Transaction in Own Shares

THE INDEPENDENT INVESTMENT TRUST PLC

Legal Entity Identifier: 213800IYHGJTZJ3MO642

Transaction in Own Shares

On 17 September 2020 The Independent Investment Trust PLC bought back 1,636 shares at 436.28p each.

Following the purchase and cancellation of the above shares, 54,285,880 ordinary shares of 25p each will remain in issue. The Independent Investment Trust PLC holds no ordinary shares in Treasury.

The above figure (54,285,880) 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, or a change to their interest in, The Independent Investment Trust PLC under the FCA's Disclosure and Transparency Rules.

Baillie Gifford & Co

Company Secretaries

18 September 2020

Regulated Information Classification: Acquisition or disposal of the issuer's own shares