Final Results

Dunedin Enterprise Inv Trust PLC
14 June 2001


14 June 2001


                     DUNEDIN ENTERPRISE INVESTMENT TRUST

               PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2001

                      FOUNDATIONS LAID FOR STRONG GROWTH


Dunedin Enterprise Investment Trust PLC specialises in the provision of equity
finance for management buyouts, management buyins and growing businesses. The
Trust is managed by Dunedin Capital Partners Limited, the independent
Edinburgh-based private equity house that was one of the leading investors in
the £5 - 25 million buyout market in 2000.


*                    Record new investment for the year of £38.1 million


*                    Total realisations of £11.5 million with the sale of
                     Golden Wonder Holdings Limited raising £7.4 million


*                    Profit after tax increased by 9.5% to £3.27 million
                    (2000: £2.99 million)


*                    Dividends increased by 10.8% with a total dividend for
                     the year of 12.85 pence


*                    Net assets down 12.6% to £86.5 million (2000: £99.0
                     million)


*                    Successful bid for Group Trust plc


*                    Merged group provides:

           -         more diversified portfolio;

           -         larger shareholder base;

           -         net assets of £116 million



Edward Dawnay, Chairman of Dunedin Enterprise, commented on the results:

'It has been a year of mixed fortunes.  The drop in net asset value is
disappointing but Dunedin Enterprise has had its most active period of
investment in its history.  It has added seven new companies to the portfolio
and has the laid the foundations for solid growth in the years ahead.  The
acquisition of Group Trust is a milestone for Dunedin Enterprise - increasing
the asset base of the Trust will enable us to invest in a wider spread of
companies. A number of new investments and sales are currently being evaluated
and a better year is expected.'






Investments



In a very active year, investments totalling a record £38.1 million were made.
Subsequent to the year end, the bid for Group Trust plc ('Group Trust'), which
was announced on 9 April 2001, was successfully concluded.



A record £31.6 million was invested in seven new businesses while a further £
6.4 million was invested in existing companies.  The new investments were in
the £15 million management buyin/buyout of Ehrmanns Holdings Limited; the £15
million acquisition of Greenway Holdings plc by OSS Group Limited; the £60
million management buyout of Davenham Group Holdings Limited; the £14 million
management buyout of Blaze Signs International Limited; the £17 million
management buyout of Letts Holdings Limited; the £12 million management buyout
of CRT Displays Group Limited; and the £6 million management buyin of Goals
Soccer Centres Limited.



Results



Adverse trading in some of the portfolio companies resulted in the first
reduction in net asset value since l993.  Net assets fell by 12.6% from £99.0
million to £86.5 million.  The merger with Group Trust will, however, have the
effect of increasing Dunedin Enterprise's net assets from £86.5 million to £
116 million.  The merger will provide a more diversified portfolio and a
larger shareholder base.  The Board was delighted that the transaction
received an overwhelming 96.85% acceptances by the first closing date.



Total realisations over the year amounted to £11.5 million, the most
significant sale being that of Golden Wonder Holdings Limited which raised £
7.4 million representing £1.9 million over valuation and £5.4 million over the
original cost of the investment, giving an annual internal rate of return of
38.5%.



Profit after taxation increased from £2.99 million to £3.27 million, an
increase of 9.5%.  Dividends increased by 10.8%, giving a total of 12.85p for
the year.  The dividend has increased every year since 1993 and the increase
over this period has been 221.25%.





For further information please contact:

Brian Finlayson Dunedin Capital Partners Limited       0131 225 6699


CHAIRMAN'S STATEMENT



The year under review has been one of mixed fortunes.  Adverse trading in some
of the portfolio companies resulted in the first reduction in net asset value
since l993.  Conversely, investments totalling £38.1 million were made during
the year.



Subsequent to the year end, the bid for Group Trust plc ('Group Trust')
announced on 9 April 2001 was successfully concluded.  This has the effect of
increasing Dunedin Enterprise's net assets from £86.5 million to £116 million.
  The merger with Group Trust will provide a more diversified portfolio and a
larger shareholder base and will, I believe, be beneficial to shareholders in
both companies.  I warmly welcome Group Trust shareholders as shareholders of
Dunedin Enterprise.



