January 2007 Trading Update

23 January 2007

                          Stock Exchange Announcement                          

                        LIONTRUST ASSET MANAGEMENT PLC                         

                          January 2007 Trading Update                          

Performance fees of £2.586 million were earned on six institutional accounts in
the nine month period ended 31 December 2006 generating an operating profit,
after compensation, of approximately £1.164 million. By comparison the
operating profit contribution from performance fees for the nine months to 31
December 2005 was £30,000. All institutional mandates with performance fee
structures are based on either the Large Cap or Growth investment processes.

On 31 December 2006 our funds under management stood at £5.547 billion up 19%
on £4.670 billion where they stood on 31 December 2005. On 22 January 2007
funds under management stood at £5.352 billion.

In the period from 1 April 2006 to 22 January 2007 total net unit trust
redemptions were £13 million. Gross unit trust sales averaged £27 million per
month. A net £62 million of institutional pension fund assets were lost over
the same period.

For further information please contact:

Liontrust Asset Management PLC:

Nigel Legge Tel: [phone]

Vinay Abrol Tel: [phone]

JP Morgan Cazenove Limited:

Richard Locke Tel: [phone]