LOWLAND INV CO PLC

Fund Information / Factsheet • May 23, 2025

Factsheet - at 30 April 2025

Marketing Communication

Share price performance	Performance over (%)	6m	1y	3y	5y	10y	Commentary at a glance
(total return) Price (rebased)	Share price (Total return)	6.7	12.1	15.3	76.2	54.2	Performance In the month under review the Company's NAV total
Benchmark NAV (cum income) 200	NAV (Total return)	2.8	4.6	18.1	74.4	48.3	return was 1.6% and the FTSE All-Share Index total return was -0.2%.
150	Benchmark (Total return)	5.6	7.5	22.6	67.9	75.9	Contributors/detractors The largest positive contributor was the overweight
100	Relative NAV (Total return)	-2.8	-2.9	-4.5	6.5	-27.6	position to smaller UK businesses more focused on the domestic economy, which were perceived as a place of 'relative safety' amid tariff uncertainty.
50 0 Apr 20 Apr 21 Apr 22 Apr 23 Apr 24	Discrete year Apr 25 performance (%)		Share price (total return)		NAV (total return)		Outlook With a services-led economy, a consumer that has generally built up savings, and an equity market trading at a low relative valuation, we see UK equities as attractively placed given tariff uncertainty.
Dividend history	31/3/2024 to 31/3/2025		11.8		5.9		See full commentary on page 3.
(pence/share) 7.0	31/3/2023 to 1.8 8.5 31/3/2024	References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus
Income 6.0 5.0	31/3/2022 to 31/3/2023		-1.5		-0.4		Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.
4.0	31/3/2021 to 31/3/2022		14.1		9.9
3.0 2.0	31/3/2020 to 31/3/2021		45.9		47.2
1.0 0.0	n/a All performance, cumulative growth and annual growth data is sourced from Morningstar.	n/a		n/a
04 06 08 10 12 14 16 18 20 22 24	Source: at 30/04/25. © 2025 Morningstar, Inc. All rights reserved. The information

Please note that this chart could include dividends that have been declared but not yet paid.

contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not

predict future returns.

include shares held in Treasury.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of
market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.

Company overview

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.

Highlights

A growth and income company with a diversified portfolio of mainly UK equities and a strong dividend track record.

Company information

NAV (cum income)	140.4p
NAV (ex income)	138.3p
Share price	130.0p
Discount(-)/premium(+)	-7.4%
Yield	5.0%
Net gearing	13%
Net cash	-
Total assets Net assets	£368m £326m
Market capitalisation	£302m
Total voting rights	232,214,647
Total number of holdings	112
Ongoing charges (year end 30 Sep 2024)	0.66%
Benchmark	FTSE All-Share Index

Source: BNP Paribas for holdings information and Morningstar for all other data. Differences in calculation may occur due to the methodology used.

Please note that the total voting rights in the Company do not

How to invest Go to www.janushenderson.com/howtoinvest

Find out more Go to www.lowlandinvestment.com

Factsheet - at 30 April 2025

Marketing Communication

Top 10 holdings	(%)
HSBC	3.9
GSK	2.6
Shell	2.5
BP	2.4
M&G	2.3
Barclays	2.3
FBD	2.2
Aviva	2.0
Phoenix Group	2.0
National Grid	2.0

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

Premium/(discount) of share price to NAV at fair value (%)

Sector breakdown (%)

The above sector breakdown may not add up to 100% due to rounding.

10 year total return of £1,000

Key information

AIC UK Equity Income
FTSE All-Share Index
Conventional (Ords)
1963
30-Sep
January, April, July, October
0.5% of average net chargeable assets up to £325m and 0.4% in excess thereof.
(See Annual Report & Key Information Document for more information)
James Henderson 1990 Laura Foll 2016

James Henderson Portfolio Manager

All performance, cumulative growth and annual growth data is sourced from Morningstar. Share price total return is calculated using mid-market share price with dividends reinvested.

Please remember that past performance does not predict future returns. The value of an investment and the income from it can rise as well as fall as a result of market and currency fluctuations, and you may not get back the amount originally invested. Please refer to the glossary for the definition of share price total return.

How to invest

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 30 April 2025

Marketing Communication

Fund Manager commentary Investment environment

UK equities ended the month roughly where they started in April.

During a period of market volatility, it was interesting to note that UK smaller companies outperformed larger companies, helped by the rise in sterling relative to the US dollar. This is typically negative for large multinationals, while often a positive for smaller companies such as retailers that tend to import some of their costs in US dollars.

