Annual Financial Report

Lowland Investment Co PLC

09 December 2025

 

LOWLAND INVESTMENT COMPANY PLC

ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2025

This announcement contains regulated information.

INVESTMENT OBJECTIVE

The Company aims to give shareholders a higher than average return with growth of both capital and income over the medium to long term, by investing in a broad spread of predominantly UK companies. The Company measures its performance against the FTSE All-Share Index.

INVESTMENT POLICY

Asset Allocation

The Company invests in a combination of large, medium and smaller companies listed predominantly in the UK. We are not constrained by the weightings of any index; we limit risk by running a diversified portfolio, which is constructed on a bottom-up, stock-picking basis. In normal circumstances up to half the portfolio is invested in FTSE 100 companies; the remainder is divided between small and medium-sized companies. The Manager may also invest a maximum of 15% in other listed trusts.

Dividend

The Company aims to pay a progressive dividend, with each quarterly dividend equal to or greater than its previous equivalent.

Gearing

The Board believes that debt in a closed-end fund is a valuable source of long-term outperformance, and therefore the Company will usually be geared. At the point of drawing down debt, gearing will not exceed 20% of the portfolio valuation. Borrowing will be a mixture of short and long-dated debt, depending on relative attractiveness of rates.

Key Data at 30 September

		2025	2024
·	Net Asset Value ('NAV') Total Return1,8	20.8%	16.3%
·	Benchmark Total Return2	16.2%	13.4%
·	Growth in Dividend	3.1%	2.8%
·	Dividend for the Year3	6.625p	6.425p

	Year ended 30 September 2025	Year ended 30 September 2024
NAV per share at year end (debt at par)4	165.8p	144.2p
NAV per share at year end (debt at fair value)4,8	168.6p	146.1p
Share price at year end5	150.5p	127.0p
Market capitalisation	£331m	£343m
Dividend per share3	6.625p	6.425p
Ongoing charge8	0.71%	0.66%
Dividend yield6,8	4.4%	5.1%
Gearing at year end8	11.5%	11.0%
Discount at year end7,8	10.7%	13.1%
AIC UK Equity Income sector - average discount at year end	3.0%	5.0%

1	NAV per share total return (including dividends reinvested) with debt at fair value
2	FTSE All-Share Index (including dividends reinvested)
3	Includes the final dividend of 1.70p per ordinary share for the year ended 30 September 2025 that will be put to shareholders for approval at the AGM on 28 January 2026
4	NAV per share for both figures is before deduction of the third interim dividend paid in October of each year
5	Mid-market closing price
6	Based on dividends paid and payable in respect of the financial year and the share price at year end
7	Calculated using year end fair value NAVs including current year revenue
8	Alternative Performance Measure

Sources: Morningstar Direct, Janus Henderson, Factset

Historical Performance

Total return performance to 30 September 2025	1 year %	3 years %	5 years %	10 years %	25 years %
Net asset value1,4	20.8	64.4	111.6	94.4	721.8
Share price4	24.4	67.6	114.9	85.8	855.7
FTSE All-Share Index	16.2	50.0	84.1	118.3	298.2
AIC UK Equity Income sector - NAV	13.3	47.9	83.6	102.7	457.8
AIC UK Equity Income sector - share price	15.5	47.6	87.4	94.5	552.2

Source: Morningstar Direct. All performance on a total return basis 

Year ended 30 September	Dividend per   ordinary   share in  pence2	Total  return/(loss)  per ordinary  share in   pence2	Net revenue return per ordinary share in pence2	Total net assets in £'000	Net asset value per ordinary share in pence2	Share price per ordinary share in pence2
2015	4.100	1.18	4.64	354,563	131.8	128.7
2016	4.500	15.64	4.77	386,910	143.2	133.7
2017	4.900	24.32	4.91	439,896	162.8	150.4
2018	5.400	4.74	5.86	438,934	162.5	151.5
2019	5.950	(13.87)	6.80	385,904	142.8	128.0
2020	6.000	(33.69)	3.38	278,653	103.1	91.4
2021	6.025	48.79	4.27	394,285	145.9	131.5
2022	6.100	(24.00)	6.10	313,036	115.9	104.5
2023	6.250	19.54	6.71	349,345	129.3	113.0
2024	6.425	21.30	6.29	389,633	144.2	127.0
2025	6.6253	23.99	6.73	364,635	165.8	150.5

1	NAV per share total return (including dividends reinvested) with debt at fair value (except 25 years, which is debt at par)
2	Comparative numbers for 2015 to 2021 have been restated to reflect the ten for one share split which took place on 7 February 2022
3	Includes the final dividend of 1.70p per ordinary share for the year ended 30 September 2025 that will be put to shareholders for approval at the AGM on 28 January 2026
4	Alternative Performance Measure

CHAIR'S STATEMENT

Performance

I am pleased to report that Lowland has delivered another year of strong performance, building on the momentum of the past two years. Over the twelve months to the end of September 2025, the Company achieved a total return on net asset value ('NAV') of 20.8%, significantly outperforming its benchmark, the FTSE All-Share Index, which rose by 16.2% over the same period, and the AIC UK Equity Income sector, which rose by 13.3%. The share price return was even higher, at 24.4%, reflecting a narrowing of the discount over the course of the year. In comparison, the Deutsche Numis Smaller Companies Plus AIM (excluding investment companies) Index rose by 8.3%.

The longer-term performance is now looking increasingly healthy, with the Company outperforming the FTSE All-Share over 3 and 5 years, albeit continuing to lag over 10 years. The performance over 25 years demonstrates the robustness of the investment process, with both the NAV and share price returns substantially outperforming the benchmark (721.8% and 855.7% respectively compared to 298.2%).

Performance was driven primarily by strong stock selection, particularly among the largest companies, with standout contributions from HSBC, Barclays and Standard Chartered. At the other end of the scale, the smaller AIM-listed companies also performed well, boosted by takeovers of two of them. The portfolio as a whole saw five takeovers over the course of the year, as foreign and private investors took advantage of the UK market's modest ratings and solid fundamentals. While this boosts short-term performance, the net effect is a depletion in both size and quality of the UK stock market. It is disappointing that stock market investors still do not appear to appreciate this value, and the UK market therefore continues to shrink and lose successful companies. Aside from the takeover candidates, there continued to be a lack of interest in mid and small-cap UK companies.

