Key Information Document N/A This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.Product The Lindsell Train Investment Trust plc ISIN: GB0031977944 The Company is not regulated or authorised by the Financial Conduct Authority but is subject to the Listing Rules, the Disclosure Guidance and Transparency Rules, the Market Abuse Regulation and the Prospectus Rules as applicable to closed-ended investment companies. The Company is subject to the oversight of the Financial Conduct Authority in relation to the content and preparation of this document. Following the FCA's invitation to Boards to consider how to address a Key Information Document, which is produced in accordance with regulation, which may mislead investors, the Board advise that you refer to the Company's Factsheet, which is published monthly at www.ltit.co.uk/performance/monthly-manager-reports/Date of Production: 08/11/2024 What is this product? The Company is a closed-ended investment company whose shares are listed on the London Stock Exchange and an alternative investment fund under the Alternative Investment Fund Managers Directive ("AIFMD"). The Company's shares are therefore available to the general public. The objective of the Company is to maximise long-term total returns with a minimum objective to maintain the real purchasing power of sterling capital. In order to achieve its objective, the Company expects to invest in a concetrated portfolio of equities, unlisted equities, bonds, funds and cash and other financial investments globally with no limitations on the markets and sectors in which investment may be made, although there may be a bias towards equities and sterling assets consistent with a sterling-dominated investment objective. Performance is compared against the MSCI World Index in Sterling. The Company also holds an investment in Lindsell Train Limited ("LTL") in order to benefit from the growth of the business of the Company's Investment Manager. Potential investors should note that the holding in LTL is an unlisted investment, and therefore illiquid in nature. In the event of falls in the stock markets, illiquid holdings may fall more than markets do, which means a correspondingly greater fall in the value of the Company's assets. The Directors have discretion to permit borrowings up to 50% of the Company's Net Asset Value. However, the Directors have decided that it is in the Company's best interests not to use gearing. The Company does not have a fixed life. The intended retail investors are those with a long-term (at least five years) investment horizon, the ability to bear capital losses and at least basic market knowledge and experience. Shares in the Company are bought and sold on the LSE. The price you pay or receive, like other listed shares, is determined by supply and demand and may be at a discount or premium to the underlying net asset value of the Company. At any given time, the price you pay for a share will normally be higher than the price you could sell it. What are the risks and what could I get in return? The summary risk indicator (SRI) is a guide to the level of risk of the Company compared to other products. It shows how likely it is that the Company will lose money because of movements in the markets. 12 345 67Lower riskHigher risk ! The SRI assumes you hold your shares in the Company for at least ten years. It rates the potential losses from future performance at the second highest level, and poor market conditions will impact the amount you could get back. Any return you receive depends on future market performance. This product does not include any protection from future market performance so you could lose some or all of your investment. We have classified the Company as 6 out of 7, which is the second highest risk class. The SRI only reflects the historic share price volatility of the Company's shares. It excludes other risks inherent in the Company and therefore understates the risk to investors. Please refer to the Company's Annual Report at www.ltit.co.uk which should be read to ensure a full understanding of the risks involved in investing in the Company. An investor should not make a decision to invest in the Company solely on the basis of this Key Information Document ("KID"). Investment performance information As an equity fund, one of the key factors that will impact future performance is the movement in market prices. In addition, the Company uses gearing the effect of which is to amplify the gains or losses the Company experiences. The investment strategy adopted by the Investment Manager including the high degree of concentration of the investment portfolio, may lead to an investment performance and volatility that is materially different than the Company’s Benchmark, the MSCI World Index in Sterling, thereby failing to achieve the Company’s investment objective. Other factors that may affect the return include the exposure to country, currency, industrial sector and stock-specific factors (including those relating to the sustainability of the business model of investments). Global, and regional, political and macroeconomic events such as armed conflicts, supply chain issues, or labour shortages can all be expected to lead to market volatility. Please refer to the Company's Annual Report at www.ltit.co.uk/corporate-information/annual-interim-reports/ which should be read to ensure a fuller understanding of the factors that may affect future returns. An investor should not make a decision to invest in the Company solely on the basis of this KID. What could affect my return positively? Factors that are likely to have a positive impact include: increase in market prices; and, the discount or premium attached to the share price relative to the Net Asset Value. Currency movements against sterling can also have a positive impact on the share price of the Company, as a proportion of the Company’s investments and income are denominated in currencies other than sterling. If sterling depreciates against the currencies that the Company’s