LOWLAND INV CO PLC

Fund Information / Factsheet • Jul 21, 2025

LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

Factsheet - at 30 June 2025

Marketing Communication

Share price performance (total return) 0 50 100 150 200 250 Jun 20 Jun 21 Jun 22 Jun 23 Jun 24 Jun 25 Price (rebased) Benchmark NAV (cum income) Performance Share price (Total return) 22.0 24.2 49.4 95.8 64.6 NAV (Total return) 16.2 16.4 43.3 92.3 71.1 Benchmark (Total return) 9.1 11.2 35.5 67.3 92.7 Relative NAV (Total return) 7.1 5.2 7.8 25.0 -21.⁶

Dividend history (pence/share)

Discrete year performance (%)	Share price (total return)	NAV (total return)
30/6/2024 to 30/6/2025	24.2	16.4
30/6/2023 to 30/6/2024	15.2	16.7
30/6/2022 to 30/6/2023	4.5	5.5
30/6/2021 to 30/6/2022	-9.4	-5.4
30/6/2020 to 30/6/2021	44.6	41.9

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 30/06/25. © 2025 Morningstar, Inc. All rights reserved. The information 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.

over (%) 6m 1y 3y 5y 10y Commentary at a glance

Performance

In the month under review the Company's NAV total return was 3.8% and the FTSE All-Share Index total return was 0.5%.

Contributors/detractors

Shares in small- and medium-sized UK companies performed well in June, aided by the rise in sterling and expectations of further interest rate cuts later in the year.

Outlook

UK equities, and particularly smaller UK listed businesses, trade at a valuation discount relative to their history and relative to overseas peers. In our view this presents a value opportunity.

See full commentary on page 3.

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.

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)	158.3p
NAV (ex income)	156.2p
Share price	146.5p
Discount(-)/premium(+)	-7.5%
Yield	4.4%
Net gearing	15%
Net cash	-
Total assets Net assets	£394m £350m
Market capitalisation	£324m
Total voting rights	221,220,560
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 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.

How to invest

Go to www.janushenderson.com/howtoinvest

Find out more Go to www.lowlandinvestment.com

LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

Factsheet - at 30 June 2025

Marketing Communication

Top 10 holdings	(%)
HSBC	3.8
M&G	2.6
Shell	2.4
Barclays	2.4
BP	2.3
GSK	2.2
FBD	2.1
Aviva	2.1
Phoenix Group	2.0
Renold	1.9

Sector breakdown (%)

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 (%)

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

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

10 year total return of £1,000

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.

Key information

Stock code	LWI
AIC sector	AIC UK Equity Income
Benchmark	FTSE All-Share Index
Company type	Conventional (Ords)
Launch date	1963
Financial year	30-Sep
Dividend payment	January, April, July, October
Management fee	0.5% of average net chargeable assets up to £325m and 0.4% in excess thereof.
Performance fee	No
(See Annual Report & Key Information Document for more information)
Regional focus	UK
Fund manager appointment	James Henderson 1990 Laura Foll 2016

James Henderson Portfolio Manager

How to invest

Go to www.janushenderson.com/howtoinvest

Customer services 0800 832 832

Factsheet - at 30 June 2025 Marketing Communication

Fund Manager commentary

Investment environment

Overall, UK equities were roughly flat in June following the strong gains in May.

However, shares in small- and medium-sized UK companies performed well, with the FTSE 250 Index, the FTSE Small Cap Index and the AIM Index all outperforming larger companies in the FTSE 100 Index.

The reasons for the outperformance of small- and midcap stocks likely included a further rise in sterling relative to the US dollar, which typically aids more domesticfocused smaller companies that often import a substantial portion of their costs in US dollars.

Portfolio review

The largest positive contributor to performance relative to the benchmark index during the month was defence contractor Babcock. We believe the company is well placed to benefit from rising defence spending while it also announced an upgrade to its medium-term expectations around profit margins.

Shares in asset manager M&G also performed well on the back of a partnership deal with Japanese insurer Dai-Ichi Life, which committed Dai-Ichi to buying a stake in M&G as well as bringing new business flows and a distribution partner in Asia.

The largest detractor from performance relative to the benchmark was brick manufacturer Ibstock. The company reported a disappointing downgrade to its fullyear earnings expectations as a result of operational issues, and cited challenges in putting through the level of pricing needed to cover cost inflation.

In terms of activity, our largest sale during the month was pawnbroker H&T. We sold the shares following a recommended takeover offer from one of the company's overseas peer. We re-invested the proceeds in existing positions such as bathroom supplier Norcros, as well as new positions including power products provider Volex and contractor Costain.

Manager outlook

Given the current uncertain global backdrop, we think the best protection at the portfolio level comes from investing in a genuinely diverse list of stocks trading at what we see as reasonable valuations, and which are run by experienced teams and have conservative balance sheets. This portfolio for example, was trading on 11.6x its 12-month historic price-to-earnings (P/E) as at the end of June. This was lower than the UK equity market's overall P/E of 13.3x, while the UK market was itself trading at a discount to many overseas equity markets most materially to US equities, which continued to trade on around 20x P/E.

LOWLAND INVESTMENT COMPANY PLC (LWI) ISIN: GB00BNXGHS27

Factsheet - at 30 June 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.

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