The performance of the revenue account, which reflects dividend income, was more muted, but still produced encouraging growth of 7%. As noted in the Fund Managers' Report, companies are increasingly using share buybacks rather than dividends to return capital to shareholders, although those that do pay dividends have generally posted useful increases. The use of gearing has enhanced performance, as has the share buyback (see Fund Managers' Report).

Dividends

The Company is proposing a final dividend of 1.70p per share. If approved at the AGM, this will mean a full year dividend of 6.625p, a 3.1% increase year on year. This dividend is fully covered by earnings per share of 6.73p during the year. The Board remains committed to maintaining the Company's quarterly progressive dividend.

Gearing

The Board sees the ability to deploy gearing as one of the key advantages of the investment trust structure. Lowland has both a £30m fixed term note at 3.15% (due in 2037) and a revolving credit facility of £40m. Gearing was little changed during the year, ending at 11.5% compared to the prior year end figure of 11.0%. Gearing was predominantly within a low to mid teens range during the year, a reflection of the Fund Managers' view that there remain considerable valuation opportunities in UK equities.

Ongoing Charges

Ongoing charges for the year were slightly higher than the previous year at 0.71% (2024: 0.66%), predominantly due to an increase in marketing spend in the year. The Board believes it is important for the Company to be promoted to a new generation of investment trust buyers in order to stimulate demand for the shares and ultimately narrow the discount.

Discount

While the Board continues to believe that a formal discount control mechanism would not be in shareholders' interests, we believe that there are occasions when share buybacks can be of use and have acted accordingly this year. During the financial year, 50.2m shares were bought back. The shares varied between a discount of 6.5% and 12.5%, ending the year at 10.7%.

The Board

This year marked my first as Chair of Lowland, following my appointment at the 2025 AGM and the handover from Robbie Robertson. I would like to take this opportunity to thank Robbie for his many years of outstanding leadership. His strategic guidance, steady stewardship, and commitment to building a strong, supportive, and genuinely diverse Board have been invaluable. We continue to review our Board succession planning regularly to ensure we maintain a healthy balance of experience and fresh perspectives.

Contact with Shareholders

The Board and I are always pleased to hear from shareholders. Please contact me with comments or questions via [e-mail] or sign up for updates on Lowland by using the QR code on the inside front cover of the Annual Report.

Annual General Meeting

The AGM will be held at the offices of Janus Henderson on Wednesday, 28 January 2026 at 12.30pm. Full details of the business to be conducted at the meeting are set out in the Notice of Meeting which is included at the end of the Annual Report. Our Fund Managers, James Henderson and Laura Foll, will be making a presentation to shareholders. The Board and Fund Managers always welcome the opportunity to hear from shareholders, and we encourage as many as possible to attend.

Outlook

As ever, there are reasons to remain cautious about the outlook. The UK continues to face relatively high inflation, rising taxes and a sluggish economic environment. Geopolitical uncertainty persists, and the full impact of tariffs is yet to be determined. Nonetheless, despite strong performance over the last twelve months, the UK equity market continues to trade at a discount to international markets, in particular the US. The portfolio of companies held by Lowland trades at a discount to the broader UK market, and Lowland's shares themselves trade at a discount to its NAV. This valuation is further underpinned by a growing dividend, with the shares currently yielding approximately 4.4%. The Board believes that the Company's shares represent an attractive proposition to investors.

Helena Vinnicombe

Chair

8 December 2025

FUND MANAGERS' REPORT

	1 year %	3 years %	5 years %	10 years %	25 years %
Lowland NAV	20.8	64.4	111.6	94.4	721.8
Lowland share price	24.4	67.6	114.9	85.8	855.7
FTSE All-Share	16.2	50.0	84.1	118.3	298.2

Source: Morningstar Direct, Janus Henderson. All figures shown on a total return basis

Overview

The returns from the portfolio and more broadly from UK equities have been strong, despite the challenging economic background with minimal economic growth. Simply put, UK companies quoted on the London Stock Exchange are not a proxy for the UK economy but are often vibrant, well-managed businesses with leadership teams adept at managing different market conditions. At times investors can forget this and shy away from UK companies because of perceived macroeconomic concerns. This presents opportunities for a contrarian, patient investor. Patience has sometimes been needed with our approach in recent years; we have bought sound businesses with undemanding valuations but the share price has often remained subdued. Some of this patience has been rewarded over the last year, particularly in the larger companies. The improved short-term performance has lifted the three and five year returns, notably relative to the FTSE All-Share Index.

As well as the upward move in the share price of some of the larger companies, particularly the financials, the pick-up in corporate activity has helped the portfolio. It came as no surprise that takeovers of lowly priced UK businesses, particularly by US companies, would be a feature. An example of this was the pawnbroker, H&T - a long-term holding of Lowland - which was taken over by the US lender FirstCash at a reasonable premium.

In spite of the strong returns over the last year, the valuations on UK equities are, by historical standards, at relatively low levels and the portfolio has in aggregate a valuation considerably below the benchmark index. The dividend yield appears secure and is expected to keep growing as the underlying UK companies have in recent years reduced their debt levels and increased their dividend cover. This puts them in a robust position.

During the year we bought back 50.2m shares. This has enhanced the NAV per share by just over 1% and will, over the course of a full financial year, benefit Lowland's earnings and therefore the dividend growth potential. However, shrinking the number of shares in issue is not a long-term solution for the Company. The lack of investor interest which has resulted in the need for the buybacks can be addressed by continued strong performance and increased marketing stressing the benefit of Lowland for potential investors' savings.

Performance Attribution

The Company's outperformance of its FTSE All-Share benchmark during the year was predominantly driven by the holdings in the largest UK companies that sit within the FTSE 100 Index. Within this, positive stock selection was driven by the financials sector, with a number of banks and insurers performing well. There was also positive stock selection on AIM (comparing the second and fourth columns of the table below), driven by holdings such as Renold and Serica Energy. Within the FTSE 250 and FTSE SmallCap Indices, stock selection was negative, driven by holdings exposed to weaker areas of domestic economic activity such as building materials producers Ibstock and Marshalls, and free-to-air broadcaster STV.

