On Use:
25% XP from Monster Kills
10% Item-XP from Monster Kills
"When used, additional player-XP is granted for each defeated monster. Also grants additional XP to Legendary items."
You can win this item from the Lottery: Adventurer's Lottery and/or Lottery of the Depths and/or Lottery of Rhovanion of which you can enter at http://my.lotro.com/home/lottery.