Allotment of Shares

Lowland Investment Co PLC
16 October 2003

LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

16 OCTOBER 2003


                         LOWLAND INVESTMENT COMPANY PLC

The Company announces the allotment of 305,000 Ordinary Shares of 25p each fully
paid under its block listing facility. The issued share capital is now
21,000,205.

These shares were issued for cash on 15 October 2003 at a price of 572.00p per
share. The net asset value per Ordinary Share at the close of business on 14
October 2003 was 546.72p.

                                    - ENDS -

For further information please contact :

James Henderson

Portfolio Manager, 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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