Monthly Update

Lindsell Train Investment Trust PLC
23 April 2007


                                        The Lindsell Train Investment Trust PLC
                                                   As at 31 Mar 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 157.04
Share Price                                                           GBP 159.50
Premium (Discount)                                                         1.57%
Market Capitalisation                                                 GBP 31.4mn
Benchmark (21/2% Con Ann Avg Yield +4.6%)                                   +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                +6.2
Share Price TR%                      -19.8    -8.7      +20.6        +27.5           +20.1                +6.3

Source: LTL and S&P Micropal. 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
Share Price TR%         -1.3 +4.0  +3.1

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) *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                                                            15.1
Preference Shares                                                11.5
Equity - Media                                                   12.0
Equity - Banks & Investment Co.                                   6.4
Equity - Leisure & Ent.                                          14.9
Equity - Food & Beverage                                         30.4
Equity - Consumer Goods                                           1.9
Equity - Internet                                                 1.6
Investment Fund                                                  20.0
Cash & Equivalent                                               (13.8)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                            % of NAV
HBOS 9.25% Non Cum Pref Stk                                  11.5
Barr AG                                                      10.9
Lindsell Train Global Media (Dist)                           10.4
Cadbury Schweppes                                            9.3
Nintendo                                                     7.8
Diageo                                                       7.6
Marston's                                                    7.1
Lindsell Train Ltd                                           6.4
21/2% Consolidated Loan Stock                                5.9
Lindsell Train Japan (Distr)                                 5.1
Source: Lindsell Train


Fund Exposure         Bonds     Prefs        Equity          Funds              Cash                  % of NAV
UK %                   10.3      11.5         52.3            4.4              (14.1)                   64.4
USA %                  4.8        -            2.6             -                5.0                     12.4
Europe (ex UK) %        -         -            4.5             -               (2.3)         2.2
Japan %                 -         -            7.8            5.1              (2.3)                    10.6
Global %                -         -             -             10.4               -                      10.4
Total                  15.1      11.5         67.2            19.9             (13.7)                  100.0
Source: Lindsell
Train


Fund Manager's Comments


The Trust's net asset value ('NAV') advanced 1.9% during March, driven largely by the performance of one of the largest
holdings, Cadbury.   We have known for some time that this company is a potent store of value (see December 2005 and
2006 monthly reviews).  As a result, we have been steady accumulators of the shares.  After establishing an initial
position when the Trust began, we added, increasing it by a quarter in 2005 and a further 10% in 2006.  We have
consistently argued that other investors fail to appreciate the value inherent in all long-lasting and well established
confectionery and soft drink brands, particularly those Cadbury owns.  Up until recently many stockbroking analysts
simplistically compared today's price earnings ratio of the company to other companies in the food sector in the UK
(such as Northern Foods, Premier Foods, Tate & Lyle etc), failing to take any account of the exceptional durability and
predictability of Cadbury's earnings and cash flows relative to these other companies.  Importantly, Cadbury possesses
a number of genuinely global brands, including Dairy Milk, Creme Eggs, Bournville, Halls, Trebor Extra Strong Mints,
Trident Gum, Schweppes Tonic, Snapple and Dr Pepper - giving its business resilience in tough times and opportunities
for growth in the Emerging Markets.

What has changed?

In March the company announced that Nelson Peltz, a known US arbitrageur, had accumulated a stake of 3%.   This
gentleman sold Snapple to Cadbury 10 years ago, so he should know a thing or two and we surmise that if he has bothered
to take such a meaningful stake he is looking for more than a proverbial cup of tea.  Coincidentally, the board of
Cadbury's had been conducting a review of its corporate structure and, after the announcement of his stake, was
prematurely forced to reveal the conclusion that it had decided to split the company in two.  As a result, private
equity funds, flush with cash and short on opportunities, are licking their lips at the possibility of getting
involved.  Not surprisingly, these announcements have propelled Cadbury's share price.  We increased our position a
further 12%, rather than bank profits, as we believe our longstanding price target, of between £7.50 and £8.00, now
appears more attainable and because the truth is Cadbury has put itself into play.   If a competitive auction were to
develop for part or all of Cadbury - clearly a far more likely circumstance than a month ago - we cannot believe that
this collection of wonderful brands would change hands at anything less than 3.0x its annual revenues.   Such a
calculation, however simplistic, gets one to a target share price for Cadbury of closer to £10 than the current £6.50.
This 'strategic' upside represents, we think, a sufficient margin of safety for buyers even today.

With 9.6% invested, Cadbury is a major position for your company and with an average purchase price of £4.77 per share,
one that has already created decent value.  Lindsell Train Limited has invested on behalf of its clients a total of
£37.5m of Cadbury shares, or in the order of 8.0% of FUM - a nice exposure, we believe!

Actually, Cadbury was not the only good thing to happen in March.  Clarins was up 13% following the death of its
founder.  We imagine that the market expects the family to relinquish control of the business, exposing the company to
offers from third parties. Conversely, we think the younger generation seems fully committed and would not be surprised
therefore to see some of these gains dissipate in the short-term.  Pearson rose 10% and Nintendo, following a small
addition to the position, recovered February's losses.  Against these encouraging moves for a number of our equity
positions was a continued fall in fixed interest prices, especially our UK irredeemable government bonds that fell 4%
in anticipation of a further tightening in UK monetary policy.  We remained comfortable with our fixed interest
position, as we believe it offers protection against the impact of rising interest rates on UK consumer confidence and
inflation expectations.

The NAV included the payment of the Lindsell Train Limited ('LTL') final dividend, up 100% from last year and now the
largest dividend payer of all our equity investments in the Trust (except the preference shares), reinforcing what an
influential investment this is becoming for your Trust.  We hope to make it more so.






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, plus dividend,      Chelmsford
Michael Lindsell                        above the gross annual yield of the 2   ESSEX  CM2 5PW
Michael Mackenzie                       1/2% Consolidated 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
23 April 2007 LTL 000-044-8

                                                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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