Net Asset Value(s)

The net asset value of Dunedin Smaller Companies Investment Trust plc as at the close of business on 31 January 2003 are as follows: The net asset value after deducting debt at market value is 309.83p. (For Edinburgh Fund Managers plc, Company Secretary) Undiluted nav (p): 329.32 Potential Gearing: 127.5 Actual Gearing: 95.3 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/02/03/20030203BIT00280/wkr0001.doc http://www.waymaker.net/bitonline/2003/02/03/20030203BIT00280/wkr0002.pdf