Final Results

Dunedin Enterprise Inv Trust PLC
19 June 2006





For release                                                    07.00am
                                                          19 June 2006



                    Dunedin Enterprise Investment Trust PLC

              Preliminary Results for the year ended 30 April 2006




Dunedin Enterprise Investment Trust PLC, the private equity investment trust
which specialises in investing in management buyouts and management buyins with
a transaction size of £10 million to £50 million announces its preliminary
results for the year ended 30 April 2006.



Financial Highlights:



  • Realisations totalling £70 million, generating a profit of £24.1 million
    over valuation at the start of the year, an uplift of 53%.



  • Share price total return 35.4% including dividends paid in year



  • Net asset value per share increased by 19.7% to 498.2p per share



  • Total net assets now £151.3 million



  • Total return per ordinary share increased to 91.0p (2005: 74.1p)



  • Final dividend of 7.45p; a full year dividend of 9.45p; an increase of 5%



  • An additional special dividend of 2.0p



  • Investments during the year of £21.6 million, including:
      • £7.5 million investment in management buyout of Zenith Vehicle
        Contracts
      • £4.3 million investment in management buyout of Practice Plan
      • £4.1 million investment in management buyout of RSL Steeper



Comparative Performance


Periods to 30 April 2006              1 Year           3 Year        5 Year        10 Year
                                        %                 %             %             %
Net asset value per ordinary share    19.7              61.1          37.5          102.8
Share price                           32.3              109.5         43.1          121.1
FTSE Small Cap Index                  25.0              90.4          15.5          57.1
FTSE All Share Index                  27.8              61.6          7.0           60.4



Edward Dawnay, Chairman of Dunedin Enterprise Investment Trust PLC, commented:



'In the past year, continued economic growth and low interest rates have
supported a rising equity market and this in turn has resulted in a strong
private equity sector. Dunedin Enterprise has been well placed to take advantage
of this favourable climate and during the course of the year made realisations
totalling some £70.0 million.



As a result I can report another increase in net asset value of some 19.7% for
the year to 30 April 2006.  The share price of Dunedin Enterprise increased by
32.3% over the same period.  This compares favourably to the FT Small Cap Index
which rose by 25.0% over the year to 30 April 2006.



I am also pleased to announce that Dunedin Enterprise was named the Best Private
Equity Trust in Money Observer Magazine's Annual Investment Trust Awards for
2006. The award was won in recognition of consistently superior investment
performance in each of the past three calendar years, outperforming 18 other UK
private equity trusts.



The performance of the portfolio overall continues to be strong and
profitability in the underlying investments continues to grow.  Economic
conditions in the UK are favourable for the time being and I believe the outlook
for Dunedin Enterprise remains positive.'

For further information please contact:

Ross Marshall                      Fiona MacRae

Chief Executive Officer            Marketing Manager

Dunedin Capital Partners Limited   Dunedin Capital Partners Limited

0131 225 6699                      0131 718 2313

07768 794 180                      07810 376 287
[e-mail]          [e-mail]



Notes to Editors

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 buyouts and  management buyins with a transaction size of
£10 million - £50 million. It operates throughout the United Kingdom from its
offices in Edinburgh and London.



Dunedin Capital Partners is itself the result of a management buyout which took
place in 1996.

Dunedin Enterprise's primary objective is to achieve substantial long term
growth in its assets through capital gains from its investments.



For more information on Dunedin Enterprise, its portfolio and investment
approach, please visit the website www.dunedin.com.



Investors can buy shares in the company through regular savings, PEP/ISA and
pension plans.  For further information, call the Aberdeen Asset Managers
helpline on 0500 00 40 00 or visit the website at
www.dunedinenterprisetrust.co.uk.




Chairman's Statement



In the past year continued economic growth and low interest rates have supported
a rising equity market and this in turn has resulted in a strong private equity
sector. Dunedin Enterprise has been well placed to take advantage of this
favourable climate and during the course of the year made realisations totalling
some £70.0 million. As a result I can report another increase in net asset value
of some 19.7% for the year to 30 April 2006. The share price of Dunedin
Enterprise increased by 32.3% over the same period.  This compares to the FT
Small Cap Index which rose by 25.0% over the year to 30 April 2006.



I am also pleased to announce that Dunedin Enterprise was named the Best Private
Equity Trust in Money Observer Magazine's Annual Investment Trust Awards for
2006. The award was won in recognition of consistently superior investment
performance in each of the past three calendar years, outperforming 18 other UK
private equity trusts. It is also worth noting that according to the Association
of Investment Trust Companies, the private equity sector remains the top
performer over ten years out of all the Association's members.



