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Independent Inv Tst (IIT)

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Tuesday 18 February, 2003

Independent Inv Tst

Excercise of Options

Independent Investment Trust PLC
18 February 2003

                      The Independent Investment Trust PLC

                              Exercise of Options

The Independent Investment Trust PLC announces the allotment of 1,000,000
Ordinary Shares of 25p each on the exercise of the same number of the Company's
Options at a Net Asset Value of 104.90p 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 60,400,000 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
                                                                18 February 2003

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