Final Results

Liontrust Asset Management PLC
24 May 2001

                         STOCK EXCHANGE ANNOUNCEMENT

                        LIONTRUST ASSET MANAGEMENT PLC

                    PRELIMINARY RESULTS FOR THE YEAR ENDED

                               31ST MARCH 2001


Liontrust Asset Management PLC ('Liontrust' or 'the Group'), the independent
specialist UK equities fund management group, today announces its preliminary
results for the year ended 31st March 2001. The results are the Group's second
since its flotation on the main market of the London Stock Exchange in July
1999.

Highlights are as follows:

  * Funds under management up 28% from £1.114 billion at 31st March 2000 to
    £1.428 billion (with a further £163 million in transition) on 22nd May
    2001.

  * 12 new pension fund mandates worth £338 million won during the year.
    Strong net unit trust sales at £94 million.

  * Core operating profits (excluding exceptional costs and performance
    related earnings) up 61% at £2.80 million.

  * Consolidated net profit before tax for the year to 31st March 2001 up
    202% at £5.42 million.

  * Basic earnings per share (before exceptional costs) up 42% at 11.79
    pence.

  * Maiden dividend of 0.5 pence per share proposed, one year ahead of
    market expectations.

Commenting on the results, Nigel Legge, Joint Chief Executive, said:

'We have made excellent progress despite the stock market falling 13% this
financial year. The new business we have attracted demonstrates that
specialist fund management is in demand from increasing numbers of
professional investors and advisers. We see no signs of this changing. We
continue to be invited to pitch for more mandates and accounts, and more
advisers are buying our funds.

The financial position of Liontrust is getting stronger. We are proposing our
first dividend. Our cost: income ratio is down again and the prospects for
continued growth remain excellent. The business has become more robust and it
is with no apology that we repeat our stated aims: we plan to do more of what
we do, for more investors, more efficiently.'


                                     - ENDS -



For further information please contact:

Liontrust:

Nigel Legge, Joint Chief Executive               Tel: [phone]

HSBC Investment Bank:

John Mellett, Graeme Bayley                      Tel: [phone]

Correct at 1610 hours, 23rd May 2001.

Chairman's

Statement

I am delighted to be able to report good results for our second year running
as a public company. The continued success of our investment processes coupled
with the simplicity, efficiency and focus of our business model has made this
possible.

Total profits before taxation at £5.42 million increased by 202% from £1.79
million last year. Before exceptional costs, total operating profits increased
by 36% from £3.86 million to £5.24 million and the total cost : income ratio
fell from 69% to 65%. Total operating profits include performance fees which,
as I explained last year, are likely to be erratic compared with the recurring
fees that make up our core revenues. I am therefore particularly pleased to
report a 61% increase in core operating profits, from £1.74 million to £2.80
million. Increased revenues and control over costs have resulted in our core
cost : income ratio falling from 74% to 69%. Earnings per share (before
exceptional costs) have increased on a total and core basis by 42% and 77%
respectively.

These good results have, of course, further strengthened our balance sheet and
as a result your board has decided to recommend a maiden dividend of 0.5p per
share, payable on 17th July to shareholders on the register at 22nd June 2001.
The payment of a dividend now is a year earlier than forecast by analysts at
the time of our July 1999 flotation.

On 23rd May 2001 funds under management stood at £1.428 billion with a further
£163 million in transition. At our year end they stood at £1.276 billion with
a further £142 million in transition compared with £1.114 billion on 31st
March 2000. Over our financial year funds under management increased by 14.5%
compared with a fall in the FTSE All-Share Index of approximately 13% over the
same period.

New business has been strong. The total value of new pension funds won was £
338 million (£270 million last year). We won 3 pension mandates for The Lang
Approach, 8 for The Large Cap. Process and the first based on The Cross
Report. We have recently added Liontrust Knowledge Economy Trust PLC, also
based on The Cross Report, to the range of investment trusts that we manage.
Liontrust branded authorised unit trust sales were £94 million net compared
with £41 million a year earlier. Today we run 22 portfolios according to our
four proprietary investment processes, our index tracking unit trust and a
further 10 funds which we administer for third parties.

The good performance of our investment processes has been maintained this
year, in what have been difficult market conditions, with each outperforming
its relevant benchmark. Liontrust First Growth Fund, run in accordance with
The Lang Approach, has outperformed its benchmark (the FTSE All-Share Index)
for the fifth calendar year in succession. This is an excellent track record
which few managers of UK equities can claim.

