Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 16 January 2003 are as follows: (For Edinburgh Fund Managers plc, Company Secretary) Undiluted nav (p): 346.44 Potential Gearing: 126.2 Actual Gearing: 94.2 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/17/20030117BIT00290/wkr0001.doc http://www.waymaker.net/bitonline/2003/01/17/20030117BIT00290/wkr0002.pdf