Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 15 May 2002 are as follows: Dunedin Smaller Companies Investment Trust plc Undiluted nav (p): 519.42 Potential Gearing: 117.4 Actual Gearing: 113.3 For Edinburgh Fund Managers plc David Holland Company Secretary ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/05/16/20020516BIT01260/wkr0001.doc http://www.waymaker.net/bitonline/2002/05/16/20020516BIT01260/wkr0002.pdf