Monthly Update

Lindsell Train Investment Trust PLC
14 March 2007


                                        The Lindsell Train Investment Trust PLC
                                                   As at 28 Feb 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 153.95

Share Price                                                           GBP 148.50

Premium (Discount)                                                          0.4%

Market Capitalisation                                                 GBP 29.7mn

Benchmark (21/2% Con Ann Avg Yield +4.5%)                                   +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               +3.4*

Share Price TR%                       -19.8    -8.7      +20.6        +27.5           +20.1               +1.0

Source: LTL and S&P Micropal. 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. * Source:LTL


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) *Source: Lindsell Train Ltd.


2007 Performance      Jan   Feb   Mar  Apr  May  Jun   Jul    Aug      Sep        Oct          Nov            Dec

Net Asset Value TR%  +2.6  +0.8*

Share Price TR%      -1.3   +4.0

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 . * Source:LTL

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                                                            16.1
Preference Shares                                                11.8
Equity - Media                                                   11.3
Equity - Banks & Investment Co.                                  6.6
Equity - Leisure & Ent.                                          14.6
Equity - Food & Beverage                                         28.9
Equity - Consumer Goods                                          1.7
Equity - Internet                                                1.6
Investment Fund                                                  20.9
Cash & Equivalent                                               (13.5)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                           % of NAV

HBOS 9.25% Non Cum Pref Stk                                 11.8
Barr AG                                                     11.6
Lindsell Train Global Media (Dist)                          10.9
Diageo                                                      7.6
Marston's                                                   7.3
Nintendo                                                    7.2
Cadbury Schweppes                                           7.1
Lindsell Train Ltd                                          6.6
21/2% Consolidated Loan Stock                               6.2
Lindsell Train Japan (Distr)                                5.6
Source: Lindsell Train


Fund Exposure         Bonds      Prefs        Equity          Funds              Cash                 % of NAV

UK %                   10.9      11.8          50.7            4.4              (13.7)                  64.1
USA %                  5.1         -            2.6             -                4.9                    12.6
Europe (ex UK) %        -          -            4.2             -               (2.3)                    1.9
Japan %                 -          -            7.2            5.6              (2.3)                   10.5
Global %                -          -             -             10.9               -                     10.9
Total                  16.0      11.8          64.7            20.9             (13.4)                  100.0
Source: Lindsell
Train


Fund Manager's Comments


February proved to be positive month for the fund, in what ended up as a down month for markets, following the large
fall on its last day. After months of benign and gradually appreciating markets volatility returned, perhaps signalling
tougher times for the corporate sector in general after such a strong streak of profits increases and record corporate
performances over recent years.

The cumulative effect of successive rises in interest rates both in the UK, the USA and elsewhere may ultimately act to
restrain demand and, most importantly, undermine the growth if not the quantum of profits generated. The timing of all
this is hazy as the lags are long and unpredictable but as time progresses risk mounts and the market demands its
compensation in higher bond yield spreads and, arguably, in equity valuations generally.

We are reassured to note that the price of government debt, especially the ultra-long dated instruments that we own,
increased in value providing not only a buffer to the portfolios but also reducing the implicit rate at which we tend
to discount the very far our and durable cash flows that are generated by our companies.

While we recognise that during such periods of nervousness, our businesses, however good they are, will likely suffer '
quotational' loss of value, we remain sanguine about their prospects and their value.

Part of that confidence is reinforced by recent dividend announcements. Reuters decided to increase its dividend once
again having held it steady for the last four years, in addition to a commitment to continue with its programme of
share repurchases. It struck us how resilient the performance of the shares had been in the recent setback. Three years
ago such a sharp downward move in markets would have depressed the shares by 10% at least. Pearson and Reed's dividends
increased by 10% this year for the second year running, notably up from the pace of growth two years ago. Cadbury's,
despite a disappointing year for profits, raised its final dividend by 10%, making the pace of dividend growth for
2006, as a whole, up 8%, double the growth rate of prior years. More dramatically, Heineken raised its final dividend
83% making the total increase for the year 50% and Nintendo looks as though its final dividend will rise at least 28%,
making the gain for the whole year 23%.

As a result, this year, the weighted average dividend growth from the equity investments in the portfolio is likely to
be 15%, up from 13% last year and notably higher than the 6% and 8% growth rates in 2003 and 2002 respectively. Clearly
our businesses are not exempt from economic changes even if we view them as much more stable and predictable than
others. As a result some of this recent increased growth in dividends is undoubtedly cyclical. Perhaps a better guide
for what is a likely sustainable growth rate in the future is the average dividend growth rate over the six years since
we began managing the trust. Since 2000, equity dividends have risen 172%, which amounts to an annualised rate of 9.5%.
This is more than 3.5x the annualised increase in RPI inflation of 2.6% and over double the current return of the
benchmark of 4.5%. Thus, if we are able to maintain such a rate in the future it will go a long way to satisfying the
core objective of the trust of growing the real purchasing power of sterling capital over time.


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 PLC
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                               Registered Number
GB0031977944                            Phoenix Administration Services Limited 4119429

Bloomberg                                                                       Listing
LTI LN                                                                          London Stock Exchange

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
13 March 2007 LTL 000-044-3

                                                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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