Doc re Letter to Shareholders

LIONTRUST ASSET MANAGEMENT PLC

Letter to Shareholders

A copy of a Letter to Shareholders, re the Company's announcement on 30
November 2004, has been submitted to the UKLA, and will shortly be available at
the UKLA's Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel: [phone]