	Lowland weighting %	Lowland total  return   %	FTSE All-Share weighting   %	Index  total return  %
FTSE 100	47.6	32.3	87.0	17.5
FTSE 250	23.6	4.6	11.5	8.2
FTSE SmallCap	12.0	(4.7)	1.5	8.9
FTSE AIM All-Share	10.6	12.7	-	7.9

Weights for Lowland and for the FTSE All-Share Index are shown as at the financial year end. Note the weights for Lowland do not add up to 100%, as the small overseas weight and the FTSE Fledgling Index are not shown here. Lowland portfolio returns are shown ex cash

Taken in aggregate and as shown in the waterfall chart below, stock selection was positive during the year, as was the contribution from gearing. The size allocation of the portfolio (in other words holding more than the benchmark in smaller companies) acted as a drag on relative performance, with all smaller company indices producing good absolute returns but underperforming the FTSE 100.

http://www.rns-pdf.londonstockexchange.com/rns/7273K_1-2025-12-8.pdf

Turning to stock specifics, four of the top ten absolute contributors to performance were banks, as the return to a 'normal' interest rate environment allowed them to generate substantially improved returns (much of which were distributed to shareholders via dividends and share buybacks), while loan losses remained subdued. Outside of banks, the holding in Babcock was a good performer, as it benefited from the expectation of growing European defence spending as well as improved operating performance. Takeovers were also a theme, with pawnbroker H&T, industrial chain producer Renold and overseas consumer lender International Personal Finance all receiving takeover approaches.

http://www.rns-pdf.londonstockexchange.com/rns/7273K_2-2025-12-8.pdf

Among the detractors, the majority were cyclical businesses operating in challenging end markets. Free-to-air broadcaster STV, for example, saw a deterioration in its advertising backdrop which led to a substantial drop in earnings. When business confidence falters, it is often TV advertising budgets that are the first to be cut. Having met with the company management team and new chairman, we are confident the company is looking to address its cost base in response to the difficult circumstances. While the end markets of Marshalls (which makes building materials) are clearly different to STV, there are some parallels in the challenges they are facing. In this case, consumer confidence is lacklustre and therefore consumers are deferring areas of discretionary spend (such as a new patio). As with STV, the company is doing what it can to offset the challenges (for example reducing costs and complexity).

The top ten absolute contributors to performance at the stock level were:

Company name	Contribution to absolute return %	Share price total  return  %
1.   HSBC	+2.2	+65.6
2.   Barclays	+1.8	+73.6
3.   Standard Chartered	+1.8	+85.6
4.   Babcock	+1.7	+183.8
5.   Aviva	+1.2	+51.6
6.   International Personal Finance	+1.0	+56.3
7.   H&T	+1.0	+72.2*
8.   Renold	+0.9	+52.3
9.   M&G	+0.9	+33.4
10.  NatWest	+0.9	+60.0

* Period 30 September 2024 to 14 August 2025, when the company was taken over

The top ten absolute detractors from performance at the stock level were:

Company name	Contribution to absolute return %	Share price total return %
1.   STV	-0.9	-51.8
2.   Conduit	-0.7	-28.6
3.   Marshalls	-0.6	-44.2
4.   Workspace	-0.5	-34.7
5.   Midwich	-0.4	-40.7
6.   Morgan Advanced Materials	-0.4	-15.7
7.   Ricardo	-0.3	-0.1
8.   Headlam	-0.3	-59.9
9.   Speedy Hire	-0.3	-27.9
10.  Churchill China	-0.3	-53.2

Portfolio Activity

Takeover activity has meant a certain amount of cash coming in to help finance the share buybacks. The announced takeovers of Epwin and H&T brought in proceeds, while the likely increase in defence expenditure meant the share price of Babcock rose, allowing us to reduce the holding at historically high prices. The holding in Marks & Spencer was reduced as some of the recovery in the company's fortunes was priced into the shares. It was a similar story with Tesco where we reduced the holding after a period of share price strength.

We refreshed the portfolio through purchases of companies of all market cap sizes. Examples include Vesuvius, a producer of consumables for the steel industry, and Segro, the industrial property company. We will keep adding to a diverse list of companies of all sizes that are fundamentally good value and selling those where we believe the future prospects are discounted.

Portfolio Valuation

Since the Company was launched in the early 1960s, Lowland has invested across the breadth of the UK market (in small, medium and large companies). These smaller, more domestic businesses continue to see their valuations penalised relative to larger, majority overseas earners. For this reason, Lowland continues to trade at a valuation discount to the broader UK equity market, with a 12-month historic P/E on the portfolio of 12.1x as at 30 September 2025, compared to 13.8x for the FTSE All-Share.

Dividends

It was pleasing to see a recovery in revenue return per share to 6.73p this year, covering the proposed total dividend of 6.625p, after the modest fall last year. We spoke in the report last year about the growing tendency for UK companies to buy back shares. This year has seen a continuation of that trend, with even a number of the smaller companies held choosing to initiate share buybacks in preference to dividend distributions.

For Lowland, the impact has been that special dividends as a proportion of overall investment income have been on a declining trend in recent years and this year totalled just 4% of overall investment income. If we compare this to a decade ago, in 2015 special dividends totalled 14% of investment income. This trend does not overly concern us so long as share buybacks are a use of genuinely surplus capital, rather than crowding out spend that could be used for longer-term earnings growth potential, such as capex. Broadly, where we see companies buying back shares, it tends to be company boards responding to the perceived undervaluation of their shares, so we could feasibly see the trend reverse in a more buoyant backdrop for UK equity valuations (it was encouraging to see Next suspend its buyback for precisely this reason).

Outlook

Analysts' consensus forecasts suggest that earnings from the underlying companies in the portfolio are expected to grow at around 9%. The earnings growth will probably result in the same sort of level of dividend growth. Lowland will benefit from fewer shares in issue and this helps to underpin the dividend growth going forward.