Results and Dividend



Net assets fell by 12.6% from £99.0 million at 30 April 2000 to £86.5 million
at 30 April 2001.  The reported asset value at 31 March 2001, issued in
connection with the Group Trust transaction, was £91.5 million. The reduction
in valuation over the past month results from a further provision for the
investment in UniPoly S.A. of £1.5 million, a reduction in the value of quoted
holdings of £1.1 million and a provision for the final dividend of £2.4
million.



Total realisations amounted to £11.5 million, the most significant sale being
that of Golden Wonder Holdings Limited which raised £7.4 million representing
£1.9 million over valuation and £5.4 million over the original cost of the
investment, giving an annual internal rate of return ('IRR') of 38.5%.



Reductions in value for the year totalled £18.9 million.  As at 31 March 2001,
shareholders were informed of reductions in the value of three investments:
Motherwell Bridge Holdings Limited, UniPoly S.A. and LDV Limited.  At that
date a provision of £4.5 million was made against the investment in UniPoly
S.A..  At 30 April 2001, a further provision of £1.5 million was made against
the balance of the investment, representing the total cost of the investment.
This provision is required as current trading at the company is proving
difficult.  Over the year there was a reduction in the value of listed
holdings amounting to £3.8 million.  These provisions and reductions are by no
means representative of the performance of the majority of the portfolio which
continues to perform well.



Profit after taxation increased from £2.99 million to £3.27 million, an
increase of 9.5%.  Your board declared an interim dividend of 2.85p per
ordinary share in December 2000 and a final payment of 10.0p is proposed,
giving a total of 12.85p for the year.  This compares to a total payment of
11.6p for last year and represents an increase of 10.8% over the year.



The dividend has increased every year since 1993 and the increase over this
period has been 221.25%.  However, as I warned last year, as a result of the
nature of the investments which Dunedin Enterprise makes, income can fluctuate
and the recent dividend record should not be taken as a guide for the future.
However, on current evidence, the dividend will be at least maintained this
year.



Investment Activity



Notwithstanding the mixed performance on the stock market, the private equity
market continues to outperform other asset classes.  Deal flow in the medium
sized deal market in which Dunedin Enterprise operates, returned to the high
levels experienced in 1998 and prices firmed as debt financing became harder
to arrange.



The year under review was by far the most active in Dunedin Enterprise's
history.  Seven new investments were made at a total cost of £31.6m and an
additional £6.4m was invested in existing companies.  These new investments
are performing satisfactorily and should contribute materially to a growth in
asset value over the next few years.



Outlook



The acquisition of Group Trust is a milestone for Dunedin Enterprise.
Increasing the asset base of the Trust will enable your managers to invest in
a wider spread of companies.



The enlarged company will now have the capacity for further judicious gearing.
  Your board considers that gearing can enhance its performance and it is
quite likely that net borrowings, which stood at £8.5 million at the year end,
will increase in the current year as new investments are made.



The majority of portfolio companies continue to perform satisfactorily and the
investments made during the course of the last year should begin to show
through in performance terms in the current year.  A number of new investments
and sales are being evaluated and a better year is expected.



Shareholders



Your board is very conscious of the loyalty of its shareholders, which now
number 5,500.  It has actively encouraged both institutional and private
investors and they hold respectively 60% and 40% of the equity.  An active
savings scheme is run on behalf of the company by Edinburgh Fund Managers plc,
details of which are contained in the Report and Accounts.  Following the
acquisition of Group Trust, an additional 400 shareholders will be added.



The Annual General Meeting will take place at 12 noon on 22 August 2001 in
Saltire Court in Edinburgh.  The directors and managers look forward to
meeting you then.



Edward Dawnay, Chairman

13 June 2001





MANAGER'S REVIEW



There were a number of major features in the year to 30 April 2001.  In
performance terms the year was adversely affected by the write downs referred
to below.  Net assets fell from £99.0 million to £86.5 million in the year.
The total return to shareholders for the year was -10.0% and over five years
70.9 % compared with equivalent movements of -0.9% and 57.8% in the FTSE Small
Cap Index (excluding investment companies).  There were some useful gains
throughout the portfolio including a number of realisations but the main
feature in performance terms was the substantial write-down in UniPoly S.A.
and the listed holdings in particular.  On a more positive note it was a very
active year for new investment.



Asset Value Reduction



The asset value performance can be summarised as follows.



