The Independent Investment Trust PLC

5 July 2012

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

232.28p

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

229.21p

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.

All Net Asset Values are calculated using closing bid market prices for the underlying investments