There are plenty of challenges facing the UK. A further reduction in interest rates is needed in order to stimulate broader economic activity. Should rates decline, we would expect this to be reflected across the yield curve, with the 30-year gilt yield falling from its current level of 5.2%. This would likely benefit companies whose asset valuations are linked to long-term yields - particularly high-quality property firms such as British Land and Shaftesbury. In anticipation of this, we have been increasing our exposure to the property sector. Additionally, we have added to the holdings in building materials companies. These businesses are well-positioned to benefit from any uptick in construction and infrastructure activity, given their high operational gearing. Historically, analysts have tended to underestimate the earnings potential of such firms during periods of recovery, and we believe current forecasts may similarly undervalue their growth prospects.

Economic growth has the potential to alleviate many of the prevailing concerns surrounding the UK. As activity picks up, tax revenues will improve and therefore the Government's fiscal position will not look as dire as currently suggested. Productivity, which remains subdued, is likely to recover as turnover increases and capital investment begins to flow through the economy. This should help lift some of the current gloom. In the midst of a normal economic cycle, despondency is always greatest somewhere near the bottom. Therefore we are taking advantage of the closed-end structure by having a reasonable level of debt. We continue to add exposure to UK domestic companies whose valuations, in our view, significantly undervalue their underlying strengths and earnings potential.

James Henderson and Laura Foll

Fund Managers

8 December 2025

    Twenty Largest Holdings as at 30 September 2025

     The stocks in the portfolio are a diverse mix of businesses operating in a wide range of end markets.

Rank 2025 (2024)	Company	% of portfolio	Approx. market cap	Valuation 2025 £'000
1 (1)	HSBC The global bank provides international banking and financial services. The diversity of the countries it operates in as well as its exposure to faster growing economies make it well placed.	4.3	£180bn	17,555
2 (6)	Barclays The company has a strong retail and corporate lending franchise combined with an investment bank. Higher interest rates and improved returns in its investment bank could allow a period of better returns generation that in our view is not reflected in the current valuation.	2.6	£53bn	10,439
3 (3)	BP A vertically integrated oil and gas business. At the current oil price it remains highly cash generative, much of which is being returned to shareholders via an attractive dividend yield and ongoing share buybacks.	2.6	£67bn	10,430
4 (11)	M&G The company is a financial services provider that was spun out of Prudential in 2019, providing insurance and asset management services. The capital generation of the group allows sizeable returns to shareholders via dividends.	2.5	£6bn	10,120
5 (8)	GSK A global pharmaceutical company, which is among the market leaders in areas such as HIV and vaccines. The shares trade at a low valuation compared to the broader sector and over time we can see a route to substantial sales and earnings growth.	2.5	£64bn	9,979
6 (5)	Shell A vertically integrated oil and gas company. At the current oil price the company is capable of generating substantial amounts of free cash flow. This cash is being allocated partly to shareholders (via a growing dividend and share buybacks) and partly to investing in the necessary transition away from fossil fuels.	2.5	£154bn	9,922
7 (4)	Aviva This company provides a wide range of insurance and financial services. Under the current CEO, the company has simplified the business, with future earnings growth likely to come from synergies as a result of its acquisition of Direct Line.	2.2	£21bn	9,050
8 (12)	FBD1 The company is an Irish insurer with a focus on insurance coverage for the agricultural sector. It is a disciplined underwriter with a history of good returns generation and pays an attractive dividend yield.	2.1	£500m	8,691
9 (13)	International Personal Finance The company offers small unsecured cash loans to people who often are not being served by the major banks. They operate in the developing markets of Central and Eastern Europe and Mexico. The company has had a bid approach that may or may not lead to an offer for the company.	2.1	£471m	8,630
10 (16)	Phoenix The company operates primarily in the UK and specialises in taking over and managing closed life insurance and pension funds.	1.9	£6bn	7,866
11 (2)	Standard Chartered A global bank providing international banking and financial services, with a particular focus on emerging markets. The position provides geographic diversification for the portfolio as well as being positively exposed to higher global interest rates.	1.8	£33bn	7,161
12 (9)	Irish Continental1 The group provides passenger transport, roll-on and roll-off freight transport and container services between Ireland, the United Kingdom and Continental Europe. It is a well managed business operating in a duopolistic industry.	1.7	£801m	7,135
13 (15)	National Grid The company is a regulated utility providing electricity and gas distribution in the UK and US. It is investing heavily in the UK electricity network ahead of the energy transition, providing a route to future earnings growth as it generates a return on these investments. The shares pay an attractive dividend yield.	1.7	£53bn	7,124
14 (*)	Serica Energy2 The company explores for oil and natural gas. They operate primarily in the UK and Indonesia. They have recently announced a proposed acquisition of BP's 32% stake in the Culzean field in the North Sea, which is currently the UK's largest producing gas field.	1.7	£777m	6,909
15 (*)	Senior The aerospace parts manufacturer is on many of the major programs, especially with Boeing. As well as the civil side, the company provides parts for defence aerospace projects. Both sides are seeing growing order books.	1.7	£833m	6,737
16 (*)	Renold2 The company manufactures heavy chain in various countries. It has recently been bid for and, after a small increase to the bid, the offer has been accepted.	1.6	£183m	6,477
17 (*)	IMI The company is a specialist designer and manufacturer of components such as valves for use across a range of end markets, including transportation, energy, industrial and life sciences. Under the current management team they have made progress improving group margins and organic growth.	1.6	£6bn	6,368
18 (*)	Prudential The company is a global provider of insurance products with a particular presence in Asia. The company has a long potential pathway of earnings growth as it expands further into Asia and Africa.	1.5	£28bn	6,246
19 (18)	Rio Tinto The company is one of the world's largest mining businesses with a particular focus on iron ore, aluminium and copper. Its mines are well positioned on the cost curve, often at the lowest cost quartile globally, meaning that it can continue to be highly cash generative despite volatile commodity prices. This cash generation combined with a strong balance sheet has resulted in an attractive dividend yield.	1.5	£84bn	6,109
20 (*)	Land Securities The company is an owner and developer of commercial property, spanning predominantly central London offices and shopping centres. The shares trade at a substantial discount to book value despite encouraging levels of rental growth.	1.5	£4bn	6,106
		41.6		169,054

At 30 September 2025 these investments totalled £169,054,000 or 41.6% of the portfolio.

