Portfolio Update

Lowland Investment Co PLC
04 October 2005

LOWLAND INVESTMENT COMPANY PLC



HENDERSON GLOBAL INVESTORS



4 OCTOBER 2005



                         LOWLAND INVESTMENT COMPANY PLC

                            Listing Rule 15.4.10 (2)



In accordance with paragraph 15.4.10 (2) 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 September
2005:


Company
BP*
Royal Dutch Shell*
McAlpine (Alfred)
GlaxoSmithKline
Senior
Lloyds TSB Group
Vodafone Group
Carclo
Charter
British American Tobacco



*          All investments with a value greater than 5% of its gross assets



                                    - 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]




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