Monthly Update

Lindsell Train Investment Trust PLC
15 December 2006


                                        The Lindsell Train Investment Trust PLC
                                                   As at 30 Nov 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 144.57
Share Price                                                            GBP 153.0
Premium (Discount)                                                          4.8%
Market Capitalisation                                                 GBP 30.6mn
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               +10.7
Share Price TR%                       +18.5    -19.8      -8.7        +20.6           +27.5               +20.9

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      +1.1
Share Price TR%      -3.0  +7.5  +1.5  +3.4 -1.5 -2.6 +3.2  +4.1    +5.7      +3.0      +3.6

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                                                            17.8
Preference Shares                                                12.8
Equity - Media                                                   12.0
Equity - Banks & Investment Co.                                  6.2
Equity - Leisure & Ent.                                          13.7
Equity - Food & Beverage                                         28.3
Equity - Consumer Goods                                          1.6
Equity - Internet                                                1.7
Investment Fund                                                  19.7
Cash & Equivalent                                               (13.8)
Total                                                           100.0
Source: Lindsell Train


Top 10 Holdings                                                % of NAV
HBOS 9.25% Non Cum Pref Stk                                      12.8
Barr AG                                                          10.5
Lindsell Train Global Media (Dist)                               10.1
Diageo                                                            7.8
Cadbury Schweppes                                                 7.3
Wolverhampton & Dudley Brewery                                    7.0
21/2% Consolidated Loan Stock                                     6.9
Nintendo                                                          6.7
Lindsell Train Japan (Dist)                                       6.2
US Gov Treasury 6.25%                                             5.6
Source: Lindsell Train


Fund Exposure         Bonds      Prefs        Equity          Funds              Cash                 % of NAV
UK %                   12.2      12.8          49.7            4.4              (14.1)                  65.0
USA %                  5.6         -            2.8             -                4.9                    13.3
Europe (ex UK) %        -          -            4.3             -               (2.3)                    2.0
Japan %                 -          -            6.7            5.2              (2.3)                    9.6
Global %                -          -             -             10.1               -                     10.1
Total                  17.8      12.8          63.5            19.7             (13.8)                  100.0
Source: Lindsell
Train


Fund Manager's Comments



We find ourselves short of new ideas or grand topics this month.

This may be due to the hiatus that has descended on markets in recent weeks
(although not the currency markets), as investors wait on further signals from
the stuttering US economy. On the other hand, our lack of inspiration, may, more
plausibly, be ascribed to our current monomaniacal focus on the business and
stock price of Nintendo. I, for one, am mortified to think back on the hours
spent over the last month trawling through garish and illiterate gaming web
sites, hungry for any statistic, no matter how trivial, about Nintendo's DS and
Wii consoles. Musician Frank Zappa once described rock journalism as 'People who
can't write, interviewing people who can't talk, for people who can't read.' Of
all the sacrifices I have made for Lindsell Train Limited - the most alien and
distasteful has to be that of orientating myself with the argot and thought
processes of the average US game journalist.

And yet, we feel well rewarded for our fact finding efforts. For instance, this
week we learned that the 325,000 Wii consoles Nintendo sold in Europe in its
first weekend made it the fastest selling home console in gaming history.
Moreover, that same week, Nintendo sold 515,000 DS hand-held devices across
Europe, which, according to the company, is the most any console across all
formats has ever sold in a single week. The DS has now sold c14 million in Japan
alone - in a population of 130 million - and shows no sign of slowing down.
There seems to be no doubt that Nintendo has captured the imaginations of many
gamers and, more important, many people who would not have previously thought of
themselves as gamers. This is strengthening into a genuine cultural phenomenon,
one that is global to boot. We expect Nintendo's stock, up 15.0% in November, to
go crazy in 2007. Let us hope we have the acumen to exploit the impending
excesses and not get carried away.

Reed came closest to breaking Nintendo's spell in November, with a disappointing
share price fall of 7.0%. This was in understandable reaction to yet another
mildly disappointing trading update from the company - where one of its four
divisions, Education, is struggling to grow. The punishment meted out to the
shares seems severe relative to the size of the profit 'miss'. However, the
Education unit was recently acquired by Reed's current senior management team
and questions can reasonably be asked, therefore, about the credibility of that
team's allocation of shareholders' capital. We continue to believe that the
considerable growth and improving cash generation of the rest of Reed, 90.0% of
the total, compensates us for this localised problem, but it is truly
frustrating to see the shares back into the middle of a trading range
established as long ago as 1996.


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
14 December 2006 LTL 000-041-9

                                                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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