*Not in the top 20 largest investments last year

1. Overseas listed stock (Ireland)

2. AIM stock

MANAGING RISKS  

The Board, with the assistance of the Manager, has carried out a robust assessment of the principal risks and uncertainties, including emerging risks, facing the Company. The assessment took into account those risks that would threaten its business model, future performance, solvency or liquidity and reputation. The Board regularly considers the principal risks facing the Company and has drawn up a matrix of risks. The Board has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy.

The principal risks which have been identified and the steps taken by the Board to mitigate these are set out in the table below. The principal financial risks are detailed in note 14 to the financial statements in the Annual Report. Details of how the Board monitors the services provided by Janus Henderson and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controls section of the Corporate Governance Statement in the Annual Report.

Principal risks	Mitigating measure
Market, geopolitical, macroeconomic or environmental conditions cause a material fall in market value Global conflicts and changes in the international political landscape, including the introduction of trade tariffs, have heightened tensions across the world, and significantly increased volatility in equity markets. Macroeconomic conditions in the UK have led to increased volatility in the UK equity market. The potential impact of further global health crises on the Company's investments and its direct and indirect effects, including the effect on the global economy.	The Fund Managers maintain close oversight of the Company's portfolio, and in particular its gearing levels and the performance of investee companies. Regular stress testing of the revenue account under different scenarios for dividends is carried out. The Board monitors volatility, and holds a regular dialogue with the Fund Managers to understand the impact on the Company's portfolio.
Investment activity and strategy risk An inappropriate investment strategy, failure to take account of climate risk impacts on the portfolio, or poor execution, for example, in terms of asset allocation or level of gearing, may result in underperformance against the Company's benchmark index and the companies in its peer group, and also in the Company's shares trading on a wider discount to the NAV per share. A hostile shareholder may seek to take control of the Company in order to further its own objectives, which may not be in accordance with those of the wider shareholder group.	The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. Janus Henderson operates in accordance with investment limits and restrictions determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the investment limits and restrictions on a regular basis and the Manager confirms adherence to them every month. Janus Henderson provides the Board with management information, including performance data and reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Fund Managers at each Board meeting and monitors risk factors, including ESG factors in relation to climate risk, in respect of the portfolio. Investment strategy is reviewed at each meeting.
Portfolio and market price Although the Company invests almost entirely in securities that are listed on recognised markets, share prices may move rapidly. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on equity shareholders' funds.	The Board reviews the portfolio at the five Board meetings held each year and receives regular reports from the Company's broker. A detailed liquidity report is considered on a regular basis. The Fund Managers closely monitor the portfolio between meetings and mitigate this risk through diversification of investments. The Fund Managers periodically present the Company's investment strategy in respect of current market conditions. Performance relative to the FTSE All-Share Index, and other UK equity income trusts is also monitored.
Dividend income A reduction in dividend income could adversely affect the Company's dividend record.	The Board reviews income forecasts at each meeting. The Company has revenue reserves of £9.7m (before payment of the third interim and final dividend) and distributable capital reserves of £243.3m.
Financial risk The financial risks faced by the Company include market price risk, interest rate risk, liquidity risk, currency risk and credit and counterparty risk.	The Company minimises the risk of a counterparty failing to deliver securities or cash by dealing through organisations that have undergone rigorous due diligence by Janus Henderson. The Company holds its liquid funds almost entirely in interest-bearing bank accounts in the UK or on short-term deposit. This, together with a diversified portfolio which comprises mainly investments in large and medium-sized listed companies, mitigates the Company's exposure to liquidity risk. Currency risk is mitigated by the low exposure to overseas stocks. Please also see note 14 to the financial statements in the Annual Report.
Gearing risk In the event of a significant or prolonged fall in equity markets, gearing would exacerbate the effect of the falling market on the Company's NAV per share and, consequently, its share price.	At the point of drawing down debt, gearing will not exceed 20% of the portfolio valuation. The Company minimises the risk by the regular monitoring of the levels of the Company's borrowings in accordance with the agreed limits. The Company confirms adherence to the covenants of the loan facilities on a monthly basis.
Tax and regulatory Changes in the tax and regulatory environment could adversely affect the Company's financial performance, including the return on equity. A breach of Section 1158/9 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UK Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Act 2006 could lead to criminal proceedings, or financial or reputational damage.	The Manager provides its services, inter alia, through suitably qualified professionals and the Board receives internal control reports produced by the Manager on a quarterly basis, which confirm legal and regulatory compliance. The Fund Managers also consider tax and regulatory change in their monitoring of the Company's underlying investments.
Operational Disruption to, or failure of, the Manager's or its administrator's (BNP Paribas) accounting, dealing or payment systems or the Depositary's records could prevent the accurate reporting and monitoring of the Company's financial position. Cyber crime could lead to loss of confidential data. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.	The Board monitors the services provided by the Manager and its other suppliers and receives reports on the key elements in place to provide effective internal control. Cyber security is closely monitored and the Audit and Risk Committee receives an annual presentation from Janus Henderson's Chief Information Security Officer. Details of how the Board monitors the services provided by Janus Henderson and its other suppliers and the key elements designed to provide effective internal control are explained further in the Internal Controls section of the Corporate Governance Statement in the Annual Report.

Emerging Risks

In addition to the principal risks facing the Company, the Board also regularly considers potential emerging risks, which are defined as potential trends, sudden events or changing risks which are characterised by a high degree of uncertainty in terms of the probability of them happening and the possible effects on the Company. Should an emerging risk become sufficiently clear, it may be moved to a principal risk.

The Board has not identified any emerging risks which are not already encompassed within the existing principal risks.

VIABILITY STATEMENT

The Company is a long-term investor; as such, the Board believes it is appropriate to assess the Company's viability over a five-year period in recognition of its long-term horizon and what the Directors believe to be investors' horizons, taking account of the Company's current position and the potential impact of the principal and emerging risks and uncertainties as documented above. The Directors have completed their assessment for the year under review and report as set out below.

The assessment has considered the impact of the likelihood of the principal and emerging risks and uncertainties facing the Company, in particular investment strategy and performance against benchmark, whether from asset allocation or the level of gearing, and market risk, including climate risk, in severe but plausible scenarios, and the effectiveness of any mitigating controls in place.

