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Independent Inv Tst (IIT)

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Friday 07 March, 2008

Independent Inv Tst

Interim Management Statement

Independent Investment Trust PLC
07 March 2008


          Interim Management Statement - 3 months to 29 February 2008

The Company's objective is to provide good absolute returns over long periods by
investing the great majority of its assets in UK and International quoted
securities.  Most of the Company's portfolio is currently invested in UK
equities but this will not necessarily remain the case.  Full details of the
Company's investment policy are set out in the Company's Annual Report which is
available on the Company's website or can be requested from the Company (see
contact details below).

                              Review of the Period

•    Over the period, the Company's net asset value fell by 4.3% and the share price rose by 1%.  The FTSE
     All-Share Index fell by 7.7%. All figures are total return.
•    The Company repaid its Euro 14m loan on 17 December 2007.

                    Sector Analysis                                           Top Ten Equity Holdings

Name                          % of            % of           Name                           % of            % of

                              total           total                                     shareholders    shareholders
                                                                                          funds at        funds at
                            assets at       assets at
                                                                                          29/02/08        30/11/07
                            29/02/08        30/11/07
Housebuilders                       10.6             8.4     Royal Bank of                   7.5             6.1
Retailing                            9.3            11.7     Noble                           6.9             5.9
Recruitment                          7.7             4.7     ENSCO                           5.4             5.2
Technology and                       4.1             4.0     Kiln                            5.2             3.5
Oilfield Services                   24.8            19.5     Lloyds TSB                      4.4             4.6
Oil and Gas                          4.6             3.8     Diamond Offshore                4.2             3.8
 Exploration                                                  Drilling
Renewable Energy                     2.4             2.5     Dunelm Group                    4.2             4.3
Banks                               11.9            10.0     Herald Investment               4.1             4.3
Insurance                            6.4             4.4     Persimmon                       4.1             4.2
Miscellaneous                        2.3             2.3     Transocean                      3.9             3.5
Property                             8.3             9.4
Net Liquid Assets                    7.6            19.3
Total                              100.0           100.0     Total                          49.9            45.4

                            Total Return Performance
                            3 Months               1 Year              3 Years              5 Years
Share Price                   1.0                  -29.5                 18.1                107.5
NAV                           -2.9                 -23.2                 28.0                136.4
FTSE All-Share Index          -7.7                  -2.7                 32.9                101.6

                                            Source: Thomson Financial Datastream

             Past performance is not a guide to future performance

                                          General Information

                                                             29/02/08                  30/11/07
Total assets (before deduction of  borrowings)               £143.7m                   £106.6m
Share Price                                                    209p                      207p
Net asset value per share                                     217.3p                    227.1p
Discount                                                       3.8%                      8.9%
Total borrowings                                                -                      -£10.0m
Net (Borrowings)/cash                                         £13.4                     £20.5m
Net (Borrowings)/cash as a % of Shareholders Funds             9.3%                     13.7%

The Company's Net Asset Value is calculated daily and can be viewed on the
London Stock Exchange website at

The Share Price is published daily in the Financial Times.

The interim management statement together with the Company's Annual and Half
Yearly reports are available on the Companys' website at

Contact details:

The Independent Investment Trust PLC

11 Charlotte Square

Edinburgh EH2 4DR

Tel: 0131 220 4167

Fax: 0131 220 4168

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

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