Listing Rule 21

Lowland Investment Co PLC
04 October 2004

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

4 October 2004




                        LOWLAND INVESTMENT COMPANY PLC

                                Listing Rule 21



In accordance with paragraph 21.20 (l) (ii) 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 September
2004:


Company

BP

Renold

GlaxoSmithKline

Lloyds TSB Group

McAlpine (Alfred)

Shell Transport & Trading

Standard Chartered

Tate & Lyle

Meggitt

BPB







                                    - ENDS -



For further information, please call:


James Henderson

Lowland Investment Company plc

Telephone: [phone]


Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: [phone]


Stephen Phillips

Associate Director

Henderson Global Investors

Telephone: [phone]



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