The Board has reviewed three additional model scenarios which evaluate the impact on the revenue forecast and reserves. These range from a worst case scenario which includes a 10% reduction in income and net assets, through to a scenario where there is no income growth and no reduction in income or net assets. Increasing dividends to shareholders could continue under all three scenarios, although the Company would need to use its capital reserves in some cases. None of the results of the scenarios used would therefore threaten the viability of the Company.

The Board has taken into account the liquidity of the portfolio and the gearing in place when considering the viability of the Company over the next five years and its ability to meet liabilities as they fall due. This included consideration of the duration of the Company's loan facilities and how a breach of the loan facility covenants could impact on the Company's liquidity, NAV and share price.

The Board does not expect there to be any significant change in the current principal risks and adequacy of the mitigating controls in place. Also, the Directors do not envisage any change in strategy or objectives or any events that would prevent the Company from continuing to operate over that period as the Company's assets are liquid, its commitments are limited and the Company intends to continue to operate as an investment trust. Only a substantial financial crisis affecting the global economy could have an impact on this assessment.

In coming to this conclusion, the Directors have considered the ongoing impact of global conflicts and changes in the international political landscape, in particular the impact on income and the Company's ability to meet its investment objective. The Board does not believe that these will have a long-term impact on the viability of the Company and its ability to continue in operation, notwithstanding the short-term uncertainty it has caused in the markets.

Based on this assessment, the Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the next five-year period.

The Directors have also concluded that the Company has adequate resources to continue in operational existence until 31 December 2026, which is a period of at least 12 months from the date of approval of these financial statements, and it is therefore appropriate to prepare these financial statements on a going concern basis.

RELATED PARTY TRANSACTIONS

The Company's current related parties are its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the year. The fees and expenses paid to Directors are set out in the Annual Report. There were no outstanding amounts payable at the year end.

In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there have been no material transactions with Janus Henderson affecting the financial position of the Company during the year under review. More details on transactions with Janus Henderson, including amounts outstanding at the year end, are given in note 20 in the Annual Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

In accordance with Disclosure Guidance and Transparency Rule 4.1.12, each of the Directors, who are listed below, confirms that, to the best of their knowledge:

·   the Company's financial statements, which have been prepared in accordance with UK Accounting Standards and applicable law give a true and fair view of the assets, liabilities, financial position and return of the Company; and

·   the Strategic Report, Report of the Directors and financial statements include a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Helena Vinnicombe

Chair

8 December 2025

INCOME STATEMENT

	Year ended 30 September 2025			Year ended 30 September 2024
	Revenue   return   £'000	Capital  return   £'000	Total  £'000	Revenue  return   £'000	Capital   return   £'000	Total  £'000
Gains on investments held at fair value through profit or loss (note 2)	-	44,018	44,018	-	42,550	42,550
Income from investments (note 3)	19,075	-	19,075	19,666	-	19,666
Other interest receivable and similar income (note 4)	166	-	166	160	-	160
Gross revenue and capital gains	19,241	44,018	63,259	19,826	42,550	62,376
Management fee	(882)	(881)	(1,763)	(867)	(868)	(1,735)
Administrative expenses	(893)	-	(893)	(802)	-	(802)
Net return before finance costs and taxation	17,466	43,137	60,603	18,157	41,682	59,839
Finance costs	(1,011)	(1,011)	(2,022)	(1,115)	(1,115)	(2,230)
Net return before taxation	16,455	42,126	58,581	17,042	40,567	57,609
Taxation on net return	(23)	-	(23)	(37)	-	(37)
Net return after taxation	16,432	42,126	58,558	17,005	40,567	57,572
Return per ordinary share - basic and diluted	6.73p	17.26p	23.99p	6.29p	15.01p	21.30p

The total columns of this statement represent the Profit and Loss Account of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. The Company had no other comprehensive income. The net return is both the profit for the year and the total comprehensive income.

STATEMENT OF CHANGES IN EQUITY

Year ended 30 September 2025	Called up share  capital  £'000	Share premium  account  £'000	Capital redemption  reserve £'000	Other  capital   reserves   £'000	Revenue   reserve   £'000	Total  shareholders' funds  £'000
At 1 October 2024	6,755	61,619	1,007	310,618	9,634	389,633
Net return after taxation	-	-	-	42,126	16,432	58,558
Buyback of shares for treasury	-	-	-	(67,212)	-	(67,212)
Third interim dividend (1.6p) for the year ended 30 September 2024 paid 31 October 2024	-	-	-	-	(4,323)	(4,323)
Final dividend (1.625p) for the year ended 30 September 2024 paid 31 January 2025	-	-	-	-	(4,391)	(4,391)
First interim dividend (1.625p) for the year ended 30 September 2025 paid 30 April 2025	-	-	-	-	(3,916)	(3,916)
Second interim dividend (1.65p) for the year ended 30 September 2025 paid 31 July 2025	-	-	-	-	(3,736)	(3,736)
Return of unclaimed dividends	-	-	-	-	22	22
At 30 September 2025	6,755	61,619	1,007	285,532	9,722	364,635

Year ended 30 September 2024	Called up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue  reserve   £'000	Total  shareholders' funds £'000
At 1 October 2023	6,755	61,619	1,007	270,051	9,913	349,345
Net return after taxation	-	-	-	40,567	17,005	57,572
Third interim dividend (1.6p) for the year ended 30 September 2023 paid 31 October 2023	-	-	-	-	(4,323)	(4,323)
Final dividend (1.6p) for the year ended 30 September 2023 paid 31 January 2024	-	-	-	-	(4,323)	(4,323)
First interim dividend (1.6p) for the year ended 30 September 2024 paid 30 April 2024	-	-	-	-	(4,323)	(4,323)
Second interim dividend (1.6p) for the year ended 30 September 2024 paid 31 July 2024	-	-	-	-	(4,323)	(4,323)
Return of unclaimed dividends	-	-	-	-	8	8
At 30 September 2024	6,755	61,619	1,007	310,618	9,634	389,633

