Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 20 January 2003 are as follows: (For Edinburgh Fund Managers plc, Company Secretary) Undiluted nav (p): 345.37 Potential Gearing: 126.2 Actual Gearing: 95.1 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/21/20030121BIT00280/wkr0001.doc http://www.waymaker.net/bitonline/2003/01/21/20030121BIT00280/wkr0002.pdf