LOWLAND INV CO PLC

Quarterly Report • Jun 1, 2022

Lowland Investment Company plc

Update for the Half-Year Ended 31 March 2022

This update contains material extracted from the unaudited half-year results of the Company for the six months ended 31 March 2022. The unabridged results for the half-year are available on the Company's website: www.lowlandinvestment.com

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 Total Return.

Investment Policy

Asset Allocation

The Company will invest in a combination of large, medium and smaller companies listed in the UK. We are not constrained by the weightings of any index; we focus instead on controlling absolute risk by diversifying on the basis of underlying company characteristics such as size, industry, economic sensitivity, clients and management. In normal circumstances up to half the portfolio will be invested in FTSE 100 companies; the remainder will be divided between small and medium-sized companies. On occasions the Manager will buy shares listed overseas. The Manager may also invest a maximum of 15% in other listed trusts.

Dividend

The Company aims to provide shareholders with better-than-average dividend growth.

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 never exceed 29.99% of the portfolio valuation. Borrowing will be a mixture of short and long-dated debt, depending on relative attractiveness of rates.

Net Asset Value Total Return

-0.7%

Benchmark Total Return 4.7%

Growth in Dividend 1.7%

Dividend 3.05p

Financial Highlights

	Half-Year Ended 31 Mar 2022	Half-Year Ended 31 Mar 2021	Year Ended 30 Sept 2021
NAV Per Ordinary Share1*	141.1p	135.0p	145.9p
Share Price2*	133.0p	123.5p	131.5p
Market Capitalisation	£359m	£334m	£355m
Dividend Per Share*	3.05p	3.0p	6.025p
Ongoing Charge	0.6%	0.6%	0.6%
Dividend Yield3	4.5%	4.9%	4.6%
Gearing	13.1%	13.0%	13.8%
Discount	5.7%	8.5%	9.1%

1 NAV ('Net Asset Value') with debt at par value

2 Using mid-market closing price

3 Based on dividends paid and declared in respect of the previous twelve month period

* Current period and prior period figures have been restated due to the sub-division of each ordinary share of 25p into ten ordinary shares of 2.5p each on 7 February 2022

Historical Performance

Total Return Performance (including dividends reinvested and excluding transaction costs)

Rebased to 100 at 31 March 2012 Sources: Morningstar Direct, Funddata, Refinitiv Datastream and Janus Henderson

	6 months	1 year		5 years	10 years	25 years
	%	%	3 years %	%	%	%
Net Asset Value	-0.7	9.9	13.9	11.3	109.5	679.2
Share Price1	3.5	14.1	16.8	16.2	116.8	797.3
Benchmark2	4.7	13.0	16.8	25.8	99.6	289.3

1 Using mid-market closing price

2 FTSE All-Share Index

Sources: Morningstar Direct, Funddata, Refinitiv Datastream and Janus Henderson. All performance numbers relate to the period ending 31 March 2022 and reflect the volatility of markets at the outset of the COVID-19 pandemic.

Historical Record

Year to 30 Sept	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	As at 31 Mar 20221
Net assets2 (£m)	266	347	362	355	387	440	439	386	279	394	381
Per ordinary share
NAV3*	100.8p	130.7p	134.6p	131.8p	143.2p	162.8p	162.5p	142.8p	103.1p	145.9p	141.1p
Share price*	99.2p	132.5p	135.5p	128.7p	133.7p	150.4p	151.5p	128.0p	91.4p	131.5p	133.0p
Net revenue*	3.11p	3.67p	3.94p	4.64p	4.77p	4.91p	5.86p	6.80p	3.38p	4.27p	1.72p
Net dividends paid*	3.05p	3.40p	3.70p	4.10p	4.50p	4.90p	5.40p	5.95p	6.00p	6.025p	3.05p4

¹ Net revenue and net dividends paid are for the six month period ended 31 March 2022 2 Attributable to ordinary shares 3 NAV with debt at par value 4 First interim dividend of 1.525p per ordinary share paid on 29 April 2022 and second interim dividend of 1.525p per ordinary share that will be paid on 29 July 2022

* Figures for 2012 to 2021 have been restated due to the sub-division of each ordinary share of 25p into ten ordinary shares of 2.5p each on 7 February 2022

Overview

Lowland recorded a 0.7% decline in Net Asset Value ('NAV') over the six months ended 31 March, compared with an increase of 4.7% in the FTSE All-Share index, which is the Company's benchmark. This performance is very substantially due to the portfolio being much more weighted to medium and small companies than is the index. The Fund Managers go into further detail on performance by sector, commodities and defensive stocks being the engine of growth of the FTSE 100 Index.