                                                            £'m

Net assets at 30 April 2000                                 99.0

Unrealised value decreases                                 (18.9)

Unrealised value increases                                   6.1

Realised profit over opening valuation                       2.3

Share repurchase, management fee charged to capital,
interest charged to capital less retained profit for year   (2.0)

Net assets at 30 April 2001                                 86.5



The net asset value above compares to a net asset value at 31 March 2001 of £
91.5 million.  The reduction in valuation results from a further provision for
the investment in UniPoly S.A. of £1.5 million as referred to below, a
reduction in the value of quoted holdings of £1.1 million and a provision for
the final dividend of £2.4 million.



Unrealised Value Decreases



Value decreases amounted to £18.9 million.  In summary the decreases are as
follows:-

 Company                 Cost     Valuation at    Valuation at    Reduction in
                        £'000    30 April 2000   30 April 2001           Value
                                         £'000           £'000           £'000
  UniPoly S.A.          5,998            5,998               -           5,998
  Blacks Leisure           99            4,578           2,328           2,250
  Group plc                                                                   
  (listed)                                                                    
  Legal & General       3,849            5,246           3,028           2,218
  Partnership Funds                                                           
  LDV Limited             168            2,003               -           2,003
  Tally GmbH            1,118            1,911             327           1,584
  Motherwell            1,826            5,005           3,600           1,405
  Bridge Holdings                                                             
  Limited                                                                     
  Latchways plc           180            8,820           7,612           1,208
  (listed)                                                                    
  Documedia Limited     5,167            4,167           3,000           1,167
  Speciality              943              500               -             500
  Chemical                                                                    
  Holdings Limited                                                            
  Deep-Sea Leisure        697              886             522             364
  PLC (listed)                                                                
  Others                2,019            4,786           4,632             154 
                       22,064           43,900          25,049          18,851 





Clearly, the most disappointing performance was in relation to UniPoly S.A.,
your company's worst investment to date, where a full provision has been made
against the investment.  An investment was also held through the Legal &
General Partnership Funds and £0.8 million of the reduction here also relates
to UniPoly S.A..  The UniPoly S.A. investment was made in 1997 and was a £620
million MBO of the polymer and building products division of BTR plc.  The
investment has failed to perform up to expectations for a number of years but
there has been an acute underperformance recently.  While the board had
already made a substantial provision against the investment at 31 March 2001,
on review and in light of current trading, it was felt prudent to make a full
provision now.



Blacks Leisure Group plc, which is listed on The Stock Exchange, has reported
a poor trading performance over the past 12 months, compounded recently by the
foot and mouth crisis, which is reflected in its share price performance.
However, following recent share price strength, the entire shareholding has
now been sold for a consideration of £2.7 million, an uplift on the valuation
at 30 April 2001 of £367,000.



A full provision against the investment in LDV Limited has been made.  The
original investment of £1 million was made in 1993 as part of a £6.5 million
equity investment in the MBO of LDV Limited.  The company's early record was
good and some £2.7 million has been returned to Dunedin Enterprise in
dividends together with £0.9 million in capital payments.  Trouble at Daewoo,
LDV Limited's partner in Korea, has resulted in uncertainty.  A full provision
has therefore been made.  To date the investment has given Dunedin Enterprise
an IRR of 62.9%.



The reduction in the value of the investment in Tally GmbH reflects poor
trading during 2000.  A stronger performance is expected in 2001 following
major rationalisation.



An investment was first made in Motherwell Bridge Holdings Limited in 1979.
Total capital returns to date, representing Motherwell Information Systems,
amount to £3.1 million.  Whilst the business has substantially changed over
recent years, the trading performance for the past five years has been
disappointing and, following particular problems in the last 12 months, a
further write-down has been made.  A new chairman has recently been appointed
with the support of the institutional shareholders and an improvement in the
performance of this investment is anticipated.



The share price of Latchways plc has fallen during the period, although, as
recorded below, some shares were sold at a substantial profit.  The reduction
in the valuation of Documedia Limited reflects caution.  The company is
building up its infrastructure which has resulted in short term
underperformance.