Interest in the private equity sector, as last year, continues to increase. In
2005 the total value of deals in the UK buyout market was £24.2 billion.
Although the UK private equity sector is relatively mature, there is a world
wide institutional demand and this has a direct influence on the price paid for
businesses. As I reported last year, this has a beneficial effect upon disposals
but contributes to the competition for deals.  The lower mid market is
marginally less competitive and with an experienced team your Manager has
continued to acquire businesses at reasonable prices through its extensive
network of contacts.



Portfolio activity



The Company invested £21.6 million in the year to 30 April 2006.  A total of
£15.9 million was invested in three new investments, Zenith, Practice Plan and
RSL Steeper and a further £5.7 million was invested in limited partnership funds
and existing portfolio companies.  Total realisation proceeds from the portfolio
in the year were £70 million, which generated a profit of £24.1 million over
valuation at 30 April 2005.  The realised gain was generated principally through
the sale of Caledonian Building Systems, Letts Filofax, C6 Solutions and Hayley
Conference Centres combined with the flotation of Davenham.



The scale of disposals in the past year is such that realisations in the current
year will inevitably be at a lower level.  This will have a consequential impact
on the valuation uplifts achieved on exits.



The Manager's review gives details of portfolio movements, including significant
acquisitions, disposals and valuation changes.



Over the past 5 years Dunedin Enterprise has invested in equal proportions
alongside the first Dunedin Buyout Fund ('Fund 1'), in which it had a £7 million
commitment, representing some 13% of Fund I.  Fund I, which is nearing the end
of its investment period, has invested £39 million in eleven buyouts.  The total
return from these investments at 30 April 2006 is £74 million and includes five
disposals and listings and is showing a money multiple of 1.9 times cost and a
net annualised internal rate of return of 25%.



In May 2006, your Board made a commitment of £75 million to the Dunedin Buyout
Fund II ('Fund II') which your Manager is currently raising.  As with Fund I, it
will enable Dunedin Enterprise to gain access to larger transactions within the
mid market range.  Fund II will invest in UK buyouts with a deal size of £10
million to £50 million.  No double fee will be charged by your Manager.



The commitment to the new fund will be met substantially by the Company's cash
deposits which have recently increased on the back of a series of successful
disposals. Dunedin Enterprise will still retain the flexibility to invest
outside the MBO market as it has done in the past.



At the year end your Company had investments in unquoted companies totalling
£57.9 million and £8.7 million in a quoted company.  Cash and near cash amounted
to £84.7 million and undrawn commitments to limited partnership funds amounted
to £95.3 million.  Investments plus commitments to private equity funds amount
to £161.9 million, representing 107% of net assets at the year end.



Dividend



The Board is recommending a final dividend of 7.45p, making a total dividend for
the year of 9.45p, a 5% increase on last year. The final dividend will be paid
on 15 September 2006 to shareholders on the register on 18 August 2006.



The Board has also resolved to pay a special bonus dividend of 2.0p per share to
shareholders on the same date as payment of the final dividend. This special
dividend results from the additional dividend and loan interest income generated
from realisations and reflects a successful year for your Company. It is not the
intention that this bonus dividend should be repeated.



Corporate governance



Corporate governance plays an increasing role in the life of the Company.  Each
year the Board evaluates the Manager, its own performance, that of its
committees, the individual directors and the Chairman.  In evaluating the
Manager, the Board reviews inter alia their management process, investment
style, resources and risk control.  The Board confirms that it is satisfied with
the results of the review and is therefore of the opinion that the continuing
appointment of the Manager is in the interests of shareholders.



Annual General Meeting



I very much look forward to welcoming shareholders to the AGM which will be held
at the Merchants Hall in Hanover St, Edinburgh on Tuesday 12 September at 12
noon.  It will be preceded by a presentation by the Managers, reviewing the year
and commenting on the outlook.



EW Dawnay,

Chairman

16 June 2006




Manager's Review



Overview



During the year, Dunedin Enterprise continued to build upon the good progress
made last year.  Net asset value per share increased by 19.7% in the year from
416.3p to 498.2p (2005: 18.8%) and the net asset value total return per share
over the year was 22.3% (2005: 21.7%).



Your Company's share price rose by 32.3% (2005: 34.1%) over the year from 346p
to 457.75p.  The total return to shareholders, comprising the rise in the share
price and dividends paid, was 35.4% (2005: 38.1%).  The strong share price
performance resulted in a reduction of the discount of the share price to net
asset value from 16.9% at 30 April 2005 to 8.1% at 30 April 2006.