Investors are clearly aware of the multi-cap approach which Lowland has always held. Smaller and medium sized companies generally have more scope for growth, and out-perform over time. However, in periods of profound uncertainty, such as the present, the smaller end of the scale is invariably hit hardest. We hardly need reminding of these uncertainties, but the worrying rise in inflation and the dreadful war in Ukraine have been unwelcome additions to the remaining worries over COVID-19.

Following approval at the AGM, our shares underwent a ten for one share split. We hope that investors will find this more convenient, particularly those who invest relatively small amounts on a regular basis. Our share price, adjusting for the split, increased by 3.5% during the period.

Dividends

Recovery in income continued during the half year with Earnings per Share rising to 1.72p, against a comparable 1.28p. This is still below the 2019 pre-pandemic level of 2.22p. Several companies have declared special dividends and others have resumed dividends for the first time since the pandemic.

The Board decided when the pandemic hit that it would seek to stick by the progressive quarterly dividend policy, dipping into revenue reserves, and in a limited fashion, capital reserves. We have today declared our second interim dividend of 1.525p, bringing the total for the year so far to 3.05p, compared with 3.00p last year adjusting for the split.

Gearing

The Board and Fund Managers have vigilantly watched the level of gearing in the volatile markets which have prevailed. The Company has been a modest net seller over the period and gearing has marginally decreased from 13.8% to 13.1%.

Share price discount

The discount on the Company's share price narrowed from 9.1% to 5.7%.

Outlook

The three worries to which I have referred have not gone away. COVID-19 is likely to cause economic as well as human problems for some time to come, the most evident current manifestation being the consequences of the Chinese Government's COVID-19 policies on their economic growth. Russia's behaviour will remain a worry, potentially on a massive scale, but most certainly in its effect on inflation, which was a concern before the Putin Government's brutality came to the fore. Stagflation — an unhappy combination of high inflation and low growth — is a real threat to the recovery of earnings and dividends.

We tend to the view that these difficult circumstances are well understood by the market, and largely 'priced in'. The forward Price to Earnings ratio on our portfolio is around 10x, which is very cheap compared with historical measures. We are confident that the right UK companies will show resilience and reward the patient investor.

Robert Robertson Chairman 18 May 2022

Equity allocation as at 31 March 2022

Sector Weightings (%)

Market cap weighting (%)

Performance review

The six months to the end of March saw a disappointing 0.7% fall in Lowland's net asset value. This compares to the FTSE All-Share benchmark which rose 4.7%, in a period in which small and medium-sized companies materially underperformed large companies. After the strong economic recovery in 2021 (a year in which the UK economy grew over 7% in real terms), rising inflation towards the end of that year and into early 2022 began to suppress household real disposable incomes. This led to concerns that 2022 may see slower than expected economic growth as consumers seek to curtail discretionary spending. The awful war in Ukraine will put further strain on UK household budgets, as it is likely to result in some commodity prices remaining higher for longer (impacting household fuel and energy bills), while also increasing the cost of food.

Against this backdrop, it is understandable that the shape of the UK equity market reflected greater uncertainty about the prospects for economic growth. The best performing sectors were either directly positively exposed to rising commodity

prices (basic materials and energy) or sectors perceived to be defensive such as utilities and health care. In contrast the worst performing sector was consumer discretionary as the market sought to 'price in' earnings pressure in sectors such as retail.

This pattern of sector performance also influenced what size of company performed well. During the six months the FTSE 100 Index, as a result of its relatively high weighting in commodities and defensive sectors such as utilities, performed well (index performance can be seen in the far right column of the table below). In sharp contrast the more domestic and on average more cyclical FTSE 250 and AIM indices fell materially.

The table below illustrates the weighting by size of Lowland's portfolio compared with the benchmark, and its effect on returns. The proportion of the portfolio invested in the FTSE 100 was 47.4% compared with the benchmark's 81.5%. At the other end of the scale, the Company had 15.7% invested in AIM companies, and AIM does not form part of the benchmark.

