Investment Policy

Lindsell Train Investment Trust PLC
29 October 2003

The Lindsell Train Investment Trust plc

Investment Policy

The Board of The Lindsell Train Investment Trust plc ('The Company') notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it is the Company's policy to invest no more
than 15% of its gross assets in other UK listed investment companies (including
UK listed investment trusts) as defined in chapter 21 of the Listing Rules.

By order of the Board:

Phoenix Administration Services Limited, Company Secretary


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