Monthly Update

Lindsell Train Investment Trust PLC
25 April 2005


                                        The Lindsell Train Investment Trust PLC
As at 31st Mar 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 110.50
Net Asset Value                                                       GBP 119.43
Premium (Discount)                                                        (7.5%)
Market Capitalisation                                                 GBP 22.1mn
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     2000   2001      2002       2003          2004                        YTD 2005
GBP)
Net Asset Value %                 n/a    +3.2      -9.6       +3.1         +23.7                          +3.3
Share Price %                     n/a   +18.5     -19.8       -8.7         +20.6                          +9.1
Source: S&P Micropal. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan 2001. 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.


2004 Performance  Jan  Feb  Mar  Apr  May  Jun   Jul    Aug      Sep          Oct            Nov              Dec
Net Asset Value % +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 %     -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: S&P Micropal unless otherwise indicated. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan
2001. With dividends reinvested. *Source: Lindsell Train Limited.

2005 Performance     Jan  Feb  Mar  Apr May Jun  Jul     Aug       Sep         Oct            Nov             Dec
Net Asset Value %    +1.4 +0.8 +1.1  -   -   -    -       -         -           -              -               -
Share Price %        +8.9 +3.6 -3.5  -   -   -    -       -         -           -              -               -
Source: S&P Micropal unless otherwise indicated. Based in GBP. Performance years listed Jan - Dec. Launch date 22 Jan
2001. With dividends reinvested. *Source: Lindsell Train Limited.

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                                                            23.4
Preference Shares                                                13.8
Equity - Media                                                    9.1
Equity - Banks & Investment Co.                                   3.8
Equity - Leisure & Ent.                                           9.8
Equity - Food & Beverage                                         23.7
Investment Fund                                                  22.2
Cash & Equivalent                                                (5.8)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                                 % of NAV
Barr AG                                                           10.4
US Gov Treasury 6.25%                                             10.3
Lindsell Train Global Media (Dist)                                10.0
HBOS 9.25% Non Cum                                                9.4
Lindsell Train Japan (Dist)                                       8.1
Cadbury Schweppes                                                 7.6
21/2% Consolidated Loan Stock                                     7.5
Wolverhampton & Dudley Breweries                                  6.0
Diageo                                                            5.7
UK Treasury 2.5%                                                  5.6
Source: Lindsell Train


Fund Exposure          Bonds     Prefs        Equity           Funds            Cash                 % of NAV
UK %                   13.1       13.8         41.1             4.1             (5.9)                  66.2
USA %                  10.3        -            1.5              -               3.3                   15.1
Europe (ex UK) %         -         -             -               -                -                      -
Japan %                  -         -            3.8             8.1             (3.2)                   8.7
Global %                 -         -             -             10.0               -                    10.0
Total                  23.4       13.8         46.4            22.2             (5.8)                  100.0
Source: Lindsell
Train


Fund Manager's Comments

The Trust's NAV has made steady progress through 2005 to date, standing at a record high, as this report is
written (8/4/05), of £120.37 per share. At this level the NAV has risen over 4.0% since December 31st 2004. By
contrast, the MSCI World Equity Index is unchanged since the start of the year in Sterling terms, reflecting an actual
decline in the US stock market and modest gains in other geographies, including the UK, where the FT All-Share Index is
up roughly the same 4.0% as your company.

After the 21.0% rise in NAV during calendar 2004, which significantly outpaced gains from both the global and local
equity indices, we are pleased that competitive returns continue to be earned from the portfolio mix. Shareholders may
not need reminding that net quoted equity exposure in the Trust, on a look-through basis (adjusting for the net long/
short positions in the two Lindsell Train funds) is approximately 57.0%, but this fact is significant. What it means is
that the Trust has been able, certainly over the past 15 months, to generate 'equity market-type'
returns, while taking significantly less equity risk than an equity benchmark (which, of course, would have 100.0%
exposure to equities). Moreover, since the launch of your company, back in January 2001, the FT All-Share Index remains
decidedly down in capital terms, nearly 17.0%, from the 3000 index level to today's c2500 (and the fate of the
World Index in Sterling is even worse, still 28.0% shy of its January 2001 index level).

What it seems reasonable to conclude from this analysis is that your company's NAV has faired better than
mainstream equity benchmarks over its history for a variety of reasons. First, because it has held significantly fewer
equities than those benchmarks over the period. Next, because the assets we have invested in as an alternative to
equity (predominantly government bonds and our own hedge Funds) have delivered more or less satisfactory absolute total
returns and last, because we have been able to find individual equity opportunities that, latterly, have performed a
lot better than the equity benchmarks.

We have made too many errors of both omission and commission over the last 4 years to want to crow about the above
history. Instead, we look at the shape of the returns we have earned to date and wonder hard what we should be doing
next. What is the right mix of assets to earn returns that will satisfy shareholders (including ourselves), while
keeping risk at a level that lets us sleep at night? The obvious answer, in our view, is to own fewer bonds and more
equities, as, indeed, has been the gradual trend over the past two years. Today, though, we see no compelling reason to
discard our government bonds in any aggressive fashion, nor do we find sufficient additional individual equity ideas to
justify any radical change in the shape of the strategy. We will be sure to alert shareholders when we do.


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 77A High Street
Donald Adamson                          in the share price, plus dividend,      Brentwood
Michael Lindsell                        above the gross annual yield of the 2   ESSEX  CM14 4RR
                                        1/2% Consolidated Loan Stock.
ISIN                                    Bloomberg                               Listing
GB0031977944                            LTI LN                                  London Stock Exchange

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
25 Apr 2005 LTL 000-025-3b

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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