	Lowland weighting (%)	Lowland total return (%)	FTSE All-Share weighting (%)	Index return (%)
FTSE 100	47.4	11.7	81.5	7.8
FTSE 250	19.8	-8.7	15.4	-7.3
FTSE Small-Cap	11.0	-14.4	3.1	-5.6
FTSE AIM All-Share	15.7	-5.6	N/A	-15.8

Lowland has always invested across all sizes of UK business, with normally not more than half of the portfolio held in the largest 100 UK companies. It is our view that over the long term these smaller companies have greater potential for sales and earnings growth, as they are at an earlier stage

of their life cycle with a longer pathway of growth ahead of them. At times of nervousness about the economic outlook, however, smaller and (on average) more cyclical businesses tend to underperform and the last six months have been no exception.

What the table above demonstrates is that the Company's underperformance relative to the FTSE All-Share over the last six months has in large part been driven by the above benchmark position in smaller companies. The Company's FTSE 100 and AIM holdings, for example, outperformed their relevant indices while it was only the FTSE Small-Cap holdings (where a number of the most domestic and cyclical holdings sit) that materially underperformed. We go into more detail on the stock specific drivers of performance below.

The five best performers (on an absolute basis) during the six months are listed below:

	Share price total return (%)	Contribution to return (%)
Anglo American	56.8	1.0
Shell	29.9	0.9
Serica Energy	72.1	0.8
HSBC	38.6	0.7
National Grid	34.9	0.6

Examining these in turn:

• Anglo American, Shell and Serica Energy all directly benefit from rising commodity prices.
• HSBC should be well placed to benefit from rising interest rates.
• National Grid should have earnings that are relatively well insulated from an economic downturn.

The largest five (absolute) detractors from performance were:

	Share price total return (%)	Contribution to return (%)
Studio Retail	-100.0	-1.1
Reach	-47.6	-0.6
K3 Capital	-24.0	-0.6
Senior	-25.9	-0.5
IP Group	-35.7	-0.5

Examining each in turn:

• Online value retailer Studio Retail was written down to zero. This was a very disappointing outcome and followed a year in which the business generated substantial profits. Supply chain issues have been a recurring problem across retailers since the pandemic began and in this case they led to a dislocation between inventory arriving and the peak Christmas selling season. This led to working capital issues that ultimately proved unresolvable as the company failed to secure additional funding from its banks.
• Reach, K3 Capital and Senior had all performed well in the six months prior to this period (with share prices rising 66%, 24% and 56% respectively), therefore the falls in this period reflect a reversal of sentiment with economic growth expectations being revised downwards.
• IP Group has had a number of portfolio successes in recent months including the UK IPO of gene sequencer Oxford Nanopore. The share price fall, however, was likely due to read across from falling valuations of high growth (often NASDAQ listed) peer companies.

Income review

Earnings per share during the first half were 1.72p, compared to 1.28p during the previous year (and 2.22p in 2019 to provide a pre-pandemic comparison). Dividends have come in at the upper end of our expectations, with several companies

(such as flooring distributor Headlam) announcing special dividends as well as some companies returning to dividend payments for the first time since the pandemic began (including baked goods producer Finsbury Food and Irish insurer FBD).

Alongside better than expected dividends there has also been a trend for companies announcing share buybacks. It has been our view for a number of years that UK equities are undervalued relative to overseas peers and company boards have in some cases reached the same conclusion, choosing to use some of their surplus cash to buy back shares.

Activity

We were modest net sellers during the period, selling £28.8m in total and buying £19.8m. The largest individual sale was exiting the position in housebuilder Bellway in January. This was sold due to concerns around housing affordability relative to average earnings, particularly at a time of rising interest rates. In contrast a small new position was purchased in Scottish housebuilder Springfield Properties. Scotland has not experienced the same level of house price growth as has much of England, therefore affordability looks less stretched. Springfield also has a sizeable land bank that should give it a pathway to volume growth ahead of many listed peers.

Within larger companies new positions were established in Kingfisher (owner of brands including Screwfix and B&Q) and consumer goods company Reckitt Benckiser. Both companies had, to an extent, seen an earnings benefit from the pandemic – Kingfisher benefitted from people spending more time at home and therefore increasing their spending on home improvements while Reckitt Benckiser's cleaning products saw higher demand. In both cases, however, the earnings boost from the pandemic has masked more structural improvements. Kingfisher has steadily improved its French

business and continued to roll out Screwfix stores, while Reckitt's has invested in sales, marketing and product development in order to improve its organic growth. In our view these self-help measures will become more evident as consumer demand normalises following the pandemic.

