Monthly Update

Lindsell Train Investment Trust PLC
21 December 2005


                                        The Lindsell Train Investment Trust PLC
                                               As at 30th November 2005
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 122.00
Net Asset Value                                                       GBP 128.59
Premium (Discount)                                                        (5.1%)
Market Capitalisation                                                 GBP 24.4mn
Benchmark (21/2% Con Ann Avg Yield +4.5%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.

Performance History (based in      2000     2001        2002         2003           2004                YTD 2005
GBP)
Net Asset Value TR%                n/a      +3.2        -9.6         +3.1           +23.7                +12.8*
Share Price TR%                    n/a     +18.5       -19.8         -8.7           +20.6                 +22.4
Source: LTL and S&P Micropal. Performance years listed Jan - Dec. Launch date 22 Jan 2001. TR=Total Return (with
dividends reinvested) *Source: Lindsell Train Ltd.

Past performance is not a guide to future performance. The price of units and the income from them may go down as well
as up. Investors may not get back what they invested.


2004 Performance      Jan   Feb   Mar   Apr   May   Jun   Jul   Aug     Sep       Oct          Nov            Dec
Net Asset Value TR%  +1.8  +3.3  +0.3  +2.3  -0.1  +2.1  -2.0   +4.8    +3.8      +1.4         +0.0           +3.7
Share Price TR%      -2.3  +6.0  -0.6  +0.6  +2.3  +2.7  +0.5   +0.5    +8.6      +3.0         -1.9           +0.0
Source: LTL and S&P Micropal unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001.
TR=Total Return (with dividends reinvested) *Source: Lindsell Train Ltd.


2005 Performance      Jan   Feb   Mar   Apr   May   Jun   Jul   Aug     Sep        Oct           Nov           Dec
Net Asset Value TR%  +1.4  +0.3  +1.7  +0.2  +3.4  +2.9  +0.0   +0.2    +1.0      -1.5          +2.3*           -
Share Price TR%      +8.6  +3.5  -3.4  +1.8  +2.6  +9.3  +0.4   -2.3    +2.4      -3.9          +1.2            -
Source: LTL and S&P Micropal unless otherwise indicated. Performance years listed Jan - Dec. Launch date 22 Jan 2001.
TR=Total Return (with dividends reinvested) *Source: Lindsell Train Ltd.

Past performance is not a guide to future performance. The price of units and the income from them may go down as well
as up. Investors may not get back what they invested.


Industry Breakdown                                             % of NAV
Bonds                                                            22.5
Preference Shares                                                14.4
Equity - Media                                                   11.4
Equity - Banks & Investment Co.                                  4.8
Equity - Leisure & Ent.                                          10.1
Equity - Food & Beverage                                         26.7
Investment Fund                                                  21.4
Cash & Equivalent                                               (11.3)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                                % of NAV
HBOS 9.25% Non Cum                                               11.0
Lindsell Train Global Media (Dist)                               10.0
Barr AG                                                           9.8
US Gov Treasury 6.25%                                             9.1
Cadbury Schweppes                                                 7.8
21/2% Consolidated Loan Stock                                     7.7
Lindsell Train Japan (Dist)                                       7.1
Diageo                                                            6.7
Wolverhampton & Dudley Breweries                                  6.2
UK Treasury 2.5%                                                  5.7
Source: Lindsell Train


Fund Exposure         Bonds      Prefs        Equity          Funds              Cash                 % of NAV
UK %                   13.4      14.4          45.3            4.3              (12.7)                  64.7
USA %                  9.1         -            1.4             -                5.3                    15.8
Europe (ex UK) %        -          -            2.3             -               (0.9)                    1.4
Japan %                 -          -            4.0            7.1              (3.0)                    8.1
Global %                -          -             -             10.0               -                     10.0
Total                  22.5      14.4          53.0            21.4             (11.3)                  100.0
Source: Lindsell
Train


Fund Manager's Comments

The NAV moved ahead in November, up 2.3% to £128.59, a gain for the calendar year to date of 12.8%.

From our point of view there were two notable events in November. First, there was a significant gain for our
irredeemable gilt holdings. Both rose over 3.0% in the month, taking prices not only to a high for the year, but highs
not seen for 40 years or more. The more recent history of the 2.5% Consolidated Loan Stock is that its previous peak
price was 56.0p in early 1999, after the deflation scare triggered by the 1998 Emerging Market crisis. Between 1999 and
Q1 2005, its price then fluctuated between 45.0p and 55.0p. Finally, in April 2005 the price broke through 55.0p and
has risen subsequently to its November high of 59.8p. We are absolutely not chartists, but we are certain that any
follower of that black art would describe the recent rally as a 'breakout on the upside, after a prolonged period of
consolidation, with significant further gains possible if the resistance at 60.0p is surpassed'.

We are optimistic that further gains will indeed be achieved on the irredeemables, but acknowledge that current
territory is uncharted for most market participants, including us. Not since the innocent days of the 1960s have
Sterling investors been prepared to lend their capital in perpetuity to the British government at yields as low as
today's, circa 4.25%. Indeed, as we write, the new 50 year conventional gilt, issued earlier this year, trades at a
yield a fraction below 4.0% - an unthinkably scanty return on obligations issued by a Socialist government, at least by
the conventional wisdom of the 1970's onwards.