STATEMENT OF FINANCIAL POSITION

	As at  30 September  2025  £'000	As at  30 September  2024  £'000
Fixed assets
Investments held at fair value through profit or loss:
Listed at market value on the main market	309,334	318,802
Listed at market value on AIM	36,150	55,176
Listed at market value overseas	15,623	19,969
Unlisted	2,264	2,277
Investments on loan	43,193	36,393
	406,564	432,617
Current assets
Debtors	2,045	2,428
Cash at bank	5,471	5,161
	7,516	7,589
Creditors: amounts falling due within one year	(19,609)	(20,749)
Net current liabilities	(12,093)	(13,160)
Total assets less current liabilities	394,471	419,457
Creditors: amounts falling due after one year	(29,836)	(29,824)
Net assets	364,635	389,633
Capital and reserves
Called up share capital	6,755	6,755
Share premium account	61,619	61,619
Capital redemption reserve	1,007	1,007
Other capital reserves	285,532	310,618
Revenue reserve	9,722	9,634
Total shareholders' funds	364,635	389,633
Net asset value per ordinary share - basic and diluted	165.8p	144.2p

STATEMENT OF CASH FLOWS

	Year ended  30 September 2025  £'000	Year ended  30 September 2024  £'000
Cash flows from operating activities
Net return before taxation	58,581	57,609
Add back: finance costs	2,022	2,230
Gains on investments held at fair value through profit or loss	(44,018)	(42,550)
Withholding tax on dividends (deducted at source)/reclaimed	(23)	16
Decrease in other debtors	383	324
(Decrease)/increase in other creditors	(347)	541
Net cash inflow from operating activities	16,598	18,170
Cash flows from investing activities
Purchase of investments	(40,618)	(78,497)
Sale of investments	110,591	80,668
Net cash inflow from investing activities	69,973	2,171
Cash flows from financing activities
Equity dividends paid (net of refund of unclaimed distributions and reclaimed distributions)	(16,344)	(17,284)
Share buybacks for treasury	(67,212)	-
Loans drawn down	40,436	37,736
Loans repaid	(41,035)	(36,378)
Interest paid	(2,109)	(2,177)
Net cash outflow from financing activities	(86,264)	(18,103)
Net increase in cash and cash equivalents	307	2,238
Cash and cash equivalents at start of year	5,161	2,926
Effect of foreign exchange rates	3	(3)
Cash and cash equivalents at end of year	5,471	5,161
Comprising:
Cash at bank	5,471	5,161
	5,471	5,161
Cash inflow from dividends net of taxation was £19,464,000 (2024: £19,961,000) and interest received was £97,000 (2024: £75,000)

  NOTES TO THE FINANCIAL STATEMENTS

1.	Accounting Policies
	a) Basis of preparation The Company is a registered investment company as defined in Section 833 of the Companies Act 2006 and is incorporated in the United Kingdom. It operates in the United Kingdom and is registered at 201 Bishopsgate, London EC2M 3AE. The financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts ('the SORP') issued in July 2022 by the Association of Investment Companies. The principal accounting policies applied in the presentation of these financial statements are set out in the Annual Report. These policies have been consistently applied to all the years presented. The financial statements have been prepared under the historical cost basis except for the measurement of fair value of investments. In applying FRS 102, financial instruments have been accounted for in accordance with Sections 11 and 12 of the standard. All of the Company's operations are of a continuing nature. b) Going concern The Directors have considered the liquidity of the portfolio and concluded that the assets of the Company consist of securities that are readily realisable. They have also considered the impact of global conflicts and changes in the international political landscape including revenue forecasting, and a review of covenant compliance including the headroom above the most restrictive covenants. They have concluded that they are able to meet their financial obligations as they fall due until 31 December 2026, which is a period of at least twelve months from the date of approval of these financial statements. Having assessed these factors, the principal risks and other matters discussed in connection with the viability statement, the Directors considered it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
2.	Gains on Investments held at Fair Value through Profit or Loss	2025  £'000	2024  £'000
	Gains on the sale of investments based on historical cost	20,215	8,158
	Revaluation (gains)/losses recognised in previous years	(19,353)	(5,289)
	Gains on investments sold in the year based on carrying value at previous Statement of Financial Position date	862	2,869
	Revaluation gains on investments held at 30 September	43,153	39,684
	Exchange gains/(losses)	3	(3)
		44,018	42,550

3.	Income from Investments	2025  £'000	2024  £'000
	UK dividends:
	Listed investments	16,577	16,441
	Unlisted	28	-
	Property income dividends	681	731
		17,286	17,172
	Non UK dividends:
	Overseas dividend income	1,789	2,494
		1,789	2,494
		19,075	19,666

4.	Other Interest Receivable and Similar Income				2025 £'000			2024 £'000
	Stock lending commission				62			74
	Income from underwriting				9			8
	Bank interest				95			78
					166			160
	Stock lending commission has been shown net of brokerage fees of £16,000 (2024: £19,000)
5.	Management Fee	2025				2024
		Revenue £'000	Capital £'000	Total £'000		Revenue £'000	Capital £'000		Total £'000
	Management fee	882	881	1,763		867	868		1,735
	A description of the basis for calculating the management fee is given in the Strategic Report and further detailed in note 20 in the Annual Report.

6.	Return per Ordinary Share - Basic and Diluted
	The return per ordinary share is based on the net return attributable to the ordinary shares of £58,558,000 (2024: net return of £57,572,000) and on 244,072,942 ordinary shares (2024: 270,185,650), being the weighted average number of ordinary shares in issue during the year excluding treasury shares. The return per ordinary share can be further analysed between revenue and capital, as below.
			2025 £'000	2024 £'000
	Net revenue return		16,432	17,005
	Net capital return		42,126	40,567
	Net total return		58,558	57,572
	Weighted average number of ordinary shares in issue during the year		244,072,942	270,185,650
			2025 Pence	2024 Pence
	Revenue return per ordinary share		6.73	6.29
	Capital return per ordinary share		17.26	15.01
	Total return per ordinary share		23.99	21.30
The Company does not have any dilutive securities, therefore the basic and diluted returns per share are the same.