Outlook

Investors have plenty of concerns at a macro level. Stagflation, where inflation is high and economic growth is low, is being talked about. However, it is because it is being talked about that expectations for future returns from equities are low. Share prices are already reflecting to a large degree the very real problems. Valuations for many companies are at reduced levels using a historic perspective, yet many of the companies in the portfolio are well managed with strong balance sheets and good operating margins.

Lowland's portfolio is not a proxy for the UK economy, it is a collection of individual company holdings that to a degree control their own destiny. The management teams will react to the circumstances they find and if their product or service is good enough they will in time prosper. Many of the management teams we regularly meet are upbeat about their business prospects. The earnings outlook for many of the companies held is reasonably robust; cost increases are being pushed through and margins defended. Cash generation is underpinning the recovery in dividends. It will be dividend increases inspired by the earnings growth that reawaken interest in UK equities despite the concerns around the global backdrop. The well chronicled problems facing the economy are currently the focus of investor attention – the surprise may be how well many UK companies cope with these challenges.

James Henderson and Laura Foll Fund Managers 18 May 2022

	Unaudited Half-Year Ended
		31 Mar 2022			31 Mar 2021
Extract from the Condensed Income Statement	Revenue Return £'000	Capital Return £'000	Total £'000	Revenue Return £'000	Capital Return £'000	Total £'000
(Losses)/gains on investments held at fair value through profit or loss	-	(8,850)	(8,850)	-	91,266	91,266
Income from investments	5,692	-	5,692	4,477	-	4,477
Other interest receivable and similar income	32	-	32	57	-	57
Gross revenue and capital gains/(losses)	5,724	(8,850)	(3,126)	4,534	91,266	95,800
Expenses, finance costs and taxation	(1,063)	(745)	(1,808)	(1,079)	(684)	(1,763)
Net return/(loss) on ordinary activities after taxation	4,661	(9,595)	(4,934)	3,455	90,582	94,037
Return/(loss) per ordinary share – basic and diluted*	1.72p	(3.55p)	(1.83p)	1.28p	33.53p	34.81p

	Unaudited	Audited
Extract from the Condensed Statement of Financial Position	as at 31 Mar 2022 £'000	as at 31 Mar 2021 £'000	as at 30 Sep 2021 £'000
Investments held at fair value through profit or loss	430,969	411,873	448,832
Net current liabilities less creditors due after more than one year	(49,799)	(47,259)	(54,547)
Net assets	381,170	364,614	394,285
Net asset value per ordinary share – basic and diluted*	141.1p	135.0p	145.9p

Dividend*

On 29 April 2022, a first interim dividend of 1.525p (2021: 1.50p) per ordinary share was paid in respect of the year ending 30 September 2022. A second interim dividend of 1.525p per ordinary share for the year ending 30 September 2022 has been declared and will be paid on 29 July 2022 to shareholders on the register of members at the close of business on 1 July 2022. The ex-dividend date is 30 June 2022. Based on the number of shares in issue on 18 May 2022 of 270,185,650, the cost of the dividend will be £4,120,000 (2021: £4,053,000).

10 *Current period and prior period figures have been restated due to the sub-division of each ordinary share of 25p into ten ordinary shares of 2.5p each on 7 February 2022

Going Concern

The assets of the Company consist of securities that are readily realisable. The Directors have also considered the ongoing impact of the conflict in Ukraine and of COVID-19, including the impact on income and gearing, and believe that the Company has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis.

Principal Risks and Uncertainties

The principal risks and uncertainties associated with the Company's business can be divided into various areas:

• Geopolitical risks;
• Global pandemic;
• Investment activity and strategy;
• Portfolio and market price;
• Dividend income;
• Financial;
• Gearing;
• Tax and regulatory; and
• Operational.

Information on these risks and how they are managed is given in the Annual Report for the year ended 30 September 2021. The Board has completed a thorough review of the principal risks and uncertainties facing the Company. As a result of this, they have been updated and include geopolitical risks, due to the Russian invasion of Ukraine which has increased the volatility in European markets; other risks remain largely unchanged. The Board anticipates that these principal risks will remain applicable to the next six months of the financial year.

