Net Asset Value(s)

The Independent Investment Trust PLC

14 September 2017

Legal Entity Identifier : EMMWZ68BJXG580FSQ522

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

576.61p

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

572.07p

Fair value NAVs have not been provided as either(a) there are no loans outstanding which are used for investment purposesor (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