THE LINDSELL TRAIN INVESTMENT TRUST PLC

It is announced that the un-audited Net Asset Value (inclusive of accumulated income) of The Lindsell Train Investment Trust plc, which is managed by Lindsell Train Limited, at the close of business on the below date was as follows:

Please Note: The above NAV figure includes a revised valuation for LTIT's holding of 6,450 shares in Lindsell Train Limited ("LTL"). As at 31 May 2020, these shares were valued at £16,386.82 per share, an increase of 7.57% from the valuation of £15,234.01 per share as at the previous valuation on 30 April 2020.  Funds under management at LTL at 31 May 2020 stood at £21,452 million.

In calculating the value of Lindsell Train Limited ('LTL') at 31^st May 2020 and into the future the board has decided to adopt the amended valuation methodology used at 30^th April 2020. This methodology estimates annual notional earnings using FUM at the end of each month and more immediately captures the full effect on LTL's earnings of the change in FUM during the month.

Maitland Administration Services Limited - Corporate Secretary