The trigger for the November move was the Bank of England's downgrading of its growth and inflation forecasts for the
UK economy, accompanied by increasingly plaintive comments from British retailers. This disappointment clearly reduces
the threat of accelerating UK inflation in the short term and goes some way in justifying the super-low yields at the
long end of the gilt curve. What fascinates us, though, is the potential for a self-feeding bull market in very
long-dated securities to develop. This could arise because gilt yields at or below 4.0% present a terrible conundrum
for UK pension funds and Life companies - the lower the yields fall, the higher their obligations to their annuitants.
These institutions now face an unpalatable choice. Can they rely on UK equities to meet their actuarial liabilities? Or
should they lock in today's gilt yields, against the risk that if yields fall further and equities do not perform, they
are forced to buy even more gilts in the future, at even more disadvantageous prices? The heavy over-subscription of
the latest tranche of the UK 4.25% 2055 gilt suggests that many actuaries believe they have no choice but to keep on
buying.

We watch the gold price soar and understand the speculative appeal of this metal. But why do investors seem to believe
that it is more irrational for long gilts to soar? At least these instruments pay an absolutely secure income, unlike
gold, on which there is a negative yield, because of the costs of storage and insurance. And at least those gilt yields
exceed the current rate of UK inflation. If the UK economy weakens further in 2006 - not that we would be caught
predicting such a thing - we believe gilt prices can go even higher. We will be sellers into sub-4.0% yields.

The second feature for us in November was the welcome rally in the Lindsell Train Global Media Fund, which, at 10.0% of
NAV, is your company's second largest investment (after the HBOS 9.25% irredeemable pref, which still yields 5.9% net
and is therefore a wonderful bargain, if the gilt market does indeed proceed upwards). The Fund price gained 6.3%, to
£125.85, a new high both for the year and the life of the strategy. Before breaking out the bunting, we must alert
shareholders to the fact that this gain only takes the annual return to plus 3.4% (or up 13.0% in Sterling) and that,
since launch, the Fund is compounding at a pedestrian 5.9% per annum. Nonetheless, the gain felt meaningful to us. The
fact is the Media sector has been a rotten place for us to try and make money in over the past few years. The FTSE
Global Media sector is down over 9.0% in 2005 and off more than 11.5% since we launched in November 2001. Against this
backdrop, our return is at least more understandable, perhaps commendable. But the interesting aspect for us was that
November was the first month in living memory when every single constituent of our long book went up - indeed 5 of the
17 long positions rose by 9.0% or more. It is natural that we might hope such a decisive move marks a change in the
fortunes for the sector, after its long bear market and we do. We certainly believe that there are both valuation and
fundamental reasons to believe that Media stocks are cheap. The Fund enables your company to gain exposure to some
wonderful properties, such as Pixar's movie library, International Speedway's 11 NASCAR (stock car) racing tracks (with
associated TV rights to the US' second most watched sport, after American football), Sage's 4,700,000 small business
customers and both the LSE and eBay's liquidity pools. Meanwhile, the Fund's short book is adding value too. Our thesis
- that media distribution businesses are being forced into value-destroying capital expenditures, in order to maintain
share in the face of proliferating competition - is throwing up profit opportunity. BSkyB has been a successful short
for the Fund and we were pleased last month to see the company diversifying into voice telephony, via its acquisition
of Easynet, at very considerable expense, in our view. Sky probably doesn't really want to be in this business, but
knows that it puts itself at a disadvantage to BT and the cable companies, if it can not match their 'triple play'
offerings of video, broadband and voice. Vodafone is another short and, without wishing ill on anyone, it has been
rewarding for the Fund to see investors forced to reassess the maturity of Vodafone's business and the increasing
intense competition for customers.

We hope the Media Fund will be the source of considerably more value for your Company in coming months, not least
because this would open the possibility of adding new assets for the strategy, which it needs. Meanwhile, we leave you
with this memorable description of NASCAR racing fans, by a Sports Illustrated journalist - 'tattooed, shirtless,
sewer-mouthed drunks, and their husbands'.


Fund Manager                            Launch Date                             Denomination
Nick Train                              22 Jan 2001                             GBP
Year End                                Dividend                                Benchmark
31st Mar                                Ex Date: June                           The annual average yield on the 21/2%
                                        Payment: August                         Consolidated Loan Stock.
The Board                               Management Fees                         Registered Address
Rhoddy Swire                            Standard Fee: 0.65%                     Lindsell Train Investment Trust
Michael Mackenzie                       Performance Fee: 10% of annual increase Springfield Lodge, Colchester Road
Donald Adamson                          in the share price, plus dividend,      Chelmsford
                                        above the gross annual yield of the 2   ESSEX  CM2 5PW
                                        1/2% Consolidated Loan Stock.
ISIN                                    Secretary                               Listing
GB0031977944                            Phoenix Administration Services Limited London Stock Exchange
Bloomberg
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
21 Dec 2005 LTL 000-031-7b

                                                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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