Net Asset Value(s)

The net asset value of Edinburgh Small Companies 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): 54.45 Diluted nav (p): n/a Potential Gearing: 152.3 Actual Gearing: 120.0 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/01/17/20030117BIT00340/wkr0001.doc http://www.waymaker.net/bitonline/2003/01/17/20030117BIT00340/wkr0002.pdf