LOWLAND INVESTMENT COMPANY PLC

As at close of business on 22 February 2017, the unaudited net asset value per share calculated in accordance with the AIC formula (including current financial year revenue items) was 1539.6p and the net asset value per share with debt marked at fair value was 1538.6p.

As at close of business on 22 February 2017, the unaudited net asset value per share (excluding current financial year revenue items) was 1531.5p and the net asset value per share with debt marked at fair value was 1530.5p.

Wendy King

Henderson Global Investors

Telephone: 020 7818 4233