Monthly Update October 2003

Lindsell Train Investment Trust PLC
17 November 2003

The Lindsell Train Investment Trust PLC
As at 31st October 2003

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 90.50

Net Asset Value                        GBP 94.63

Premium (Discount)                        (4.4%)

Market Capitalisation                 GBP 18.1mn

Source: Bloomberg; NAV - LTL

Performance (based in GBP)              Oct           YTD          Since Launch

NAV                                    -0.5%         +1.4%            -5.4%

Share Price                            +2.3%         -4.7%            -9.5%

Monthly Benchmark (Benchmark Ann       +0.5%
Yield +5.4%)

Source: Bloomberg. Based in GBP.

Top 10 Holdings                        % NAV                 Industry Breakdown                     % NAV

US Gov Treasury 6.25%                  20.5                  Bonds                                  35.5

Lindsell Train Japan (Dist)            11.4                  Preference Shares                      14.4

Lindsell Train Global Media (Dist)     10.8                  Equity - Media                         10.2

HBOS 9.25% Non Cum                      9.4                  Equity - Banks & Investment Co.         4.9

21/2% Consolidated Loan Stock           8.4                  Equity - Leisure & Entertainment        9.3

Barr AG                                 8.0                  Equity - Food & Beverage               22.7

Glenmorangie plc A&B                    6.8                  Investment Fund                        22.3

UK Treasury 2.5%                        6.6                  Cash & Equivalent                     (19.3)

Cadbury Schweppes                       5.9                  Total                                  100.0

Wolverhampton & Dudley Breweries        5.1

Geographical Breakdown                   % NAV              Currency Exposure                    % NAV

Bonds                                    35.5               USD                                   50.9
                 UK              15.0                       JPY                                   0.5
                 US              20.5                       EUR                                   0.2
Preference                               14.4               GBP                                   48.4
Shares                                   47.1               Total                                100.0
Equities         UK              35.2
                 US               5.6
                 Japan            4.2
                 Europe           2.1
                                         22.3
Funds            LT Japan        11.4
                 LT Global Media 10.8
                                        (19.3)
Cash &
Equivalent
Total                                    100.0


Fund Manager's Comments

The NAV fell by 0.5% over the month and remains in the £90-98 range, where it has traded all year. What we
made in stocks we lost in bonds. This month it was the turn of the Sterling irredeemable bonds to fall as the
market anticipated higher short-term rates. Our most market sensitive stocks were up the most, Reuters and
Dow Jones reflecting a good month for the performance of equities. The US dollar fell 2% versus Sterling,
which contributed to the fall in the NAV.

The markets this month had to come to terms with a forthcoming rise in short term interest rates in the UK,
justified in part to quell fast rising household indebtedness, which itself continues to fuel robust
consumption and housing. This is a delicate balancing act for the Bank of England, because once consumers do
retrench it is likely to be very difficult to get them to spend again. Meanwhile as these GNP components are
three quarters of the economy their future is vital to its heath. This is why we remain as committed to our
long bond positions and at the same time to financing our borrowings with short-term debt. We expect big
falls in long and short-term interest rates when consumer spending and housing activity abates.

We didn't deal this month. Instead a number of our company's reported results or made worthwhile
announcements about the progress of their businesses. Aside from the positive news from AG Barr, Dow Jones
and Reuters all of which we mentioned last month, Cadbury announced a rationalisation of its confectionary
business following the absorption of Adams, the US chewing gum business it bought last year. Plants will be
consolidated and jobs will be cut. This is good. Even steady growth businesses will find it difficult to grow
revenues in low inflationary times without a continual reassessment of how they deploy capital and resources.
Wolters Kluwer swallowed its pride, admitted it had become dependant on acquisitions in recent years,
nonetheless recommitted to its dividend that investors feared would be cut and which offers a yield of 4.9%
and set revised margin targets and targets for the percentage of their publications they aim to distribute
electronically that, if met, would significantly enhance the value of the company, in our view. Nintendo cut
the price of its Gamecube consol by 30% to $100 in the US, its major market. The console has always been
cheaper than its rivals but the gap has now widened, as the competitors have not as yet responded. This move
is clearly designed to boost the all-important year-end sales, together with the release of some new hit
software. Early indications suggest that Nintendo's market share has risen to near 40% of console sales (not
including hand-held) from less than 20% earlier. When you add the sales of the hand held platform, Game Boy
SP, to this Nintendo has for this year had the largest market share of any hardware manufacturer, commanding
a share of 50% of the entire market. Software sales data is not so readily available but we have every reason
to believe that Nintendo is thriving here as well with some prospect of even better sales, if this seasons
new releases capture the imagination of the public. The shares are 5% away from their recent low and remain,
we think, outrageously cheap trading on a 8-15% free cash flow yield depending on how much balance sheet cash
one thinks is required to protect the company from future business threats.

In general these reports make pleasing reading for us and in particular give us encouragement that should
equities in general continue to do well we retain some assets with significant latent potential for
appreciation.


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% of annual          Trust
Donald Adamson                 increase in the share price, plus       77A High Street
Michael Lindsell               dividend,                               Brentwood
                               above the gross annual yield of         ESSEX  DM14 4RR
                               the 21/2% Consolidated Loan Stock.

Sedol No                       Bloomberg
3197794                        LTI LN

Disclaimer

The contents in this document is solely for information purposes only. The information contained herein does
not constitute an offer or invitation to buy or subscribe any securities or funds in any jurisdiction in
which such distribution is not authorised. Nothing in this document constitutes investment, legal, tax or
other advice and cannot be relied upon in making any investment decision. Applications to invest in some of
the funds must only be made on the basis of offer documents which may only be available for private
circulation. The information contained in this document is published in good faith and neither Lindsell Train
Limited nor any other person so connected assumes any responsibility for the accuracy or completeness of such
information as provided. No representation is made or assurance given that any statements made, views,
projections or forecasts are correct or that objectives will be achieved.  Lindsell Train and/or persons
connected with it may have an interest in the Fund.  The value of investments and the income from them may go
down as well as up and are not guaranteed. Past performance is no guarantee of future performance. You may
not get back the amount you invested. Foreign exchange rates may cause the value of investments to go up or
down. Investments may be subject to higher volatility in certain funds and the investment value may fall
suddenly and substantially.

                                           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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