Realisations



There was one major realisation during the period and a number of smaller
realisations as follows:-

Company                  Cost    Valuation At   Proceeds    Uplift      Profit
                        £'000   30 April 2000   Received      Over   Over Cost
                                        £'000      £'000     Value       £'000
                                                             £'000            
  Golden Wonder         1,995           5,499      7,410     1,911       5,415
  Holdings Limited                                                            
  Latchways plc            34           1,687      1,955       268       1,921
  Clyde Valley             72              50        150       100          78
  Control Systems                                                             
  Limited                                                                     
  SEEL Limited            349             698        716        18         367
  Miscellaneous         1,387           1,309      1,314         5        (73)
                        _____           _____     ______     _____        ____
                        3,837           9,243     11,545     2,302       7,708 




The major realisation during the period was the sale of Golden Wonder Holdings
Limited, the snack and crisp manufacturer.  As detailed above an investment of
£2 million was made in 1996 and the realisation resulted in proceeds being
received of £7.4 million, a profit of £5.4 million over its original cost and
an increase of £1.9 million over its valuation at 30 April 2000.  The IRR on
this investment was 38.5%.  Advantage was taken of share price strength by
realising part of the investment in Latchways plc.  The profit over cost is
particularly impressive.  SEEL Limited and Clyde Valley Control Systems
Limited were long-standing investments which were both sold at a profit over
cost and recent value.



Unrealised Value Increases



There were unrealised value increases in eleven companies totalling £6.1
million.  The largest increase was in respect of John Wood Group PLC amounting
to £2.0 million and reflects much better trading in 2000.



New Investment



Investments of £38.1 million were made during the year which represents a
record for your company.  These investments also represent 35% of gross assets
at 30 April 2001.  The investments can be broken down as follows:-


                                          Investment      Type of Investment
                                            £'000

New Companies:

Goals Soccer Centres Limited                 5,930               MBI
OSS Group Limited                            5,168           Acquisition
Davenham Group Holdings Limited              4,960               MBO
Ehrmanns Holdings Limited                    4,940             MBI/MBO
Blaze Signs International Limited            3,801               MBO
CRT Displays Group Limited                   3,769               MBO
Letts Holdings Limited                       3,069               MBO




Additions to existing investments:


John Wood Group PLC                          2,561
Deep-Sea Leisure PLC                           550
Limited Partnerships                         3,310
                                            38,058



Two of the new investments, Ehrmanns Holdings Limited and OSS Group Limited
were made shortly after the year end last year and were referred to in the
2000 Annual Report.  The other five new investments are as follows:



Dunedin Enterprise invested £5.0 million to support the £60 million management
buyout of Davenham Group Holdings Limited.  Davenham is a provider of niche,
short-term lending products to growing businesses throughout the UK.  It has
particular expertise in trade finance, short-term property lending, leasing of
specialised equipment and debt factoring.  In the year to 30 June 2000,
Davenham Group PLC had sales of £6.5 million, net profit after tax of £2.1
million and employed 39 people at its offices in Manchester.



Dunedin Enterprise supported the £14 million management buyout of Blaze Signs
International Limited with a £3.8 million investment.  Founded in 1981, it
manufactures, distributes and installs signs for blue chip retailers including
Halfords, Virgin, Warner Village, HSBC, Halifax, Yamaha and Arcadia.  Last
year Blaze Group Holdings Limited had a turnover of £13 million and an
operating profit of £1.5 million.  It employs 190 staff at its factories in
Broadstairs in Kent and Birmingham.



Dunedin Enterprise invested £3.1 million to support the £17.3 million
management buyout of Letts Holding Limited.  Letts supplies desk and pocket
diaries to retailers, wholesalers and a wide range of corporate customers,
including the Financial Times.  New product development includes the launch of
the Letts Calendar Companion, a CD ROM which allows users of electronic
organisers to download a wide range of important dates such as bank holidays,
national events and sporting fixtures.  Letts has annual sales of £25 million
and employs 400 staff on the outskirts of Edinburgh.  Around one fifth of its
sales come from overseas, with exports to over 75 countries.



Dunedin Enterprise invested £3.8 million to support the £12.5 million
management buyout of CRT Displays Group Limited.  CRT is one of the UK's
leading distributors of computer-compatible projectors and audiovisual
equipment and is the fastest growing distributor in the display systems
marketplace.  CRT distributes a range of computer projectors manufactured by
three brand leaders; Epson, Sony and Sharp.  The company has recently obtained
distribution rights to sell Fujitsu Plasma Display units, the brand leaders in
a market expected to double in size in the next twelve months.  In the year to
31 January 2000, the company had sales of £14.7 million, operating profit of £
1.2 million and employed 37 staff in its offices in Glasgow and Bramley,
Surrey.



