Listing Rule 21

Lowland Investment Co PLC
02 July 2004

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

2 JULY 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 June 2004:


Company

BP

McAlpine

Renold

Lloyds TSB Group

GlaxoSmithKline

Shell Transport & Trading

Johnson Service Group

Standard Charted

Aviva

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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