Our staff have worked successfully and enthusiastically again this year.
Without their skills and commitment Liontrust would be nothing. We cannot
thank them enough.

On 12th February 2001 our major shareholder, Pacific Investments Plc,
announced its intention to reduce its shareholding, through various connected
parties, in our company to 15%. A total of 8,127,427 shares (24.7%) were
placed with a number of institutional investors in early March. A number of my
colleagues and I took this opportunity to buy more shares. At the same time,
Mark Johnson, Managing Director of Pacific Investments Plc, resigned from our
board. I would like to express our gratitude to Pacific for providing
Liontrust with its initial seed capital and to Mark for helping with the
development of our business. We also extend a warm welcome to our new
shareholders who bought shares in the placing.

We see no evidence of a slowdown in the rate at which management contracts for
UK equity portfolios are changing hands and UK equities remain the largest
proportion of UK based portfolios. We estimate that the capacity of our
current investment processes, without adversely affecting their potential
investment performance, is about £15 billion. With approximately £1.6 billion
under management we still have much room to grow to reach this figure which,
in itself, represents a very small proportion of the potential overall market.
Our operating environment remains favourable.

We do recognise, however, that we operate in a highly competitive market. We
will continue to emphasise our corporate and product differentiation as we
never forget clients have a choice. We have great confidence in our business
model and a great belief that our culture, employee equity participation and
well defined products will continue to give us a competitive advantage. We
look forward to the challenges ahead and see a bright future for the company
and all those associated with it.

Our Annual General Meeting will be held in the Gondoliers Room, The Savoy,
London WC2R 0EU at 11am on Tuesday 10th July 2001.

Ellen Winser,

Chairman

24 May 2001

Correct as at 1125 hours, 23rd May 2001.



LIONTRUST ASSET MANAGEMENT PLC

Unaudited consolidated profit and loss account

for the year ended 31st March 2001
                                             Year ended              Year ended

                                             31st March         31st March 2000
                                                   2001
                                                                  (Restated see
                                                                        note 2)
                                    Notes         £'000                   £'000
Gross Profit                                     14,835                  12,541
Staff costs                                     (7,034)                 (6,739)
Exceptional staff costs                 2         (126)                 (2,044)
Total staff costs                               (7,160)                 (8,783)
Total operating charges                         (2,560)                 (1,942)
Operating Profit                                  5,115                   1,816
Interest receivable                                 301                     150
Interest payable and similar                          -                   (174)
charges
Profit on ordinary activities                     5,416                   1,792
before taxation
Tax on profit on ordinary                                                 (539)
activities                                      (1,624)
Profit on ordinary activities after               3,792                   1,253
taxation
Dividend proposed                      4          (165)                       -
Profit for the financial period
transferred to reserves                           3,627                   1,253


Earnings per share                                Pence                   Pence
Basic earnings per share               3          11.52                    3.88
Basic earnings per share (adjusted)    3          11.79                    8.32
Basic earnings per share (core)        3           6.59                    3.72

Diluted earnings per share             3          11.01                    3.80
Diluted earnings per share (adjusted)  3          11.27                    8.15
Diluted earnings per share             3           6.30                    3.64

Unaudited consolidated Balance Sheet

as at 31st March 2001
                                     31st March 2001          31st March 2000

                                                            (Restated see note
                                                                    2)
                                    £'000       £'000         £'000       £'000
Fixed assets
Tangible assets                                   316                       338
Current assets
Short-term investments                 61                        92
Debtors                             6,623                     4,771
Cash at bank and in                11,625                     6,515
hand
                                   18,309                    11,378
Creditors: (amounts
falling due within                (13,120)                   (9,964)
one year)
Net current assets                              5,189                     1,414
Total assets less                               5,505                     1,752
current liabilities
Provisions for                                   (235)                     (109)
liabilities and charges
                                                5,270                     1,643
Capital and reserves
Called up share capital                           329                       329
Share premium account                           1,543                     1,543
Profit and loss account                         3,398                      (229)
Shareholders' funds                             5,270                     1,643
(all equity interest)

Unaudited consolidated cash flow statement

for the year ended 31st March 2001

Reconciliation of operating profit to net cash inflow from operating
activities

                                              Year ended            Year ended

                                         31st March 2001       31st March 2000
                                                   £'000                 £'000

