Monthly Update

Lindsell Train Investment Trust PLC
20 March 2008


                                                     The Lindsell Train Investment Trust PLC
                                                             As at 29 February 2008

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 162.34
Share Price                                                           GBP 165.00
Premium (Discount)                                                        +1.64%
Market Capitalisation                                                 GBP 33.0mn
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 GBP)      2002     2003         2004           2005          2006          2007   YTD 2008

Net Asset Value TR%                     -9.6     +3.1        +23.7          +16.5         +13.7         +17.1       -5.3

Source: LTL and Bloomberg. 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.


2007 Performance         Jan    Feb    Mar    Apr   May   Jun    Jul    Aug     Sep    Oct        Nov              Dec
Net Asset Value TR%     +2.0   +0.8*  +1.9   +2.6  +4.5  -3.1   +2.5   -1.6    +0.6   +3.6       +0.1             +0.6
Share Price TR%         -1.3    +4.0  +3.1   +4.5  +2.0  +0.6   -2.4   +5.2    +0.3   +5.2      -10.1             -2.0

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)


2007 Performance        Jan   Feb   Mar  Apr  May   Jun     Jul       Aug      Sep        Oct       Nov        Dec      
                                                        
Net Asset Value TR%    -5.4   +0.4
Share Price TR%        -8.3  +11.9

Source: LTL and Bloomberg 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                                                            14.9
Preference Shares                                                9.2
Equity - Media                                                   23.7
Equity - Banks & Investment Co.                                  7.5
Equity - Leisure & Ent.                                          3.8
Equity - Food & Beverage                                         28.7
Equity - Consumer Goods                                          1.7
Equity - Internet                                                1.2
Investment Funds                                                 22.4
Cash & Equivalent                                               (13.1)
Total                                                           100.0

Source: Lindsell Train



Top 10 Holdings                                          % of NAV

Nintendo                                                  12.7
LT Global Media (Dist)                                    12.2
AG Barr                                                   9.9
HBOS 9.25% Non Cum Pref                                   9.2
Cadbury Schweppes                                         8.5
Lindsell Train Ltd                                        7.5
Diageo                                                    7.4
LT Japan (Dist)                                           6.8
21/2% Consolidated Loan Stock                             5.7
US Treasury 2.5%                                          4.9
Source: Lindsell Train


Fund Exposure           Bonds         Prefs            Equity       Funds             Cash           % of NAV           
                                                          
UK %                     10.0          9.2              48.1          3.4            (16.1)              54.6
USA %                    4.9            -                1.2            -              6.8               12.9
Europe (ex UK) %          -             -                4.6            -             (2.8)               1.8
Japan %                   -             -               12.7          6.8             (1.0)              18.5
Global %                  -             -                 -          12.2                -               12.2
Total                    14.9          9.2              66.6         22.4            (13.1)             100.0
Source: Lindsell
Train



Fund Manager's Comments

One of the most experienced stockbrokers we know offered us some sage advice
last week - 'sometimes sticking your head in the sand and waiting for it
all to blow over makes sense'.  Such a policy is certainly not heroic,
but sometimes heroism is inadvisable. Certainly we cannot miss the panicky mood
of investors and even we feel the intense pressure to buy what has already
performed well and, even more so, to sell what has performed poorly. This means
that the potential to make serious mistakes - buying or selling - is very real
and that taking no decisions may be wiser than making too many.

Accordingly, all we have done recently is to buy back the Nintendo shares we
sold last year, close to their peak of Y70,000, 30% cheaper. We know that our
next 'strategic' move should be to further reduce the position in long-dated
government bonds, but we are still hopeful - if that is the correct term for a
set of circumstances that will likely be extremely uncomfortable - that there
will be a deflationary scare before this crisis resolves. If commodity prices
were to stall, for instance, in the face of a marked deceleration in the global
economy, we then expect government yields to be notably lower. The fact that
long US and UK yields are little changed in 2008 to date, despite all the
turmoil, illustrates the persistence of high inflation expectations.

HBOS reported in February and dismayed investors with the scale of its Treasury
book exposure to Asset-Backed Securities, some £40 billion and we understand why
its ordinary shares, which we do not own, should have fallen sharply in the
light of this - despite the bank's protestations about the calibre of these
investments. The HBOS preference shares, to which your company has meaningful
exposure, fell too, by c2.0% and are now unchanged in price since the start of
the year. The annual cost of HBOS' preference dividends is £97 million, which
compares to the cost of this year's ordinary dividend of £1.8 billion and
earnings of £3.7 billion. The implied 'cover' for the preference dividends, of
19x to ordinary dividends and 40x to earnings still strikes us as more than
adequate to sustain their income stream and we have no current intention of
selling the holding. We find ourselves thinking harder about it, though, than we
would have guessed a year ago.

Company results seem unimportant today, certainly in terms of determining where
share prices will be tomorrow. May we report, though, that Diageo, Cadbury,
Heineken, Pearson, Reed and Reuters have all been able to demonstrate progress
in delivering to their strategic potential and grown their dividends. eBay, in
contrast, has lost momentum at its core auction site and been required to amend
its pricing model to tempt liquidity back. eBay remains a unique and uniquely
valuable company and we are watching closely for the opportunity to add to our
modest holding.

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 above the gross      Chelmsford
Michael Lindsell                        annual yield of the 21/2% Consolidated  Essex  CM2 5PW
Michael Mackenzie                       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
20 March 2008 LTL 000-059-0

                                                             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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