Statement re European Equity Fund Management Team

Not for release, publication, transmission or distribution directly or
indirectly in or into the United States, Canada, Australia, Japan, New Zealand,
the Republic of South Africa or the Republic of Ireland.

12 July 2006

                          Stock Exchange Announcement                          

                        LIONTRUST ASSET MANAGEMENT PLC                         

                     European Equity Fund Management Team                      

On 1 February 2006, Liontrust Asset Management PLC ("Liontrust"), announced
that Gary West and James Inglis-Jones would be joining Liontrust to develop a
European equity investment process. On 16 June 2006, Liontrust entered into a
conditional agreement (the "Agreement") relating to a proposed investment in a
new group company, Liontrust European Investment Services Limited, which is to
provide European equity fund management services in relation to the investment
process developed by Gary West and James Inglis-Jones. Further information was
contained in an announcement made on 16 June 2006 and in a circular sent to
shareholders on that date and in a subsequent announcement made on 7 July 2006.

Following satisfaction of each of the conditions to the Agreement, completion
of the Agreement in accordance with its terms occurred today.

For further information please contact:

Liontrust Asset Management PLC:

Nigel Legge or Vinay Abrol Tel: [phone]

JPMorgan Cazenove Limited:

Richard Locke Tel: [phone]

Notes

JPMorgan Cazenove Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as financial adviser to
Liontrust in relation to matters described in this announcement and is not
acting for any other person and will not be responsible to any other person for
providing the protections afforded to customers of JPMorgan Cazenove Limited
nor for advising them on the contents of this announcement.

The release, publication, transmission or distribution of this announcement in
jurisdictions other than the United Kingdom may be restricted by law and
therefore persons in such jurisdictions into which this announcement is
released, published, transmitted or distributed should inform themselves about
and observe such restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities laws of any such jurisdiction.