Beyond foreign exchange movements, there may also be an element of UK domestic companies looking like a place of 'relative safety'. This is because in general the UK consumer has built up resilience through savings, while the UK economy is predominantly service-led and therefore comparatively well insulated from trade tariffs. Portfolio review

The portfolio continues to hold more than its FTSE All-Share Index benchmark in smaller UK businesses more focused on the domestic economy. In April this was a positive contributor to relative performance versus the benchmark, with the best performers at the stock level including retailers Sainsbury's and Halfords. Defence contractor Babcock also continued to perform well on the back of good organic growth and expectations for higher European defence spending.

However, in contrast, the largest relative detractor from performance was the portfolio's lack of holding in BAE Systems, which has seen its share price valuation move materially higher for similar reasons to Babcock. Elsewhere, Somero Enterprises was also among the main detractors from performance. The company provides construction equipment predominantly to the US, and in a trading statement lowered its earnings forecasts for the current year on the back of US market uncertainty.

In terms of trading activity, we continued to build up some existing holdings including UK bathroom supplier Norcros and Scottish housebuilder Springfield Properties. However, our largest purchase was of the Lowland Investment Company's own shares as part of our ongoing share buyback. These purchases were funded by reducing other positions including Babcock, BT and Cranswick, all of which have seen their share price valuations rise.

Manager outlook

In the current uncertain global backdrop, we think the best protection comes from investing in a genuinely diverse list of companies trading at what we see as reasonable valuations, and run by experienced management teams with conservative balance sheets. As at the end of April, this portfolio for example, was trading on 10.1x its 12-month historic price-to-earnings (P/E).

This was lower than the UK market average P/E of 12.6x, while the UK market itself is trading at a discount to many overseas markets - especially the US, which continued to trade on around 20x earnings.

Factsheet - at 30 April 2025

Marketing Communication

Discount/Premium

The amount by which the price per share of an investment company is either lower (at a discount) or higher (at a premium) than the net asset value per share (cum income), expressed as a percentage of the net asset value per share.

Gearing

The effect of borrowing money for investment purposes (financial gearing). The amount a company can "gear" is the amount it can borrow in order to invest. Gearing is used in the expectation that the returns on the investments bought will exceed the costs of the borrowings that funded the purchase. This Company can also use synthetic gearing through derivatives and foreign exchange hedging and/or other non-fully funded instruments or techniques.

Leverage

The Company's leverage is the sum of financial gearing and synthetic gearing. Details of the Company's leverage limits can be found in both the Key Information Document and Annual Report. Where a company utilises leverage, the profits and losses incurred by the company can be greater than those of a company that does not use leverage.

Market capitalisation

Share price multiplied by the number of shares in issue, excluding treasury shares, at month end. Shares typically priced mid-market at month-end closing.

Net Asset Value (NAV)

The total value of a Company's assets less its liabilities.

NAV (Cum Income)

The value of investments and cash, including current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV (Ex Income)

The value of investments and cash, excluding current year revenue, less liabilities (prior charges such as loans, debenture stock and preference shares at fair value).

NAV total return

The theoretical total return on shareholders' funds per share reflecting the change in Net Asset Value (NAV) assuming that dividends paid to shareholders were reinvested at NAV at the time the shares were quoted ex-dividend. A way of measuring investment management performance of investment trusts which is not affected by movements in discounts/premiums.

Net assets

Total assets minus any liabilities such as bank loans or creditors.

Net cash

A company's net exposure to cash/cash equivalents expressed as a percentage of shareholders' funds, after any offset against its gearing. This is only shown for companies that have gearing in place.

Net gearing

A company's total assets (less cash/cash equivalents) divided by shareholders' funds expressed as a percentage.

Ongoing charges

The total expenses for the financial year (excluding performance fee), divided by the average daily net assets, multiplied by 100.

Share price

Closing mid-market share price at month end.

Share price total return

The theoretical total return to the investor assuming that all dividends received were reinvested in the shares of the company at the time the shares were quoted ex-dividend. Transaction costs are not taken into account.

Total assets

Cum Income NAV multiplied by the number of shares, plus prior charges at fair value.

Yield

Calculated by dividing the current financial year's dividends per share (this will include prospective dividends) by the current price per share, then multiplying by 100 to arrive at a percentage figure.

For a full list of terms please visit: https://www.janushenderson.com/en-gb/investor/glossary/

Source for fund ratings/awards Overall Morningstar Rating™ is shown for an investment company achieving a rating of 4 or 5.

Company specific risks

• This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
• Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
• The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
• Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
• The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
• If a Company's portfolio is concentrated towards a particular country or geographical region, the investment carries greater risk than a portfolio that is diversified across more countries.
• Some of the investments in this portfolio are in smaller company shares. They may be more difficult to buy and sell, and their share prices may fluctuate more than those of larger companies.
• The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor's particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial Conduct Authority), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

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