Interim Management Statement

LOW & BONAR PLC

Interim Management Statement

Low & Bonar PLC ("the Group"), the international performance materials group with leading positions in niche industrial markets, today issues its interim management statement for the period since 31 May 2014.

As noted in our trading statement on 5 September, the Group experienced a drop in demand across its European civil engineering markets from mid-July. Demand in these markets remains subdued due to the difficult economic climate across Continental Europe, a lull in landfill projects in Germany and geopolitical tensions affecting sales to Eastern Europe. Sales to the civil engineering sector are expected to be 7% down on the second half of last year on a like for like basis and 2% down for the year as a whole. We continue to seek key product certification for the Group's civil engineering joint venture in Saudi Arabia.

Despite market conditions in Europe remaining challenging, the Group's other businesses continue to perform well. The Board therefore anticipates that the Group's profit before tax, amortisation and non-recurring items for the year will still be comfortably ahead of last year on a constant currency basis and within the range of £25.3m to £26.0m, in line with current market forecasts.

As announced on 6 June 2014, Brett Simpson replaced Steve Good as Group Chief Executive on 8 September 2014.

- End -

15 October 2014

For further information, please contact:

Forward looking statements

This announcement includes statements that are, or may be deemed to be, "forward looking statements". These forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, the terms "believes", "estimates", "anticipates", "expects", "may", "will", "would", "could" or "should" or, in each case, their negative or other variations or comparable terminology. These forward looking statements include matters that are not historical facts.

By their nature, forward looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward looking statements are not guarantees of future performance. The Group's actual results of operations, financial condition and liquidity may differ materially from the impression created by the forward looking statements contained in this announcement. In addition, even if the results of operations, financial condition, and liquidity are consistent with the forward looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause these differences include, but are not limited to: changes in the competitive framework in which the Group operates and its ability to retain market share; the Group's ability to generate growth or profitable growth; the Group's ability to generate sufficient cash to service its debt; the Group's ability to control its capital expenditure and other costs; significant changes in exchange rates, interest rates and tax rates; significant technological and market changes; future business combinations or dispositions; and general local and global economic, political, business and market conditions. In light of these risks, uncertainties and assumptions, the events described in the forward looking statements in this announcement may not occur.

Other than in accordance with its legal or regulatory obligations, the Group does not undertake any obligation to update or revise publicly any forward looking statement, whether as a result of new information, future events or otherwise.