investments are denominated, this would broadly be expected to have a positive impact on returns. What could affect my return negatively? The same factors identified above as potentially having a positive impact on returns can equally have a negative impact on returns. Falling market prices, levels of gearing in declining equity markets and an increase in the discount or reduction in the premium to the Company’s share price relative to Net Asset Value can also have a negative impact on returns. In times of economic recession, the number of companies that suffer financial distress and potentially enter into administration increases, which can have a negative impact on returns, even for a fund with as diversified portfolio. If sterling appreciates against the currencies that the Company’s investments are denominated, this would broadly be expected to have a negative impact on returns. Interest rate increases may have a negative impact on returns, increasing borrowing costs for business and consumers reducing the amount of money that can be spent or invested, with subsequent reductions in businesses' revenues and profits. If a shareholder decides to sell their shares under severely adverse market conditions, they may get back less than the amount initially invested.What happens if the Company is unable to pay out? The Company is not required to make any payment to you in respect of your investment. If the Company was liquidated, you would be entitled to receive a distribution equal to your share of the Company’s assets, after payment of all of its creditors. As a shareholder you would not be able to make a claim to the Financial Services Compensation Scheme, or other compensation or guarantee scheme, in the event that the Company is unable to pay out. If you invest in the Company, you should be prepared to assume the risk that you could lose some or all of your investment.What are the costs? The table shows the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the shares and how well the Company does. The amounts shown here are illustrations based on an example investment amount of £10,000 and different possible investment periods. The person selling you or advising you about the Company may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time. Investment £10,000 Scenarios If you cash in after 1 year If you cash in after 5 If you cash in at 10 years years Total costs£0 £0 £0 Impact on return (RIY) per year 0.00% 0.00% 0.00% Page 2 of 3 What are the costs? (continued) The table below shows the impact each year of the different types of costs on the investment return you might get at the end of the recommended holding period and the meaning of the different cost categories. This table shows the impact on return per year One-off costs Entry costs N/AThere are no direct entry costs associated with the Company. Exit costs N/AThere are no direct exit costs associated with the Company. Ongoing costs Portfolio transaction0.00% The costs of buying and selling underlying investments are costs incurred by the Company. You do not pay the Company nor the Portfolio Manager for these costs. Other ongoing costs 0.00% The costs relating to portfolio management and other expenses involved in running the Company are paid for by the Company. You do not pay the Company, the Portfolio Manager or other service providers fees. For further information on the costs paid by the Company see the Other Relevant Information section below. Incidental costs Performance fees 0.00% Performance fee costs are incurred by the Company. You do not pay the Company nor the Portfolio Manager a performance fee. Carried interestsN/An/a How long should I hold it and can I take money out early? Recommended holding period: 5 years The Company's shares have no required minimum holding period but are designed for long-term investment; you should be prepared to stay invested for at least 10 years. This period is deemed appropriate due to the long-term investment horizon taken by the Portfolio Manager. Investors can sell their shares at any time when the LSE is open, either directly or via their advisor or distributor.How can I complain? As a shareholder you do not have the right to complain to the Financial Ombudsman Service ("FOS") about the management of the Company. Complaints about the Company or the KID can be made via the Contact section of the Company's website, www.ltit.co.uk, by emailing info@frostrow.com or in writing to the Company at 25 Southampton Buildings, London, WC2A 1AL.Other relevant information This KID should be considered only in conjunction with the Annual Report, the Half Year Report and the Investor Disclosure Document which are available on the Company's website, www.ltit.co.uk, along with other information about the Company. These provide further details on the Company's principal risks. Operating expenses As a listed company, the Company incurs operating expenses, for example, arising in relation to the management of the portfolio. Operating costs are disclosed in the Company’s audited Income Statement within its Annual Reportand as an Ongoing Charges figures ('OCF'). The OCF is calculated annually as a percentage of the average net assets and provides an indication of the underlying day‐to‐day running costs of the Company calculated in accordance with guidance from the Association of Investment Companies. The Company’s OCF as disclosed in the latest Annual Report was 0.8%. Further information on the calculation of the OCF, as well as costs more generally, are set out in the Annual Report. For the avoidance of doubt, the OCF is not an additional cost paid by shareholders to the Company. The Company’s published net asset value is net of all costs/fees incurred by the Company or within the underlying investment portfolio. Depending on how you buy these shares you may incur other costs, including broker commission, platform fees and Stamp Duty. The person selling you or advising you about the Company will provide you with additional information about these. Page 3 of 3