Portfolio Update

Lowland Investment Co PLC
04 January 2006

LOWLAND INVESTMENT COMPANY PLC



HENDERSON GLOBAL INVESTORS



4 JANUARY 2005





                         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 31 December
2005. There are no holdings with a value greater than 5% of gross assets.




Company
BP
Royal Dutch Shell
Vodafone Group
McAlpine
Glaxosmithkline
Senior
Lloyds TSB
HBOS
Hiscox
Royal Bank of Scotland





                                    - 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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