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Independent Inv Tst (IIT)

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Wednesday 13 August, 2003

Independent Inv Tst

Issue of Equity

Independent Investment Trust PLC
13 August 2003


The Board of Directors of The Independent Investment Trust PLC announces that it
has today approved the allotment of 2,312,660 ordinary shares of 25p each in the
capital of the Company at a price of 145.0p per ordinary share, conditional upon
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. The
shares in question will be issued for cash to various applicants. Dealings in
these shares are expected to commence on 18 August 2003.

Following admission of these shares to the Official List of the UK Listing
Authority there will be 65,228,895  ordinary shares in issue.

Enquiries:  Max Ward 0131 220 4167 (The Independent Investment Trust plc)
            Angus Gordon Lennox 020 7588 2828 (Cazenove & Co Ltd)

                                                           Baillie Gifford & Co.


                                                                  13 August 2003

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