Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 12 December 2002 are as follows: (For Edinburgh Fund Managers plc, Company Secretary) Undiluted nav (p): 352.83 Potential Gearing: 125.7 Actual Gearing: 94.9 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/12/13/20021213BIT00680/wkr0001.doc http://www.waymaker.net/bitonline/2002/12/13/20021213BIT00680/wkr0002.pdf