Listing Rule 15.4.10 (2)

Lowland Investment Co PLC
04 July 2005

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

4 JULY 2005

                         LOWLAND INVESTMENT COMPANY PLC

                            Listing Rule 15.4.10 (2)



In accordance with paragraph 15.4.10 (2) of the Listing Rules, Lowland
Investment Company plc announces its ten largest investments, including all
holdings with a value greater than 5% of its gross assets, as at 30 June 2005:


Company                                              % Gross Assets
Shell Transport & Trading                            5.48
BP                                                   4.50
McAlpine (Alfred)                                    2.59
GlaxoSmithKline                                      2.44
Lloyds TSB Group                                     2.42
Carclo                                               1.90
Vodafone Group                                       1.79
HBOS                                                 1.76
Senior                                               1.71
British American Tobacco                             1.58



                                    - ENDS -


For further information, please call:



James Henderson

Fund Manager

Lowland Investment Company plc

Telephone: [phone]



James de Sausmarez

Head of Investment Trusts

Henderson Global Investors

Telephone: [phone]




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