Monthly Update

Lindsell Train Investment Trust PLC
18 May 2005


                                        The Lindsell Train Investment Trust PLC
                                                 As at 30th April 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 112.50

Net Asset Value                                                       GBP 119.63

Premium (Discount)                                                        (6.0%)

Market Capitalisation                                                 GBP 22.5mn

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                          +4.3

Share Price %                     n/a   +18.5     -19.8       -8.7         +20.6                         +11.2

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 +0.3 +1.7 +0.8  -   -    -      -         -           -              -               -

Share Price %        +8.9 +3.6 -3.5 +1.8  -   -    -      -         -           -              -               -

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                                                            23.9

Preference Shares                                                13.8

Equity - Media                                                    8.4

Equity - Banks & Investment Co.                                   4.2

Equity - Leisure & Ent.                                           9.3

Equity - Food & Beverage                                         24.6

Investment Fund                                                  21.8

Cash & Equivalent                                                (6.0)

Total                                                            100.0

Source: Lindsell Train


Top 10 Holdings                                                 % of NAV

Barr AG                                                           10.8

US Gov Treasury 6.25%                                             10.5

Lindsell Train Global Media (Dist)                                9.6

HBOS 9.25% Non Cum                                                9.3

Lindsell Train Japan (Dist)                                       8.1

2 1/2% Consolidated Loan Stock                                    7.7

Cadbury Schweppes                                                 7.7

Diageo                                                            6.1

UK Treasury 2.5%                                                  5.7

Wolverhampton & Dudley Breweries                                  5.4

Source: Lindsell Train


Fund Exposure          Bonds     Prefs        Equity           Funds            Cash                 % of NAV

UK %                   13.4       13.8         41.3             4.1             (6.1)                  66.5

USA %                  10.5        -            1.3              -               3.2                   15.0

Europe (ex UK) %         -         -             -               -                -                      -

Japan %                  -         -            3.9             8.1             (3.1)                   8.9

Global %                 -         -             -              9.6               -                     9.6

Total                  23.9       13.8         46.5            21.8             (6.0)                  100.0

Source: Lindsell Train


Fund Manager's Comments

In a difficult month for markets the performance of the Company held up, with the net asset value ('NAV') advancing 
marginally, by 0.2%. Government bonds continue to display resilience. Having given back most of
this year's capital gains in March due to concerns of higher inflation, in April both UK and US bond prices
recovered by 3%. Another contributor was the increase in the director's valuation of Lindsell Train Limited, up
11%, reflecting both higher funds under management and higher profitability. Both Barr and Diageo were up 4% on the
month, continuing their recent run of strong performance. Diageo is one of the two equity positions we have been
building up over the course of the last year. Following decent capital performance the investment now accounts for 6%
of NAV. Its latest rise was probably associated with the proposed takeover of a competitor Allied Domecq, by Pernod
Ricard. Pernod Ricard's bid values Allied on 3.5 times enterprise value (market capitalisation plus net debt
('EV') to sales. Diageo currently trades on 3 times EV/sales even though Diageo's portfolio of
spirits brands is vastly superior. The company owns directly the largest (Smirnoff) and seven others of the world's top 
twenty spirit's brands versus just one for Allied and one for Pernod Ricard. In addition Diageo
owns 35% of Moet Hennessey, the fourth largest spirits brand, the value of which is not fully reflected in today's 
price, in our view. It is clear why the transaction is taking place, as two strategically weaker companies
combine their businesses to achieve economies of scale and better presence in a competitive market place, but at the
same time it serves to highlight the strategic strength of Diageo. Now that Diageo has almost sold its non-drinks
assets (the rump of the stake in General Mills will be sold later this year) the exceptional free cash flow generative
characteristics of the business are becoming more noticeable both in terms of progressive dividend hikes above the rate
of inflation and an increased pace of share repurchase. Diageo has bought back more than 30 million shares in 2005 to
date, more than 1% of outstanding stock, meaning it has retired well over 30% of its 1996 shares in issue (the date
when buybacks became tax-effective in the UK).

Another reasonable performer in the month was Nintendo. The company confirmed that having achieved its forecast
financial results it would pay out just under 50% of its net earning as dividends, up from 20% last year. This equated
to a 93% rise in annual dividend and a dividend yield today of 2.3%, almost as much as a Japanese utility. More
importantly it represents a substantial change from its past practice of hoarding cash and together with the recent
share repurchases, a recognition that management is beginning to tackle the issue of optimising returns on retained
earnings. We think Nintendo will maintain the payout policy next year and, given the company's prodigious cash
flow, may even raise it more some time in the future.

It was announced at the end of March that Michael Lindsell resigned as a director of the Company. This was necessary in
order to comply with the new Stock Exchange listing rules governing the independence of the board. In practice he will
continue to be involved in the management of the assets of the trust with Nick Train in the same way as before. The
board are exploring ways of changing its composition to allow him to return at some point in the future.



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
17 May 2005 LTL 000-025-7b

                                                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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