Portfolio Update

Lowland Investment Co PLC
04 July 2006

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

4 JULY 2006


                         LOWLAND INVESTMENT COMPANY PLC

                            Listing Rule 15.4.11 (2)

In accordance with paragraph 15.4.11 (2) of the Listing Rules, Lowland
Investment Company plc announces its ten largest investments as at 30 June 2006.
There are no holdings with a value greater than 5% of gross assets.


Company
BP
Royal Dutch Shell
Vodafone
GlaxoSmithKline
McAlpine
Senior
Royal Bank of Scotland
HBOS
Diageo
United Utilities





                                    - 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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