Monthly Update

Lindsell Train Investment Trust PLC
20 June 2007


                                        The Lindsell Train Investment Trust PLC
                                                   As at 31 May 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 168.92
Share Price                                                           GBP 170.50
Premium (Discount)                                                         0.94%
Market Capitalisation                                                 GBP 34.1mn
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        2002     2003      2004         2005            2006               YTD 2007
GBP)

Net Asset Value TR%                  -9.6     +3.1      +23.7        +16.5           +13.7               +12.4
Share Price TR%                      -19.8    -8.7      +20.6        +27.5           +20.1               +14.0

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%    +2.6 +0.8* +1.9 +2.6 +4.5
Share Price TR%        -1.3 +4.0  +3.1 +4.5 +2.0

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                                                            13.5
Preference Shares                                                10.2
Equity - Media                                                   13.5
Equity - Banks & Investment Co.                                   6.2
Equity - Leisure & Ent.                                          15.6
Equity - Food & Beverage                                         31.3
Equity - Consumer Goods                                           1.9
Equity - Internet                                                 1.4
Investment Fund                                                  19.7
Cash & Equivalent                                               (13.3)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                                 % of NAV
Barr AG                                                           11.1
HBOS 9.25% Non Cum Pref Stk                                       10.2
Lindsell Train Global Media (Dist)                                10.2
Cadbury Schweppes                                                 10.0
Nintendo                                                           8.6
Diageo                                                             7.4
Marston's                                                          7.0
Lindsell Train Ltd                                                 6.2
21/2% Consolidated Loan Stock                                      5.2
Lindsell Train Japan (Dist)                                        5.1
Source: Lindsell Train


Fund Exposure         Bonds     Prefs        Equity          Funds              Cash                  % of NAV
UK %                   9.1       10.2         53.9            4.4              (13.8)                   63.9
USA %                  4.3        -            2.9             -                4.6                     11.8
Europe (ex UK) %        -         -            4.7             -               (2.3)                     2.4
Japan %                 -         -            8.6            5.1              (1.9)                    11.8
Global %                -         -             -             10.2               -                      10.2
Total                  13.4      10.2         70.1            19.7             (13.4)                  100.0
Source: Lindsell
Train


Fund Manager's Comments


Last month's report discussed the implications of the bids for Reuters and Dow Jones that led to the strong monthly net
asset value performance of 4.5% during May. Soon after the month ended the Bancroft family, who own a majority of the
voting shares of Dow Jones, agreed to begin talks with Rupert Murdoch about his offer for the company, acknowledging
that the value of the business could be enhanced by being part of a larger group. The price of the shares smartly
advanced above Murdoch's $60 offer price and we now await further developments, which are now most likely to involve a
confirmation or improvement of the offer from Murdoch (with some guarantees on editorial independence) or the interest
of other parties in the ownership of this unique asset.

Aside from the successes of Reuters and Dow Jones, the price of Nintendo continued to make good progress, advancing
another 13%. Having sold a Nintendo DS handheld to 10% of the Japanese population last September, now, seven months
further on, 15% of the population has one. If Nintendo can conjure up some killer software, as we expect them to do
soon, such a huge installed base could ensure record sales of such new titles. To be successful a software title used
to have to sell at least one million copies. With the current installed base it is conceivable that selling five
million will be the new bar of success. As far as we can determine the new console, Wii, remains 'sold out' around the
world. Nintendo are desperately trying to increase production from the current level of one million units per month but
we understand that will take time.

The strong contribution from equities was tempered, as it has been all year, by the poor performance of our long-term
fixed interest holdings. However the weakness in bond prices seems more acute now, especially as it extends into the
early days of June, in reaction to renewed inflationary concerns. Bearish sentiment was reinforced by more hawkish
comments emanating from policymakers on such inflationary threats and the continued trend of rising short-term interest
rates in Europe. We have been surprised by the steep falls in bond prices as we believe that long-term inflationary
pressures remain mild, but at the same time acknowledge that in part our indifference depends on the bond market acting
as the ultimate inflation vigilante. In due course, the higher rates should have a depressing effect on debt financed
demand, whether in financing consumption, corporate transactions or capital investment. Given the heightened
indebtedness of consumers and businesses alike we expect such a squeeze will eventually have strong inflation
ameliorating effects.

The share price of Marstons (formerly called Wolverhampton and Dudley Breweries), our Midlands integrated brewer, has
stagnated so far this year, which is understandable given its recent strong performance that took the dividend yield
below that of the market's yield at 2.5%. As if in compensation, the company recently announced an intended 20% hike in
the 2007 dividend, which makes today's prospective yield just higher than the market, alleviating, in our rather
simplistic view, concerns of overvaluation. This breaks a policy of 10% dividend hikes year in year out for the last 30
years, a fabulous record for a company perennially regarded as a 'value' rather than a 'growth' investment. On the one
hand we view this year's hike as a 'one off' as we cannot readily envisage the company sustaining a dividend growth
rate much above 10% for very long, but on the other it would be churlish of us to question the company's record of
value creation and thus we look forward to learning how much more this remarkable franchise can generate.


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
18 Jun 2007 LTL 000-049-4

                                                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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