Interim Management Statement

Lowland Investment Co PLC
28 January 2008


LOWLAND INVESTMENT COMPANY PLC

HENDERSON GLOBAL INVESTORS

28 JANUARY 2008



                         LOWLAND INVESTMENT COMPANY PLC

                          Interim Management Statement
        Review of the period from 30 September 2007 to 31 December 2007



The Directors of Lowland Investment Company plc hereby announce the following:


Portfolio Comments:

Investors became very risk averse towards the end of 2007 due to mounting
concerns about the economy. Shares in companies regarded as cyclical
experienced significant falls, which in some cases seemed excessive. These
falls provided an opportunity to refresh the portfolio with purchases of shares
in banks, house builders and property companies. Companies purchased included
Bellway and Redrow amongst the builders, which are trading at a discount to
historical asset value, and Land Securities and St Modwen amongst the property
companies. Our purchases in the banking sector were Barclays, Royal Bank of
Scotland and Alliance and Leicester, where valuations are low and the dividend
yields very attractive.

It is expected that interest rates will be reduced several times in the UK
during 2008 and this is a good backdrop for the higher yielding shares that had
a relatively difficult time in 2007.



Gearing: At the end of the quarter as a result of taking advantage of these
opportunities the Company had increased gearing to 19% (at 30 September 2007:
7%)

Dividends: Following shareholder approval, a final dividend of 14.50p (2006:
12.75p) per ordinary share, in respect of the year ending 30 September 2007 was
paid on 21 December 2007 to holders that were on the Register of Members on 16
November 2007. The ex-dividend date was 14 November 2007.

Share Capital: During the period 30 September 2007 to 31 December 2007 there was
no change in the issued share capital of the Company.



There are no other material events or transactions to report.


                                    - MORE -


PERFORMANCE AND FINANCIAL HIGHLIGHTS

Financial Position (excluding current financial year revenue items)

(Source: Henderson/Fact Sheet)                             at 31 December 2007      at 30 September 2007
Ordinary share price                                                   917.50p                  1091.00p
(Discount)/Premium                                                     (4.70%)                     6.30%
Gross total assets                                                       £303m                     £291m
Net asset value                                                        962.90p                  1025.90p
Gearing                                                                    19%                        7%
Yield                                                                    2.56%                     1.99%
Total Expense Ratio                                                      0.76%                     0.76%


Performance at 31 December 2007 (total return % change)

(Source: Henderson)                         6 months            1 year           3 years       5 years
Net asset value                               (7.95)            (1.41)             57.85        159.22
Share price                                  (14.00)            (9.50)             49.00        143.50
Benchmark*                                    (2.11)              5.32             50.06        104.65


* The benchmark is the FTSE All-Share Index.


THE PORTFOLIO (Source: Henderson/Fact Sheet)

Top 10 Investments at 31 December 2007
                                                                          % of Total Assets

BP                                                                                      4.8
Royal Dutch Shell                                                                       4.1
Senior                                                                                  3.9
HSBC                                                                                    3.1
Vodafone                                                                                2.6
RBS                                                                                     2.3
GlaxoSmithKline                                                                         2.1
Alliance & Leicester                                                                    1.8
Meggitt                                                                                 1.8
AstraZeneca                                                                             1.6

                                                                                   --------
Top 10 =                                                                              28.1%
                                                                                      =====

Top 10 Investments at 30 September 2007
                                                                          % of Total Assets
BP                                                                                      4.5
Royal Dutch Shell                                                                       4.1
Senior                                                                                  4.0
HSBC Holdings                                                                           3.1
UK Treasury 5.0%                                                                        2.7
UK Treasury 7.5%                                                                        2.6
Vodafone                                                                                2.6
GlaxoSmithKline                                                                         2.2
Renold                                                                                  2.0
Carclo                                                                                  1.9
                                                                                 ----------
Top 10 =                                                                              29.7%
                                                                                     ======

                                    - MORE -

Sector Breakdown                                        % at 31 December 2007      % at 30 September 2007

Industrials                                                              23.5                        26.4
Financials                                                               29.3                        23.0
Consumer Goods                                                           12.9                        11.7
Oil & Gas                                                                 9.9                         8.8
Basic Materials                                                           4.9                         6.9
Consumer Services                                                         6.2                         6.2
Health Care                                                               5.2                         5.3
Telecommunications                                                        5.0                         5.0
Utilities                                                                 3.0                         2.9
Technology                                                                0.1                         0.1
Cash & Fixed Interest                                                       -                         3.7
                                                                    ---------                   ---------
Total                                                                   100.0                       100.0
                                                                        =====                       =====



Lowland Investment Company plc aims to give shareholders a higher than average
return with growth of both capital and income over the medium to long term.

The Company's policy is to invest in a broad spread of predominantly UK
companies of differing sizes with normally not more than half by value coming
from the largest 100 UK companies and the balance from small and medium sized
companies.

The Manager is Henderson Global Investors Limited. Further information on the
Company, including an up to date NAV and share price information, can be found
on the Manager's website at www.itshenderson.com or www.lowlandinvestment.com.



For further information, please contact:



James Henderson                                       James de Sausmarez

Portfolio Manager                                     Head of Investment Trusts

Lowland Investment Company plc                        Henderson Global Investors

Telephone: [phone]                              Telephone: [phone]





                                    - ENDS -


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