Monthly Update March 2004

Lindsell Train Investment Trust PLC
14 April 2004


                    The Lindsell Train Investment Trust PLC
                              As at 31st Mar 2004
Fund Objective

To maximise long-term total returns subject to the avoidance of loss of absolute
value and with a minimum objective to maintain the real purchasing power of
Sterling capital, as measured by the annual average yield on the 2.5%
Consolidated Loan Stock.

               Share Price                        GBP 88.00
               Net Asset Value                    GBP 101.51
               Premium (Discount)                 (13.3%)
               Market Capitalisation              GBP 17.6mn


                          Source: Bloomberg; NAV - LTL

Performance (based in GBP)           Feb              YTD          Since Launch

NAV                                 +1.8%            +7.1%            +1.5%
Share Price                         -0.6 %           +2.9%           -12.0%
Monthly Benchmark (21/2% Con Ann    +0.4%
Avg Yield +5.0%)

Source: Bloomberg. Based in GBP. Share price quoted is closing mid price. Launch
                             date 22 January 2001.

               Industry Breakdown
                                                     % NAV
               Bonds                                  33.5
               Preference Shares                      13.5
               Equity - Media                         11.4
               Equity - Banks & Investment Co.         4.7
               Equity - Leisure & Entertainment       10.0
               Equity - Food & Beverage               25.0
               Investment Fund                        21.0
               Cash & Equivalent                     (19.1)
               Total                                  100.0


               Top 10 Holdings
                                                     % NAV
               US Gov Treasury 6.25%                  18.3
               Lindsell Train Global Media (Dist)     11.0
               Lindsell Train Japan (Dist)            10.0
               21/2% Consolidated Loan Stock           8.7
               HBOS 9.25% Non Cum                      8.7
               Barr AG                                 8.5
               Glenmorangie plc A&B                    7.3
               UK Treasury 2.5%                        6.5
               Cadbury Schweppes                       6.2
               Wolverhampton & Dudley Breweries        5.3


               Geographical Breakdown
                                                       % NAV
               Bonds                                    33.5
                           UK              15.2
                           US              18.3
               Preference                               13.5
               Shares                                   51.1
               Equities    UK              41.5
                           US               4.8
                           Japan            4.8
                           Europe           0.0
                                                        21.0
               Funds       LT Japan        10.0
                           LT Global Media 11.0
                                                       (19.1)
               Cash &
               Equivalent
               Total                                    100.0


               Currency Exposure
                                                     % NAV
               USD                                    44.5
               JPY                                     1.5
               EUR                                     0.0
               GBP                                    54.0
               Total                                  100.0

Fund Manager's Comments

We report on a first quarter that saw a number of favourable developments for
your Trust and Lindsell Train Limited.

First, the Trust's NAV rose by 7.0% for the quarter, from £94.82 to £101.51.
This was welcome after a dull period for performance through the second half of
2003. Interestingly, the gain in value came during a quarter when the leading
equity markets were themselves rather dull, at least in terms of generating
returns. For instance, both the MSCI World Index, in Sterling and the FT All-
Share Index fell somewhat over the period. Thus the Trust, for better or worse,
continues to perform very differently from the equity markets. This divergent
performance results from its asset allocation, designed to meet its investment
objective, which targets capital preservation and absolute returns, rather than
tracking any particular index.

There were some notable features in our return. Our fixed interest positions all
generated capital gains during the quarter, as well as paying their interest.
These gains surprised many capital market commentators, who expect bonds to
decline in 2004, as economic growth accelerates and inflation expectations rise.
We recognise the risk to our strategy that these commentators are correct,
however we also note two countervailing factors. First, growth, at least in the
Anglo-Saxon economies, seems heavily reliant on consumer spending and borrowing.
Any slowing in this appetite would quickly relieve the pressure on interest
rates. Second, we believe that investor's appetite for safe, high streams of
income remains as strong as ever and that this requirement is a support for the
debt markets. Whatever, our undated UK gilts gained nearly 6.0% in value over
the quarter and our US Treasury bond rose 4.5%. Meanwhile, our preference share
holdings, offering what we regard as tantalizing net yields of over 6.5%, rose
modestly too.

Several of our equity positions perked up, confirming the somewhat defensive
comments we have made in earlier reports, to the effect that we believed that
many of our stocks were extremely cheap, but could not predict when they would
go up. Particularly gratifying and rewarding were the rallies in Reuters and its
associated company Instinet, which gained 65.0% and 37.0% respectively. A.G.
Barr, the largest equity investment in the Trust also had a good quarter, up
9.0%. Here, the company's final results confirmed, to our mind, the strengths of
the business and under valuation of the shares. Barr's dividend increase, of
over 10.0% was most welcome, particularly given the yield on the shares, which,
at 4.0% net, remains higher than that on a long dated UK government bond.
Glenmorangie 'B' shares jumped 22.7% over the period on no specific news story.
These 'B' shares, which carry a preponderance of the voting rights that control
Glenmorangie's destiny, are rare and highly strategically valuable, in our view.
One other drinks company, Wolverhampton & Dudley added another 9% during the
quarter. Since it was bought soon after the establishment of the company, this '
unfashionable' business has doubled in capital value and earned us substantial
dividends to boot. Cadbury's stock continued its recovery, rising 4.5% year-to-
date. Here we note that Warren Buffett has been unearthed as a new investor in
the company. Buffett sometimes makes mistakes, as do we more frequently, but we
were pleased at this confirmation of our view that Cadbury is one of the best
value companies of its type anywhere in the world.

