Interim Management Statement

LOW & BONAR PLC

Interim management statement

Low & Bonar ("the Group"), the international performance materials group with leading positions in niche industrial markets, today publishes its interim management statement for the period since 30 November 2013.

Overall, the Group has made a positive start to the year with sales comfortably ahead of last year. Sales to the Civil Engineering, Building Products, Industrial and Leisure sectors have performed particularly strongly.

The integration of the recently acquired Texiplast business, now renamed Bonar Geosynthetics, is well underway. The business is performing well and the commercial synergies are beginning to come through, as planned.

Since the year end, sterling has strengthened against all the major currencies in which the Group's sales and profits are generated. Based on current exchange rates, the projected impact on current year reported profits, as previously noted, would be circa £2m in comparison to last year's average rates.

The Group remains on track to deliver another year of significant progress.

25 March 2014

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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.