Dunedin Enterprise invested £5.9 million to support the management buyin of
Goals Soccer Centres Limited, a five aside football business.  Goals is the
second largest five aside football operator in the United Kingdom and
currently has five sites in Aberdeen, Shawlands and Clydebank in Glasgow, and
Wembley and Dagenham in London.  It is intended to increase the operation to
15 sites.  In 2000, Goals had a turnover of £1.7 million.



In addition to the above, a further £5.0 million was invested in six portfolio
companies.  The most significant investment of £2.6 million was to support
John Wood Group PLC's US$ 112 million acquisition of Houston based Mustang Oil
Inc.  In the year to 31 December 2000, the Wood Group had sales of US$ 1,062
million and made an operating profit of US$ 23.8 million.



Your chairman, in his statement in the last Annual Report, referred to
investment in technology companies.  Whilst the froth has come off some of the
more unsustainable valuations in the sector, your board consider that a modest
exposure to this high-growth part of the economy is appropriate and may
provide opportunities for attractive investments in the future.  Consequently,
commitments have been made to four specialist technology funds.



A £2 million commitment was made to the First Cambridge Gateway Fund which
will invest in companies, principally in the East Anglian region, in the
communications, information technology and life sciences sectors.



A I5 million commitment was made to Add One L.P., based in London, which will
invest in high growth companies in the information technology and
communications sectors.  The fund has a pan-European focus with particular
emphasis on the UK, Germany, France and Scandinavia.



A I2 million commitment was made to London-based Alta Berkeley VI C.V. which
will invest in companies in the communications, information technology, media
and healthcare sectors across Europe.



A £2 million commitment was made to the London-based Advent Private Equity
Fund III.  This will invest in the information technology, communications and
healthcare sectors, principally in the UK.



Your company's commitment to these funds totalled £8.3 million at 30 April
2001, equating to a potential commitment of 8.0% of gross assets.  At that
date, only £1.2 million had been drawn down, representing 1.1% of gross
assets.



Your board also committed £7 million to the Dunedin Buyout Fund L.P. which at
first closing raised £45 million.  This fund will invest alongside Dunedin
Enterprise on new investments to enable Dunedin Enterprise and the fund to
take controlling interests in companies which Dunedin Enterprise cannot do on
its own.



The seven new investments are all UK based and are all transactions your
managers led.  Your company is the only institutional investor and in each
case owns a significant part of the company.  The investments are also in your
company's target investment criteria of either MBO/MBI's or acquisition
finance.  All the companies are trading satisfactorily and the managers are
optimistic that these investments will add considerable value to your company
in due course.




Borrowing Facilities



As set out in the Chairman's Statement the company has net borrowings of £8.5
million.  Your company is merging with Group Trust which will increase the
total assets of your company.  Once this transaction concludes, a review of
the borrowing facilities available to your company will be carried out.
Borrowings can enhance performance if sound investments are made.



Dunedin Capital Partners Limited

13 June 2001




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2001



CONSOLIDATED BALANCE SHEET


                                                   2001             2000
                                                    £                £

Investments                                   96,589,487       80,516,996
Net current assets                             4,884,905       33,484,978

Total assets less current liabilities        101,474,392      114,001,974

Creditors due after more than one year       (15,000,000)     (15,000,000)

Net assets                                    86,474,392       99,001,974

Net asset value per ordinary share                362.2p           414.3p





CONSOLIDATED STATEMENT OF TOTAL RETURN

                      2001                            2000
                     £           £           £          £         £          £
               Revenue     Capital       Total    Revenue     Capital      Total
Gains on           -  (10,440,617)(10,440,617)          -  10,156,048 10,156,048
investments                                                
Income       5,128,260           -   5,128,260  4,457,659           -  4,457,659
Investment (1,030,887) (1,546,330) (2,577,217)  (883,722) (1,325,583)(2,209,305)
Management                                                                   
Fee                                                                       
Other        (366,442)           -   (366,442)  (435,100)    (25,200)  (460,300)
expenses                                                                    
Net          3,730,931(11,986,947) (8,256,016)  3,138,837   8,805,265 11,944,102
return                              
before                                                                      
finance costs                                                                   
and tax                                                                     
Interest     (452,801)   (679,202) (1,132,003)   (22,979)    (34,467)   (57,446)

payable                                                                 
and similar                                                                     
charges                                                                     
Return      3,278,130 (12,666,149) (9,388,019)  3,115,858   8,770,798 11,886,656
on ordinary                                                                    
activities                                                                   
before tax                                                                      
Taxation      (9,437)        9,437           -  (129,643)     129,643          -

