Director Shareholding

Liontrust Asset Management PLC
22 May 2003

                                  SCHEDULE 11

          NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS
AVS NO



All relevant boxes should be completed in block capital letters.
1.    Name of company                                2.   Name of director

      LIONTRUST ASSET MANAGEMENT PLC                      JEREMY LANG


3.    Please state whether notification indicates    4.   Name of the registered holder(s) and, if more than
      that it is in respect of holding of the             one holder, the number of shares held by each of
      shareholder named in 2 above or in respect of       them (if notified)
      a non-beneficial interest or in the case of an
      individual holder if it is a holding of that
      person's spouse or children under the age of
      18 or in respect of an non-beneficial interest      JEREMY LANG



      IN RESPECT OF 2. ABOVE


5.    Please state whether notification relates to a 6.   Please state the nature of the transaction. For PEP
      person(s) connected with the director named in      transactions please indicate whether general/single
      2 above and identify the connected person(s)        co PEP and if discretionary/non discretionary /non
                                                          discretionary



                                                          EXERCISE OF OPTIONS AND SALE OF SHARES

7.    Number of shares/    8.   Percentage of issued 9.   Number of shares/      10. Percentage of issued
      amount of stock           class                     amount of stock            class
      acquired                                            disposed


                                2.04%                                                1.91%
      714,154                                             666,544




  11. Class of security    12.  Price per share      13.   Date of transaction   14.  Date company informed



      ORDINARY SHARES           EXERCISE AT 115p           21 MAY 2003                21 MAY 2003

                                SALE AT 390p


15.   Total holding following this notification      16.   Total percentage holding of issued class following
                                                           this notification


      93,210
                                                           0.27%

If a director  has been granted options by the company please complete the following boxes.
17.   Date of grant                                  18.  Period during which or date on which exercisable




19.   Total amount paid (if any) for grant of the    20.  Description of shares or debentures involved: class,
      option                                              number




21.   Exercise price (if fixed at time of grant) or  22.  Total number of shares or debentures over which
      indication that price is to be fixed at time        options held following this notification
      of exercise


23.   Any additional information                     24.  Name of contact and telephone number for queries



                                                          DAVID GIBBONS - 020 7220 3217



25.   Name and signature of authorised company official responsible for making this notification



      DAVID GIBBONS, COMPANY SECRETARY


Date of notification         22 MAY 2003






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