Net Asset Value(s)

The Independent Investment Trust PLC

16 February 2018

Legal Entity Identifier : 213800IYHGJTZJ3MO642

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

621.17p

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

613.97p

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