Statement of Directors' Responsibilities

The Directors confirm that, to the best of their knowledge:

• (a) the set of financial statements for the halfyear to 31 March 2022 has been prepared in accordance with "FRS 104 Interim Financial Reporting";
• (b) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
• (c) the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

On behalf of the Board Robert Robertson Chairman 18 May 2022

Investment Portfolio as at 31 March 2022

		Market
		Value	% of
Company	Sector	£'000	Portfolio
Shell	Oil and Gas	14,759	3.4
GlaxoSmithKline	Pharmaceuticals and Biotechnology	12,025	2.8
Anglo American	Industrial Metals and Mining	10,726	2.5
Direct Line	Non-Life Insurance	10,454	2.5
Severn Trent	Gas Water and Multi-utilities	10,000	2.3
National Grid	Gas Water and Multi-utilities	9,573	2.2
BP	Oil and Gas	9,195	2.1
Aviva	Life Insurance	9,036	2.1
HSBC	Banks	8,826	2.1
Phoenix	Life Insurance	8,733	2.0
10 Largest		103,327	24.0
Vodafone	Telecommunications Service Providers	8,387	1.8
Rio Tinto	Industrial Metals and Mining	7,601	1.8
M&G	Investment Banking and Brokerage Services	7,521	1.7
RELX	Media	7,384	1.7
Morgan Advanced Materials	Electronic and Electrical Equipment	7,363	1.7
Serica Energy¹	Oil and Gas	7,155	1.7
K3 Capital¹	Investment Banking and Brokerage Services	6,890	1.6
Redde Northgate	Industrial Transportation	6,822	1.6
Standard Chartered	Banks	6,777	1.6
BT Group	Telecommunications Service Providers	6,740	1.6
20 Largest		175,967	40.8
BAE Systems	Aerospace and Defence	6,456	1.5
FBD (Ireland)	Non-Life Insurance	6,455	1.5
Ilika¹	Electronic and Electrical Equipment	6,319	1.5
NatWest	Banks	6,261	1.5
Lloyds Banking	Banks	6,234	1.4
Irish Continental (Ireland)	Industrial Transportation	6,146	1.4
Clarkson	Industrial Transportation	5,961	1.4
Tesco	Personal Care, Drug and Grocery Stores	5,956	1.4
Hiscox	Non-Life Insurance	5,815	1.3
Land Securities	Real Estate Investment Trusts	5,499	1.3
30 Largest		237,069	55.0
Somero Enterprises¹ (USA)	Industrial Engineering	5,376	1.2
AstraZeneca	Pharmaceuticals and Biotechnology	5,218	1.2
Prudential	Life Insurance	5,101	1.2
Barclays	Banks	5,042	1.2
Centrica	Gas Water and Multi-utilities	5,005	1.2
Henderson Opportunities Trust	Closed End Investments - Investment Trust	5,000	1.2
	focusing primarily on UK smaller companies
Headlam	Household Goods and Home Construction	4,770	1.1
Epwin¹	Construction and Materials	4,722	1.1
Senior	Aerospace and Defence	4,702	1.1
IMI	Electronic and Electrical Equipment	4,475	1.0
40 Largest		286,480	66.5

Investment Portfolio as at 31 March 2022 (continued)

