Listing Rule 21

Lowland Investment Co PLC
05 January 2005

LOWLAND INVESTMENT COMPANY PLC



HENDERSON GLOBAL INVESTORS

5 January 2005




                         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 31 December
2004:


Company
BP
McAlpine (Alfred)
Lloyds TSB Group
Shell Transport & Trading
Renold
GlaxoSmithKline
HBOS
Standard Chartered
United Utilities
Aviva









                                    - 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]






                      This information is provided by RNS
            The company news service from the London Stock Exchange   D

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