Valuation Methodology Change

Lindsell Train Investment Trust PLC
18 October 2007



Change in the methodology for valuing The Lindsell Train Investment Trust plc's
                       holding of Lindsell Train Limited.


The Board of The Lindsell Train Investment Trust plc ('LTIT') announces that
from 1st October 2007 it has adopted a new methodology to value its 25%
shareholding in Lindsell Train Limited ('LTL'). The Board judged a change
necessary to reflect the fact that LTL's business is dominated by the management
of long only funds as opposed to long/short funds as originally envisaged and to
adjust for the comparatively low level of staff costs, a function of the salary
and bonus cap agreed with LTIT at its inception. The current methodology, which
has been used since LTIT and LTL were launched in 2000, is based on an average
of LTL's funds under management ('FUM'), book value and discounted earnings.


With the help of an independent financial adviser, the Board of LTIT has decided
that the carrying value of LTIT's interest in LTL should be valued using a
simple average of two metrics:


 1. 2% of LTL's most recent FUM ignoring differences between types of asset class
    and fee structures; and


 2. LTL's net earnings (adjusted for a notional increase in total staff costs at
    45% of revenues excluding performance fees) divided by the annual average
    yield on 2.5% Consolidated Loan Stock plus an equity risk premium of 4.5%.


The new methodology values LTL on 30th September 2007 at £3,703.89 per share an
increase of 4% from the value at 30th June 2007. If the old methodology had been
used to calculate the value of LTL on 30th September 2007, the carrying value
would have increased to £4,058.66 per share. The change in the value of LTL will
be included in the published net asset value of LTIT in the week beginning 22nd
October 2007.


At the 30th September 2007 LTL's FUM were £533m.


The Board reserves the right to alter the valuation as determined by the
methodology at their discretion should extreme market conditions dictate.


All enquires should be addressed to Michael Lindsell or Nick Train on 
020 7227 8200.


                      This information is provided by RNS
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