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Independent Inv Tst (IIT)

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Tuesday 15 October, 2002

Independent Inv Tst

Exercise of Options

Independent Investment Trust PLC
15 October 2002

                      The Independent Investment Trust PLC

                              Exercise of Options

The Independent Investment Trust PLC announces the allotment of 950,000 Ordinary
Shares of 25p each on the exercise of the same number of the Company's Options
at a Net Asset Value of 106.96p subject to admission of such ordinary shares to
the Official List of the UK Listing Authority and to trading on the main market
of the London Stock Exchange. These shares are fully paid and rank pari passu
with the existing Ordinary Shares in issue.

As a result of this exercise, there will be 56,533,980 Ordinary Shares in issue.

Application has been made to the London Stock Exchange and UK Listing Authority
for the admission of these shares to the Official List.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 15 October 2002

                      This information is provided by RNS
            The company news service from the London Stock Exchange