Issue of Equity

Lindsell Train Investment Trust PLC
01 October 2002

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

The Company announces that, under the proposals sent to shareholders on 2 August
2002, every three ordinary shares of 25p each will be consolidated into one
ordinary share of 75p on Wednesday, 2nd October. Application has been made to
the UKLA for the consolidated ordinary shares of 75p each to be admitted to the
Official List and to the London Stock Exchange for the consolidated ordinary
shares of 75p each 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 consolidated ordinary shares of 75p each will
commence at 8.00am on Wednesday, 2nd October 2002. These shares will rank pari
passu with the existing ordinary shares in issue.

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.

The net asset value per ordinary share of 75p 25p each, calculated as at 27
September 2002, is expected to be published on Wednesday, 2nd 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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