their par value.

Net Asset Values are calculated in accordance with published accounting policies and AIC guidelines