AGM Statement

6 July 2007 

                          Stock Exchange Announcement                          

                        LIONTRUST ASSET MANAGEMENT PLC                         

                           Chairman's AGM Statement                            

Liontrust Asset Management PLC ("Liontrust" or "the Group"), the independent
specialist equities fund management group, held its Annual General Meeting
today, at which the Chairman made the following remarks:

2007 Results

I am pleased to report a good set of results which show increases in profits
and dividends notwithstanding the investment made in establishing our new fund
management team, documenting and publishing our new investment process and
launching new products. Increased funds under management, a rising stockmarket
and performance fee income all contributed to the profit increase.

Profit before tax was 12% higher, earnings per share was 15% higher, total
dividend including the special dividend is 30% higher (6% excluding the special
dividend) than the previous year. The stockmarket was up this year but we don't
run our business on the assumption that the stockmarket will rise every year
and drive our profits higher. We believe that strong management is imperative
in ensuring that we can withstand market falls if and when they occur. In this
context it is important to note that our cost: income ratio this year at 64%
implies we would still be profitable if the FTSE 100 index fell to around 2300
from it's current level over 6600.

The board has recommended a final dividend this year of 9.8 pence per share
with a further 2.9 pence per share as a special dividend, payable on 12 July
2007.

Notable among the metrics we use to measure our progress are revenues which
increased by 13% and exceeded £30 million for the first time, and revenue and
profit per employee which are useful measures of efficiency and productivity.
These were £732,000 and £265,000 respectively in the year ended 31 March 2007.
Margins (based on profit before tax divided by average funds under management)
were down slightly to 0.22%. Funds under management stood at £5.505 billion on
31 March 2007 and at £5.718 billion on 6 July 2007. At last year's AGM they
were £5.122 billion.

Although we had a net £124 million of institutional assets withdrawn during the
year we won £241 million in gross new institutional assets. Net unit trust
sales were flat during the same period but gross sales averaged £29 million per
month. Since our year-end a net £24 million of institutional assets have been
withdrawn, with a net £103 million of new institutional assets in transition.
Gross sales of our unit trusts averaged a healthy £26 million per month since
our year end, with net redemptions of our unit trusts of £34 million over this
period.

People

Continuity in our fund management teams and among other key personnel is of
paramount importance to us. Jeremy Lang has been with the Company since 1995,
and it is 21 years next month since he and William Pattisson first started
working together. Anthony Cross joined in 1997. Gary West and James
Inglis-Jones have worked together for over eleven years, the first few with
William Pattisson. Vinay Abrol was the Company's first employee, joining in
January 1995. Others have worked for the Company since its first day of trading
in July that year.

European Team

Our two new fund managers, Gary and James, assisted by some very talented
members of our existing team have spent the first half of this reporting period
developing and documenting their process for the management of European
equities. The new process is, of course, different from the others but shares
many of their characteristics being rooted in behavioural finance.

We have introduced the European process to existing and new clients since
November 2006 and have set up a unit trust, segregated accounts, an alternative
investment fund and a Luxembourg SICAV. We have raised £69 million and have a
further £37 million in transition for the European process which is an
encouraging start. We are confident of raising more money for these funds over
the coming months.

Shareholder returns

Overall the goal remains to increase the total return for Liontrust
shareholders. We will continue to look for ways of achieving this including a
focus on efficient balance sheet management given our current cash levels,
which in turn may include the purchase of our own shares for cancellation, as
was the case in our last financial year when we bought back and cancelled 1.5
million shares. We would make these share repurchases under the annually
renewed authority given to the Board by shareholders. We do, however, realise
that share buybacks and subsequent cancellations do impact the stock's
liquidity and as a result are examining alternatives including potentially
using our cash resources to seed new products, in particular our new hedge
fund.

Interim Management Statement

As required by the FSA's disclosure and transparency rules we will publish our
first Interim Management Statement on 7 August 2007.

Summary

We believe we can achieve a lot more in both product development and generating
assets to manage and these remain our main focus and I look forward to
reporting further progress in November 2007 with our interim results.

Bernard H Asher

Chairman

For further information please contact:

Liontrust Asset Management PLC 020 7412 1700

Nigel Legge www.liontrust.co.uk

Vinay Abrol

Altium 020 7484 4040

Garry Levin

Nick Tulloch

Smithfield 020 7360 4900

Reg Hoare

Miranda Good

Other information

The release, publication, transmission or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by law and
therefore persons in such jurisdictions into which this announcement is
released, published, transmitted or distributed should inform themselves about
and observe such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities laws of any such jurisdiction.

This announcement contains certain forward-looking statements with respect to
the financial condition, results of operations and businesses and plans of the
Company. These statements and forecasts involve risk and uncertainty because
they relate to events and depend upon circumstances that have not yet occurred.
There are a number of factors that could cause actual results or developments
to differ materially from those expressed or implied by these forward-looking
statements and forecasts. Nothing in this announcement should be construed as a
profit forecast.

ENDS