Monthly Update

Lindsell Train Investment Trust PLC
15 October 2007


                         The Lindsell Train Investment Trust PLC
                                 As at 30 September 2007

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.


Net Asset Value                                                       GBP 164.33
Share Price                                                           GBP 175.00
Premium (Discount)                                                          6.5%
Market Capitalisation                                                 GBP 35.0mn
Benchmark (21/2% Con Ann Avg Yield +4.8%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.


Performance History (based in         2002     2003      2004         2005            2006              YTD 2007
GBP)

Net Asset Value TR%                   -9.6     +3.1      +23.7        +16.5           +13.7               +12.6
Share Price TR%                       -19.8    -8.7      +20.6        +27.5           +20.1               +18.7

Source: LTL and Bloomberg. Performance years listed Jan - Dec. Launch date 22
Jan 2001. TR=Total Return (with dividends reinvested) 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.



2006 Performance      Jan   Feb   Mar   Apr   May   Jun   Jul   Aug     Sep       Oct           Nov            Dec

Net Asset Value TR%  +0.9  +1.9  +1.2  -1.8  -2.0  +1.8  +1.7   +2.1    +3.2      +0.5      +0.2              +2.8
Share Price TR%      -3.0  +7.5  +1.5  +3.4  -1.5  -2.6  +3.2   +4.1    +5.7      +3.0      +3.6              -1.6

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)



2007 Performance      Jan   Feb    Mar   Apr   May   Jun   Jul    Aug      Sep       Oct         Nov           Dec

Net Asset Value TR%  +2.0  +0.8*  +1.9  +2.6  +4.5  -3.1  +2.5   -1.6     +0.6
Share Price TR%      -1.3   +4.0  +3.1  +4.5  +2.0  +0.6  -2.4   +5.2     +0.3

Source: LTL and Bloomberg 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                                                            14.0
Preference Shares                                                9.8
Equity - Media                                                   26.0
Equity - Banks & Investment Co.                                  7.2
Equity - Leisure & Ent.                                          5.2
Equity - Food & Beverage                                         29.0
Equity - Consumer Goods                                          1.7
Equity - Internet                                                1.7
Investment Funds                                                 20.8
Cash & Equivalent                                               (15.4)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                                % of NAV

Nintendo                                                    12.8
Lindsell Train Global Media (Dist)                          11.3
Barr AG                                                     9.9
HBOS 9.25% Non Cum Pref                                     9.8
Cadbury Schweppes                                           8.5
Diageo                                                      7.6
Lindsell Train Ltd                                          7.2
Lindsellt Train Japan (Dist)                                5.6
21/2% Consolidated Loan Stock                               5.4
Marton's                                                    5.2
Source: Lindsell Train



Fund Exposure         Bonds      Prefs        Equity          Funds              Cash                 % of NAV

UK %                   9.6        9.8          49.9            3.9              (15.9)                  57.3
USA %                  4.4         -            3.3             -                4.8                    12.5
Europe (ex UK) %        -          -            4.8             -               (2.4)         2.4
Japan %                 -          -           12.8            5.6              (1.9)                   16.5
Global %                -          -             -             11.3               -                     11.3
Total                  14.0       9.8          70.8            20.8             (15.4)                  100.0
Source: Lindsell
Train


Fund Manager's Comments




The Company's net asset value eked out a small gain in September thanks to
continued strong performance from Nintendo and a 14% rise in the price of eBay.
The important year-end selling season approaches for Nintendo and investors are
quite rightly (in our view) expecting bumper sales of its products. It is
encouraging to see new launches of iconic titles such as 'Super Mario Galaxy'
and 'Super Smash Bros Brawl', which should appeal to Nintendo fans, as well as
new titles such as 'Wii Fit' and 'Wii Big Brain Academy' which - if the reviews
are anything to go by - will appeal to non-traditional gamers that might even
include readers of this monthly review. Good software (i.e. game titles) sell
systems and we expect the installed base of both the Nintendo DS and the Wii to
climb markedly at the end of this year.

EBay's performance is notable as it is not attributable to any positive
announcement or change in expectations. It is representative of a recent
outperformance of the technology-laden NASDAQ index versus the S&P and Dow Jones
indices in the USA, and perhaps indicative of the greater premium investors
place on secular growth relative to cyclical growth. Such a trend is yet
tentative but makes sense given the possibility of an extended recession in US
housing which will have boosted the prospects of many cyclical businesses in the
recent past. If this were to be the case, other holdings in the portfolio may
begin to exhibit better performance as well, notably Reed Elsevier and Pearson
that, like eBay, have obtained material benefit from the low cost and the broad
scope of the distribution capabilities of the internet. Perhaps the holding most
exposed to such a trend is the Lindsell Train Global Media Fund, which rose in
value by 5.9% during September. So far this year the Fund is up 25.4% which,
following on from the 25.6% performance in 2006, firmly banishes those years of
vilification for the sector in the aftermath of the 2000 tech mania. The new
bull market in media assets is in full swing, with corporate activity at its
core as the recent acquisitions of Dow Jones and Reuters illustrate.

A disappointment has been performance of the HBOS preference shares whose value
versus gilts has increased notably over the course of the year. At the end of
2006 the gross yield of the preference shares was 3.1% more than the equivalent
undated gilt. Today, following a particularly poor September when the capital
value of the preference shares fell 4%, the yield premium is 4%. In the wake of
a credit crisis and a run on a British mortgage bank such performance is perhaps
understandable. However, in the fullness of time we expect other investors to
differentiate and value more highly a perpetual stream of gross income,
currently yielding almost 9%, from one of the UK's highest quality creditors.


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
Donald Adamson                          Performance Fee: 10% of annual increase Springfield Lodge, Colchester Road
Dominic Caldecott                       in the share price above the gross      Chelmsford
Michael Lindsell                        annual yield of the 21/2% Consolidated  ESSEX  CM2 5PW
Michael Mackenzie                       Loan Stock.

ISIN                                    Secretary                               Listing
GB0031977944                            Phoenix Administration Services Limited London Stock Exchange

Bloomberg
LTI LN




Disclaimer

Risk Warning This factsheet is intended for use by shareholders of the Lindsell
Train Investment Trust ('LTIT') and/or persons who are authorised by the UK
Financial Services Authority or those who are permitted to receive such
information in the UK. Any opinion expressed whether in general or both on the
performance of individual securities and in a wider economic context represents
Lindsell Train's views at the time of preparation. They are subject to change
without notice and should not be construed as investment advice or investment
recommendation. Past performance is not a guide to future performance and may
not be repeated. The value of investments and income from them can go down as
well as up and you may not get back the amount originally invested. Lindsell
Train Investment Trust plc is an investment trust company listed on the London
Stock Exchange. Investment trusts have the ability to borrow to invest which is
commonly referred to as gearing. Companies with higher gearing are subject to
higher risks and therefore the investment value may change substantially. The
net asset value ('NAV') per share and its performance of an investment trust may
not be the same as its market share price per share and performance.

Issued by Lindsell Train Limited
Authorised and regulated by the Financial Services Authority
15 October 2007 LTL 000-052-5


                              Lindsell Train Limited
      2 Queen Anne's Gate Buildings, Dartmouth Street, London SW1H 9BP U.K.
                  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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