Operating profit before                            5,241                 3,860
exceptional items
Exceptional cost in respect of                         -               (1,935)
phantom options
Depreciation charges                                 103                    84
Decrease / (increase) in short                        31                  (50)
term investments
(Increase) / decrease in debtors                 (1,853)                 1,105
Increase in creditors                              2,139                 1,687
Net cash inflow from operating                     5,661                 4,751
activities

Cash Flow Statement
                                                   £'000                 £'000
Net cash inflow from operating                     5,661                 4,751
activities
Returns on investment and                            301                  (24)
servicing of finance
Taxation                                           (771)                 (139)
Capital expenditure and financial                   (81)                 (103)
investment
                                                   5,110                 4,485
Financing                                              -                 (386)
Increase in cash                                   5,110                 4,099



Notes to the financial statements

1. Accounting policies

The accounting policies are consistent with those set out in the Group's last
audited accounts except in respect of the provision for employer's national
insurance on unapproved share options as explained below.

National insurance on unapproved share options

Employer's national insurance on unapproved share options is provided for over
the period from the date of grant of the relevant options to the first date at
which such options can be exercised, based on the rate of national insurance
and the price of the Company's shares at the relevant balance sheet dates.
This policy was changed in the year to comply with the relevant UITF Abstract
(see note 2).

2. Exceptional staff costs
                                                          Year            Year
                                                         ended           ended
                                                          31st            31st
                                                         March           March
                                                          2001            2000
 Staff costs                                             £'000           £'000

Provision for employer's national insurance on             126             109
potential gain on unapproved share options
Payment in respect of phantom option                         -           1,935
arrangement and employer's national insurance
due thereon
                                                           126           2,044



The Group's prospectus contained details of options granted to J.D. Lang and
W.T. Pattisson. The Company will be liable for employer's national insurance
on any gains made on exercise of these options, which are classified as
unapproved by the Inland Revenue. The Company has provided for this potential
cost, based on the share price at 31st March 2001 and at the prevailing rate
of employer's national insurance of 11.9%, with the total costs being spread
over the period from grant of the options to the earliest possible date of
exercise, 21st July 2002.

In presenting its results for the year ended 31st March 2000, the
recommendations contained in a draft Urgent Issues Task Force (UITF) Abstract
relating to employer's national insurance liability were adopted. Accordingly,
full provision was made for the potential liability based on the share price
at 31st March 2000 (£470,000). In July, the Accounting Standards Board issued
the final UITF Abstract which required companies to spread the liability over
the period from the date of grant to the first potential exercise date. This
is a change in accounting policy and we are required to restate the accounts
for the previous periods to reflect this change.

Consequently, the exceptional cost for the year ended 31st March 2000 in
respect of the Company's national insurance liability on unapproved share
options has been restated to £109,000 and a tax credit of £33,000 has been
applied against this expense. This reduces the exceptional cost by £361,000,
increases the tax charge by £108,000 and increases the profit after tax by £
253,000 compared to the accounts published for the year ended 31st March 2000.

3. Earnings per share

The calculation of basic earnings per share is based on profit after taxation
and the weighted average number of Ordinary Shares in issue for each period.
The weighted average number of Ordinary Shares was 32,927,459 for the year
(32,254,146 for the year ended 31st March 2000).

Basic earnings per share (adjusted) are calculated after removing the
exceptional items and associated tax credit. Basic earnings per share (core)
are calculated after removing the exceptional items, the performance related
fees and costs and related tax charges.

Diluted earnings per share are calculated on the same bases as set out above,
after adjusting the weighted average number of Ordinary Shares for the effect
of options to subscribe for new Ordinary Shares that were in existence at 31st
March 2001. The adjusted weighted average number of Ordinary Shares so
calculated for the year was 34,442,526 (2000: 32,932,772).

4. Proposed dividend

The Board will recommend a dividend of 0.5 pence per share, payable on 17th
July to shareholders on the register at 22nd June 2001.

This preliminary announcement constitutes non-statutory accounts under section
240 of the Companies Act 1985. The results for the year ended 31st March 2001
are unaudited. The results for the year to 31st March 2000 have been extracted
from the Group's statutory accounts for that period, which have been filed
with Registrar of Companies, the audit report on which was not qualified and
did not contain a statement under section 237(2) or (3) of the Companies Act,
1985. The accounts for the year to 31st March 2000 have been restated as set
out in Note 2 above.