Issue of Equity

Lindsell Train Investment Trust PLC
30 September 2002




The Lindsell Train Investment Trust plc (the 'Company')

The Company announces that 400,000 ordinary shares of 25p each will be issued
and allotted on Tuesday, 1st October, under the proposals sent to shareholders
on 2 August 2002. These proposals, to obtain the authority for the purchase by
the Company of its own ordinary shares, were duly passed by the Company's
shareholders on Wednesday, 28 August 2002. As part of the proposals and
following the approval of the High Court, the sum of £19,850,000 has been
credited to a newly established special reserve of the Company, which can be
treated as a distributable reserve.

For regulatory reasons these proposals included a bonus issue of two ordinary
shares of 25p each for each existing ordinary share of 25p held by shareholders
on Monday, 30th September 2002. These shares rank pari passu with the existing
ordinary shares in issue. Application has been made to the UKLA for the ordinary
shares to be admitted to the Official List and to the London Stock Exchange for
the ordinary shares to be admitted to trading on the London Stock Exchange's
market for listed securities. It is expected that such admissions will become
effective and that dealings in the ordinary shares will commence at 8.00am on
Tuesday, 1st October 2002. As a result of bonus issue, the total number of
ordinary shares in issue will stand at 600,000.

On Tuesday, 1st October 2002, the net asset value per ordinary share is expected
to be equivalent to approximately one third of the net asset value per ordinary
share immediately prior to the bonus issue on Monday, 30th September 2002.

As part of the proposals, every three ordinary shares of 25p each will be
consolidated into one ordinary share of 75p on Wednesday, 2nd October. Dealings
in the consolidated shares are expected to commence at 8.00 a.m. on Wednesday,
2nd October 2002.

On Wednesday, 2nd October 2002, following the consolidation, there will be
200,000 ordinary shares of 75p each in issue, and the net asset value per
ordinary share of 75p each is anticipated to be equivalent to approximately the
net asset value per ordinary share of 25p prior to the bonus issue on Monday,
30th September 2002.

Shareholders should note that a fractional entitlement on consolidation may
arise where a shareholder sells a proportion of its ordinary shares after the
bonus issue and prior to the consolidation (i.e. on Tuesday, 1st October 2002).

Certificates are expected to be despatched in respect of consolidated shares
issued in certificated form by Monday, 7th October 2002 (or as soon as possible
thereafter).

Enquiries

Michael Lindsell

Lindsell Train Investment Trust plc

020 7225 6488

Angus Gordon Lennox

Cazenove & Co Ltd

020 7588 2828


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