Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 31 December 2002 are as follows: (For Edinburgh Fund Managers plc, Company Secretary) The net asset value after deducting debt at market value is 322.03p Undiluted nav (p): 343.56 Potential Gearing: 126.4 Actual Gearing: 93.6 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/02/20030102BIT00200/wkr0001.doc http://www.waymaker.net/bitonline/2003/01/02/20030102BIT00200/wkr0002.pdf