		Market
		Value	% of
Company	Sector	£'000	Portfolio
Mondi	General Industrials	4,474	1.0
TT Electronics	Technology Hardware and Equipment	4,290	1.0
Hipgnosis	Closed End Investments - Investment Trust	4,117	1.0
	investing in song back catalogues
Chesnara	Life Insurance	4,099	0.9
Hill & Smith	Industrial Metals and Mining	4,006	0.9
Kingfisher	Retailers	3,893	0.9
Randall & Quilter¹	Non-Life Insurance	3,844	0.9
DS Smith	General Industrials	3,746	0.9
Marks & Spencer	Retailers	3,710	0.9
Palace Capital	Real Estate Investment Trusts	3,656	0.8
50 Largest		326,315	75.7
Balfour Beatty	Construction and Materials	3,616	0.8
Jupiter Fund Management	Investment Banking and Brokerage Services	3,609	0.8
IP Group	Investment Banking and Brokerage Services	3,593	0.8
Vertu Motors¹	Retailers	3,564	0.8
Halfords	Retailers	3,529	0.8
Convatec	Medical Equipment and Services	3,458	0.8
DCC (Ireland)	Industrial Support Services	3,407	0.8
International Personal Finance	Finance and Credit Services	3,368	0.8
H&T Group¹	Finance and Credit Services	3,326	0.8
STV	Media	3,210	0.8
60 Largest		360,995	83.7
Eleco¹	Software and Computer Services	3,153	0.8
Reckitt Benckiser Group	Personal Care, Drug and Grocery Stores	3,062	0.7
Castings	Industrial Engineering	3,050	0.7
Numis¹	Investment Banking and Brokerage Services	3,020	0.7
Reach	Media	3,020	0.7
Provident Financial	Finance and Credit Services	2,865	0.7
Ibstock	Construction and Materials	2,768	0.7
Euromoney	Industrial Support Services	2,717	0.6
Helical	Real Estate Investment and Services	2,672	0.6
Alpha Financial Markets¹	Industrial Support Services	2,640	0.6
70 Largest		389,962	90.5
Churchill China¹	Household Goods and Home Construction	2,531	0.6
Elementis	Chemicals	2,437	0.6
Rolls-Royce	Aerospace and Defence	2,410	0.6
Tyman	Construction and Materials	2,385	0.5
Finsbury Food Group¹	Food Producers	2,376	0.5
Sabre Insurance	Non-Life Insurance	2,369	0.5
Devro	Food Producers	2,299	0.5
Renold¹	Industrial Engineering	2,036	0.5
Johnson Service¹	Industrial Support Services	2,005	0.5
Oxford Sciences Innovation²	Pharmaceuticals and Biotechnology	1,967	0.5
80 Largest		412,777	95.8

Investment Portfolio as at 31 March 2022 (continued)

Company	Sector	Market Value £'000	% of Portfolio
Ricardo	Construction and Materials	1,944	0.5
Jadestone Energy¹	Oil and Gas	1,587	0.4
Flowtech Fluidpower¹	Electronic and Electrical Equipment	1,525	0.4
DFS Furniture	Retailers	1,456	0.3
DWF Group	Industrial Support Services	1,393	0.3
Brooks MacDonald Group¹	Investment Banking and Brokerage Services	1,295	0.3
Airea¹	Household Goods and Home Construction	1,031	0.2
Indus Gas¹	Oil and Gas	1,016	0.2
Royal Mail	Industrial Transportation	987	0.2
Carclo	General Industrials	963	0.2
90 Largest		425,974	98.8
Appreciate¹	Finance and Credit Services	942	0.2
Wadworth - Ordinary shares²	Travel and Leisure	770	0.2
Springfield Properties¹	Household Goods and Home Construction	724	0.2
Velocys¹	Alternative Energy	577	0.1
Jackson Financial (USA)	Life Insurance	545	0.1
Harbour Energy	Oil and Gas	303	0.1
Severfield	Construction and Materials	296	0.1
Esken	Industrial Transportation	258	0.1
Faron Pharmaceuticals¹ (Finland)	Pharmaceuticals and Biotechnology	220	-
Wadworth - Preference shares²	Travel and Leisure	126	-
100 Largest		430,735	99.9

1 AlM Stocks 2 Unlisted Investments Source: Janus Henderson

Directors and other information

Directors

Robert Robertson (Chairman) Duncan Budge Gaynor Coley Helena Vinnicombe Tom Walker

All of the Directors are non-executive, and members of the Audit Committee (except the Chairman), Management Engagement Committee and Nominations Committee.

The Management Engagement Committee and the Nominations Committee are chaired by Robert Robertson and the Audit Committee by Gaynor Coley.

Investment Manager

Janus Henderson Fund Management UK Limited, authorised and regulated by the Financial Conduct Authority. Tel: 020 7818 1818

Fund Managers

James Henderson Laura Foll

Corporate Secretary

Janus Henderson Secretarial Services UK Limited Email: ITSecretariat@janushenderson.com

Performance Details/ Share Price Information

Details of the Company's share price and NAV can be found on the website. The address is www.lowlandinvestment.com. The Company's NAV is published daily.

Shareholder Details

Shareholders who hold their shares in certificated form can check their shareholding with the Registrar, Computershare Investor Services PLC, via www.computershare.com. Please note that to gain access to your details on the Computershare site you will need the holder reference number shown on your share certificate.

Share Price Listings

The market price of the Company's ordinary shares is published daily in The Times, The Telegraph and The Financial Times. The Financial Times also shows figures for the estimated NAV and the discount. The market price of the Company's shares can also be found in the London Stock Exchange Daily Official List.

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Lowland Investment Company plc 201 Bishopsgate London EC2M 3AE

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