Rounding off the contribution to our performance for the quarter, the Lindsell
Train funds both delivered gains. The Japan Fund benefited from an increase in
corporate activity in Japan, surely still at a most immature stage, including a
bid for one of the Fund's holdings. The Fund's focus on cash generative shares
with the potential to pay high dividends compared to the paltry payments today
is not yet fashionable, but we expect it to become so, particularly if domestic,
Japanese, investors return to the market, as they have not yet. Meanwhile, the
Media Fund makes progress, as events in the Media industry itself confirm the
investment strategy of the Fund. Comcast's bid for Disney, during the quarter,
was most unexpected to most media industry watchers, but is a powerful
endorsement of our theory - that the value of the kind of unique media '
content' developed by Disney is rising.

This theme of improving investment performance holds true across all Lindsell
Train's business and is important, therefore, for the long term value of the
Trust's holding in its management company. In particular, our UK equity product
has had a strong twelve months, delivering good gains and marked outperformance
of its FT All-Share benchmark. The good publicity engendered by this performance
has assisted the Board of the Finsbury Growth Trust, to which we act as adviser,
in achieving a long desired objective, namely the placing of a major block of
its shares, held by one shareholder, with a variety of other investors. In the
process, the Board of FGT has made proposals to its existing and new
shareholders, which we believe significantly enhance the attraction of the
shares. First, the dividend yield will be increased markedly, from a current
3.0% to circa 4.5%, necessitating a change in investment trust sectors, from 'UK
Growth' to 'UK Growth and Income'. Next, the Board has declared a share buy-back
policy that protects the rating of FGT at a 5.0% discount to NAV in perpetuity.
In recognition of these enhancements and as an expression of confidence in its
strategy, your Board, that of the Lindsell Train Investment Trust, has approved
an investment in shares of Finsbury Growth Trust of £750,000. The capital value
of half of this investment has been hedged by the sale of FTSE futures
contracts. The sale delivers, therefore, a modest increase in equity exposure
for your Trust, but a heavier exposure to the various assets within FGT, many of
which we believe are notably undervalued. This may, or may not, prove a long
term investment, but we are keen to do whatever we can to assist the Board of
FGT to further improve the rating on its shares, to a level at which new stock
can be issued. The benefits to Lindsell Train Limited and hence to your Trust,
of increasing the share capital of FGT could be material.

Fund Manager         Launch Date                    Denominated Currency
Nick Train           22 January 2001                GBP
Year End             Dividend                       Benchmark
31st March           Ex-date:   June                The annual average yield
                     Payment:   August              on the 21/2% Consolidated
                                                    Loan Stock.
The Board            Management Fees                Registered Address
Rhoddy Swire         Standard Fee: 0.65% p.a.       Lindsell Train Investment
Michael Mackenzie    Performance Fee: 10%           Trust
                     of annual                      77A High Street
Donald Adamson       increase in the share price,   Brentwood  
Michael Lindsell     plus dividend, above the gross ESSEX  CM14 4RR
                     annual yield of the 21/2% 
                     Consolidated Loan Stock.
ISIN                 Bloomberg
GB0031977944         LTI LN

Disclaimer

This document is intended for use by persons who are authorised by the UK
Financial Services Authority ('FSA') and those who are permitted to receive such
information in the UK. The information contained in this document does not
constitute an offer or invitation to buy or sell any investments. Nothing in
this document constitutes investment, legal, tax or other advice. Lindsell Train
and/or persons connected with it may have an interest in this investment.

The value of any investment in securities or funds and the income generated from
them may go down as well as up and are not guaranteed. Past performance cannot
be used as a guide or guarantee of future performance. You may not get back the
original amount you have invested. Changes in foreign exchange rates may cause
the value of your investment to go up or down. Some funds with higher gearing
may be subject to higher volatility and the investment value may change
substantially. The net asset value (NAV) performance of an investment trust is
not the same as its market share price performance.
Issued by Lindsell Train Limited
Authorised and regulated by the Financial Services Authority
13 Apr 2004 LTL 000-016-5 b


                          Lindsell Train Limited
                    35 Thurloe Street, London  SW7 2LQ
               Tel. [phone]  Fax. [phone]
               [e-mail]  www.lindselltrain.com

            Lindsell Train Limited is authorised and regulated by the 
                       Financial Services Authority.
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