Monthly Update

Lindsell Train Investment Trust PLC
23 November 2006


                                        The Lindsell Train Investment Trust PLC
                                                   As at 31 Oct 2006
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 144.34
Share Price                                                           GBP 147.50
Premium (Discount)                                                          2.2%
Market Capitalisation                                                 GBP 29.5mn
Benchmark (21/2% Con Ann Avg Yield +4.2%)                                   +0.4
Source: Bloomberg; NAV-Lindsell Train. Share Price
quoted is closing mid price. See Benchmark definition.

Performance History (based in        2001     2002       2003        2004            2005               YTD 2006
GBP)

Net Asset Value TR%                  +3.2     -9.6       +3.1        +23.7           +16.5                +9.4
Share Price TR%                      +18.5    -19.8      -8.7        +20.6           +27.5               +16.6

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.


2005 Performance    Jan  Feb  Mar  Apr  May  Jun   Jul    Aug      Sep        Oct            Nov              Dec

Net Asset Value TR% +1.4 +0.3 +1.7 +0.2 +3.4 +2.9 +0.0   +0.2     +1.0        -1.5          +2.3*            +2.9
Share Price TR%     +8.6 +3.5 -3.4 +1.8 +2.6 +9.3 +0.4   -2.3     +2.4        -3.9           +1.2            +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.


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
Share Price TR%     -3.0 +7.5 +1.5 +3.4 -1.5 -2.6  +3.2    +4.1      +5.7        +3.0

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.

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                                                            18.1
Preference Shares                                                13.1
Equity - Media                                                   12.4
Equity - Banks & Investment Co.                                   6.2
Equity - Leisure & Ent.                                          12.3
Equity - Food & Beverage                                         28.1
Equity - Consumer Goods                                           1.6
Equity - Internet                                                 1.7
Investment Fund                                                  20.2
Cash & Equivalent                                               (13.7)
Total                                                            100.0
Source: Lindsell Train


Top 10 Holdings                                                 % of NAV
HBOS 9.25% Non Cum Pref Stk                                  13.1
Barr AG                                                      10.6
Lindsell Train Global Media (Dist)                           10.3
Cadbury Schweppes                                            7.8
Diageo                                                       7.1
21/2% Consolidated Loan Stock                                7.0
Wolverhampton & Dudley Brewery                               6.4
Nintendo                                                     6.2
US Gov Treasury 6.25%                                        5.9
Lindsell Train Japan (Dist)                                  5.7
Source: Lindsell Train


Fund Exposure         Bonds     Prefs        Equity          Funds              Cash                  % of NAV
UK %                   12.4      13.1         49.3            4.3              (14.2)                   64.9
USA %                  5.7        -            2.9             -                5.1                     13.6
13.7                    -         -            4.2             -               (2.3)                    1.9
Japan %                 -         -            5.9            5.6              (2.3)                    9.2
Global %                -         -             -             10.3               -                      10.3
Total                  18.1      13.1         62.3            20.2             (13.7)                  100.0
Source: Lindsell
Train


Fund Manager's Comments

The Lindsell Train Japan fund, which last year hindered the performance of the
Trust, is this year doing the opposite. Year to date it has risen in value by
13.1%. Still the longer term performance remains disappointing and the fund has
much catching up to do before we can be satisfied with its contribution. Behind
this year's improvement is the performance of Nintendo which is currently 22% of
the fund's assets, a much larger proportion than the 6.5% direct holding in the
Trust. The share price has nearly doubled in 2006, responding to the successful
strategy of broadening its customer base for their products to include female
and older gamers. The company is now growing fast as it exploits a larger
marketplace. Reports on the company's progress improve month by month either
because actual or prospective sales of Nintendo products, both hardware and
software, exceed expectations or because competitive products perform worse than
expected. For instance, Playstation 3, Sony's newly launched console has been
plagued with component supply delays restricting the crucial Christmas and New
Year holiday supply to a relatively small number of units. Nintendo is now one
of the biggest exposures we have in the Trust on a 'look-though basis', at 9% in
all, with 1.5% held indirectly through the Media fund and 1% through the Japan
fund in addition to the Trust's direct holding.

The other material exposure in the Japan fund is the 85% exposure to short
positions in capital intensive, cyclical industrial companies, real estate and a
few financials. Most of these companies have experienced a recovery in profits
in the last three years, the extent of which has exceeded all previous such
recoveries, if measured by the revival in operating profit margins, driven by
strong export sales to China and the USA. All of these businesses are valued as
though the current levels of profitability are sustainable and in some cases are
likely to rise further. For some, signs of pressures on margins are already
visible, as input costs increase and capital spending rises in order to fund
additions to capacity. Growth in cash flows has proven to be less flattering
than the advance in profits. We await the news or anticipation of unit price
declines from stagnating demand or excess capacity, something that could easily
occur in the short-term given the tightening in monetary policy in Japan's major
export markets. Ultimately we fear that many of these companies may face a glut
of capacity in their respective industries, worse than experienced before,
creating a severe downturn in profits and share prices. Even if this expectation
proves too gloomy we judge that there remains plenty of potential to gain from
share prices falling in a mild cyclical downturn if the experience of the some
of the few companies that have disappointed expectations already are anything to
go by.

Lindsell Train Ltd declared its interim dividend at the end of October earlier
than in previous years. In future the company intends to declare at the end of
March and September with payment dates soon after. As the importance of the
dividend to the Trust rises, we think it is better to pay it on a regular half
yearly rotation. This year the interim dividend is up 11%, which understates the
growth in profits at Lindsell Train as the company plans to split the dividend
payments from this year and into the future 40%:60% as opposed to 50%:50% as in
the past.


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, 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                               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
19 Nov 2006 LTL 000-041-0b

                                                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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