Return      3,268,693 (12,656,712) (9,388,019)  2,986,215   8,900,441 11,886,656
attributable                      
to equity                                                                      
shareholders                                                                   
Dividends (3,068,257)            - (3,068,257)(2,771,821)           -(2,771,821)
Transfer      200,436 (12,656,712)(12,456,276)    214,394   8,900,441  9,114,835
to reserves                                                                    
Return          13.7p      (53.0p)     (39.3p)      12.5p       37.2p      49.7p
per ordinary                                                                    
share                                                                       
                       

Notes



1.                  The directors recommend a final dividend of 10.0p per
share for the year to 30 April 2001.  If approved, the dividend will be paid
on 24 August 2001 to shareholders on the register at close of business on 27
July 2001.  The ex-dividend date is 25 July 2001.



2.                  The financial information for the year ended 30 April 2000
has been extracted from the annual report and accounts of the company which
has been filed with the Registrar of Companies and on which the auditors'
report was unqualified.  The accounts have been prepared under the same
accounting policies used for the year to 30 April 2000.



3.                  The statutory accounts for 2001 contain an unqualified
audit report and will be delivered to the Registrar of Companies following the
company's Annual General Meeting which will be held at the offices of Dundas &
Wilson CS, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN on Wednesday
22 August 2001 at 12.30 p.m.



4.                  The statement of total return (incorporating the revenue
account) and balance sheet set out above do not represent full accounts in
accordance with Section 240 of the Companies Act 1985.  The accounts have been
prepared in accordance with the Statement of Recommended Practice 'Financial
Statements of Investment Trust Companies'.



5.                  The annual report will be posted to shareholders in July
2001 and copies will be available to members of the public at the Company's
Registered Office, Napier House, 27 Thistle Street, Edinburgh EH2 1BT.


                           TEN LARGEST INVESTMENTS



The ten largest investments account for 58.2% of the total portfolio of
Dunedin Enterprise as listed below:




                                Approx.                          Percentage of
                             percentage    Cost of  Directors' total portfolio
                              of equity investment  valuation     at valuation
         Company name             %          £000       £000          %

Latchways plc                   19.1          180      7,613        7.9
John Wood Group PLC             1.0         3,793      6,610        6.8
C.G.I. International Limited    46.5        2,565      6,465        6.7
DeMure Limited                  38.6        3,000      6,411        6.7
Goals Soccer Centres Limited    36.1        5,930      5,930        6.1
OSS Group Limited               27.9        5,168      5,168        5.4
Davenham Group Holdings Limited 48.6        4,960      4,960        5.1
Ehrmanns Holdings Limited       44.3        4,940      4,940        5.1
Thomson Brothers Limited        44.6        4,295      4,295        4.5
Blaze Signs International       40.8        3,801      3,801        3.9
Limited
                                           38,632     56,193       58.2



'Approx. Percentage of equity' relates to the ordinary share capital of the
relevant company and assumes full exercise of outstanding options, warrants
and conversion rights.



Notes to Editors


1.   Dunedin Enterprise Investment Trust PLC floated in 1987 as Melville
Street Investments.


2.   Dunedin Enterprise Investment Trust PLC is managed by Dunedin Capital
Partners Limited. Dunedin Capital Partners Limited is an independent private
equity company owned by its directors.  The company specialises in providing
equity finance for management buy-outs, management buy-ins and growing
businesses with a transaction size of £5 - 25 million. It operates throughout
the United Kingdom from its headquarters in Edinburgh and offices in London.


Dunedin Capital Partners is itself the result of a management buy-out which
took place in 1996.  The team has recently doubled in size after an active
year in 2000.  In May 2001, Dunedin Capital Partners announced it was raising
a £75 million buyout fund.


3.   Dunedin Enterprise Investment Trust PLC specialises in the provision of
development capital and management buy-out finance to growing companies.  The
principal objective is the achievement of long term growth in its assets
through capital gains from its investments.