Results of Rights Issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA OR JAPAN

Low & Bonar PLC (the “Company”) announces that the 1 for 2 Rights Issue of up to 50,952,569 New Ordinary Shares at 85 pence per share as detailed in the Prospectus and Supplementary Prospectus dated 7 July 2006 and 19 July 2006 respectively, closed for acceptance at 11:00 a.m. on 16 August 2006.

The Company received valid acceptances in respect of 43,917,629 New Ordinary Shares from Qualifying Shareholders, which represents an aggregate take-up of approximately 86.19 per cent.

In accordance with the terms of the Underwriting Agreement dated 7 July 2006 between the Company and Hoare Govett and Numis (the “Lead Managers”), the Lead Managers will seek to procure subscribers for the remaining New Ordinary Shares for which valid acceptances were not received.

It is expected that the New Ordinary Shares in uncertificated form will be credited to CREST accounts on 17 August 2006 and that definitive share certificates in respect of New Ordinary Shares in certificated form will be dispatched to shareholders by 23 August 2006.

Definitions used in the Prospectus dated 7 July 2006 apply in this announcement unless the context otherwise requires.

Enquiries

This announcement has been issued by, and is the sole responsibility of, the Company.

This announcement shall not constitute an offer of, or the solicitation of any offer to acquire New Ordinary Shares or to take up entitlements to Nil Paid Rights in any jurisdiction in which such an offer or solicitation is unlawful. The distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Any purchase of, or application for, securities in the Rights Issue should only be made on the basis of information contained in the Prospectus expected to be published today and any supplement thereto.

This announcement is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights have not been, nor will they be, registered under the US Securities Act of 1933, as amended, or under the securities laws of any state in the United States or under the applicable securities laws of any Excluded Territory. Subject to certain exceptions, the New Ordinary Shares, the Nil Paid Rights and the Fully Paid Rights may not be offered or sold in the United States or in any Excluded Territory, or to or for the benefit of any national, resident or citizen of any Excluded Territory.

ABN AMRO, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for the Company in relation to the Acquisition and the Rights Issue and for no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Acquisition or the Rights Issue, or any other matter referred to in this announcement.

PricewaterhouseCoopers, which is authorised and regulated in the United Kingdom by the Financial Services Authority for designated investment business, is acting exclusively for the Company and for no one else in relation to the Acquisition and the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to clients of PricewaterhouseCoopers or for providing advice in relation to the Acquisition or the Rights Issue, or any other matter referred to in this announcement.

Hoare Govett and Numis, both of which are authorised and regulated in the United Kingdom by the Financial Services Authority, are acting exclusively for the Company and for no one else in relation to the Rights Issue and will not be responsible to anyone other than the Company for providing the protections afforded to their clients or for providing advice in relation to the Rights Issue or any other matter referred to in this announcement.