7.	Dividends Paid and Payable on the Ordinary Shares
	Dividends on ordinary shares	Record date	Payment date	2025  £'000	2024  £'000
	Third interim dividend (1.6p) for the year ended 30 September 2023	29 September 2023	31 October 2023	-	4,323
	Final dividend (1.6p) for the year ended 30 September 2023	29 December 2023	31 January 2024	-	4,323
	First interim dividend (1.6p) for the year ended 30 September 2024	12 April 2024	30 April 2024	-	4,323
	Second interim dividend (1.6p) for the year ended 30 September 2024	28 June 2024	31 July 2024	-	4,323
	Third interim dividend (1.6p) for the year ended 30 September 2024	27 September 2024	31 October 2024	4,323	-
	Final dividend (1.625p) for the year ended 30 September 2024	27 December 2024	31 January 2025	4,391	-
	First interim dividend (1.625p) for the year ended 30 September 2025	4 April 2025	30 April 2025	3,916	-
	Second interim dividend (1.65p) for the year ended 30 September 2025	27 June 2025	31 July 2025	3,736	-
	Return of unclaimed dividends			(22)	(8)
				16,344	17,284

The third interim dividend and the final dividend for the year ended 30 September 2025 have not been included as a liability in these financial statements. The total dividends payable in respect of the financial year, which form the basis of the retention test under Section 1158 of the Corporation Tax Act 2010, are set out below.
		2025  £'000
	Revenue available for distribution by way of dividend for the year	16,432
	First interim dividend (1.625p) for the year ended 30 September 2025	(3,916)
	Second interim dividend (1.65p) for the year ended 30 September 2025	(3,736)
	Third interim dividend (1.65p) for the year ended 30 September 2025	(3,630)
	Final dividend (1.70p) for the year ended 30 September 2025 (based on 219,972,265 ordinary shares in issue at 5 December 2025)	(3,740)
	Transfer to reserves	1,1401
	1. The residual will be transferred to the revenue reserve (2024: £355,000 transferred from the revenue reserve)

8.	Called Up Share Capital	Number of  shares  entitled to   dividend	Number of shares held in treasury	Total number of shares	Nominal value of shares £'000
	At 1 October 2024	270,185,650	-	270,185,650	6,755
	Buyback of shares for treasury	(50,213,385)	50,213,385	-	-
	At 30 September 2025	219,972,265	50,213,385	270,185,650	6,755
		Number of  shares  entitled to   dividend	Number of shares held in treasury	Total number of shares	Nominal value of shares £'000
	At 30 September 2024 and 2023	270,185,650	-	270,185,650	6,755
	During the year 50,213,385 shares were bought back into treasury (2024: nil) for a net payment of £67,212,000 (2024: £nil). No shares were allotted during the year (2024: nil).

9.	Net Asset Value per Ordinary Share
	The net asset value per ordinary share of 165.8p (2024: 144.2p) is based on the net assets attributable to the ordinary shares of £364,635,000 (2024: £389,633,000) and on 219,972,265 (2024: 270,185,650) shares in issue on 30 September 2025, excluding treasury shares.                         The movements during the year of the assets attributable to the ordinary shares were as follows:
		2025  £'000	2024  £'000
	Total net assets at start of year	389,633	349,345
	Total net return after taxation	58,558	57,572
	Net dividends paid in the year:
	Ordinary shares	(16,344)	(17,284)
	Buyback of shares for treasury	(67,212)	-
	Net assets attributable to the ordinary shares at 30 September	364,635	389,633
10.	Post Balance Sheet Event
	Subsequent to the year end, the bank loan facility was renewed for a further 12 months and is due to expire on 23 October 2026.

11.	2025 Financial Information
	The figures and financial information for the year ended 30 September 2025 are extracted from the Company's annual financial statements for that period and do not constitute statutory accounts. The Company's annual financial statements for the year to 30 September 2025 have been audited but have not yet been delivered to the Registrar of Companies. The Independent Auditor's Report on the 2025 annual financial statements was unqualified, did not include reference to any matter to which the Auditor drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.
12.	2024 Financial Information
	The figures and financial information for the year ended 30 September 2024 are extracted from the Company's annual financial statements for that period and do not constitute statutory accounts. The Company's annual financial statements for the year to 30 September 2024 have been audited and filed with the Registrar of Companies. The Independent Auditor's Report on the 2024 annual financial statements was unqualified, did not include reference to any matter to which the Auditor drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.
13.	Dividend
	The final dividend, if approved by the shareholders at the Annual General Meeting, of 1.70p per ordinary share will be paid on 30 January 2026 to shareholders on the register of members at the close of business on 30 December 2025. This will take the total dividends for the year to 6.625p (2024: 6.425p). The Company's shares will be traded ex-dividend on 29 December 2025.
14.	Annual Report
	The Annual Report will be posted to shareholders in December 2025 and will be available on the Company's website (www.lowlandinvestment.com).

15.	Annual General Meeting
	The Annual General Meeting will be held on Wednesday, 28 January 2026 at 12.30pm at 201 Bishopsgate, London EC2M 3AE. Instructions for attending the meeting in person or virtually, and details of resolutions to be put to the AGM, are included in the Notice of AGM in the Annual Report and will be available at www.lowlandinvestment.com. If shareholders would like to submit any questions in advance of the AGM, they are welcome to send these to the corporate secretary at [e-mail].
16.	General Information
	Company Status Lowland Investment Company plc is a UK domiciled investment trust company.
	ISIN number / SEDOL: ordinary shares: GB00BNXGHS27 / BNXGHS2 London Stock Exchange (TIDM) Code: LWI
	Global Intermediary Identification Number (GIIN): 2KBHLK.99999.SL826
	Legal Entity Identifier (LEI): 2138008RHG5363FEHV19
	Company Registration Number
	670489
	Registered Office
	201 Bishopsgate, London EC2M 3AE
	Directors and Secretary
	The Directors of the Company are Helena Vinnicombe (Chair), Gaynor Coley (Audit and Risk Committee Chair), Duncan Budge, Mark Lam and Thomas Walker.
	The Corporate Secretary is Janus Henderson Secretarial Services UK Limited, represented by Sally Porter, ACG.
	Website Details of the Company's share price and net asset value, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.lowlandinvestment.com.

For further information please contact:
James Henderson and Laura Foll
Fund Managers
Lowland Investment Company plc
Telephone: [phone] / 6364
Dan Howe
Head of Investment Trusts
Janus Henderson Investors
Telephone: [phone]
Harriet Hall
PR Director, Investment Trusts
Janus Henderson Investors
Telephone: [phone]

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) are incorporated into, or form part of, this announcement.

 

END