The growth in net asset value has been driven by a combination of a number of
successful realisations, strong trading performance and beneficial movements in
price earnings multiples.  The total movements in net assets can be summarised
as follows:


                                                                            £'m
Net assets at 30 April 2005                                               126.4
Unrealised value increases                                                 13.7
Unrealised value decreases                                               (12.8)
Realised profit over opening valuation                                     24.1
Profit attributable to shareholders less expenses charged to capital        2.7
Dividends paid to shareholders                                            (2.8)
Net assets at 30 April 2006                                               151.3



Dunedin Enterprise received a total of £70 million from a number of significant
realisations in the year.  This arose principally from the flotation of Davenham
on the Alternative Investment Market, the secondary buyout of Letts Filofax and
the trade sale of Caledonian Building Systems.



Investment activity in the year totalled £21.6 million.  An investment of £7.5
million was made in Zenith Vehicle Contracts, a car fleet management services
company, £4.3 million in Practice Plan, a provider of payment schemes to dental
practices and £4.1 million in RSL Steeper, a supplier of prosthetics and
orthotics.   Each of these new investments were management buyouts.  An initial
investment of £0.6 million was made in the LGV5 Private Equity Fund.  A further
£5.1 million was invested in ten existing portfolio companies.



Your Company made a £75 million commitment to the Dunedin Buyout Fund II ('DBF
II') in May 2006.  The fund is managed by Dunedin Capital Partners, the Manager
of your Company, and follows an initial investment made in DBF I in 2001.  DBF
II will invest in UK mid-market buyouts with a transaction size of £10 - 50
million.  This continues to be the core investment strategy of the Company.



Realisations



Your Company received £70 million during the year from the sale of seventeen
portfolio companies and the redemption of loan stock by portfolio companies.
This generated a profit of £24.1 million over the valuation at the start of the
year and represents an uplift of 53%.



Caledonian Building Systems ('Caledonian') was sold in April 2006 to Champion
Inc USA.  Caledonian is the UK market leader in pre-engineered buildings and
off-site construction, specialising in the design and provision of multi-story
commercial and residential structures using steel modular systems.  The company
operates across the UK from a 32 acre manufacturing site in Newark,
Nottinghamshire and has an annual turnover of £90 million.  Your Company
received capital and income of £23.6 million from the investment, a money
multiple of five times original investment and an IRR of 108% over two and a
half years of ownership.



In March 2006, Letts Filofax was sold in a secondary buyout to Phoenix Equity
Partners for £45 million.  With group headquarters based in Edinburgh, Letts
Filofax designs and sells organisers, diaries and related accessories through
its two UK and nine overseas subsidiaries. It has one manufacturing plant which
produces over 22 million books per year. The group is firmly established as the
UK market leader and exports its products to over 40 countries worldwide.
Dunedin Enterprise invested, directly and via limited partnership funds, a total
of £4.4 million and will have received £26.5 million in capital and income from
this investment.  Dunedin's investment has returned a money multiple of six
times which represents an IRR of 50% over five years.



In November 2005, Davenham listed on the Alternative Investment Market.
Davenham is a leading independent UK asset based lender.  It provides lending
solutions designed to meet the financing needs of SMEs, typically involving
loans of between £10,000 and £3 million.  Davenham has a diverse loan portfolio,
with its lending activities organised into three divisions: property finance,
asset finance and trade finance.  Dunedin Enterprise received net proceeds of
£11.2 million on listing and retains 2,561,968 ordinary shares in Davenham Group
plc valued at £8.7 million at 30 April 2006.  Dunedin Enterprise has received a
total of £14.1 from this investment in capital and income and when aggregated
with the value of quoted shares held gives a multiple of four times the original
investment and an IRR of 33%.



C6 Solutions was a manufacturer of sophisticated fine chemicals.  A number of
months after the buyout of C6 a key customer of the company insourced a number
of significant product lines.  These product lines could not be quickly replaced
by C6 and a planned closure of the business was announced in January 2005.
Following the sale of property and other assets Dunedin Enterprise received £4.6
million from the closure.  This compares to a valuation of nil at 30 April 2005



Hayley Conference Centres, a provider of conference facilities, and Trident
Components, a manufacturer of components for the automotive industry, were each
acquired as part of the Group Trust portfolio in 2001.  These investments were
realised during the year generating proceeds of £3.9 million and £2.6 million
respectively.  This compares to valuations at 30 April 2005 of £2.5 million and
£2.5 million.



New investments



In the year to 30 April 2006, your Company invested £21.6 million (2005: £22.1
million) in three new portfolio companies, one new limited partnership fund and
nine existing portfolio companies.



In June 2005, Dunedin Enterprise invested £7.5 million in the £27 million
management buyout of Zenith.  Zenith is a niche provider of bespoke fleet
management services, normally to companies with car fleets of between 250 and
1,500 cars.  The company has a strong service culture, combined with a focus on
the effective use of information technology, allowing it to develop a blue chip
client base which includes Asda, DuPont, Ernst & Young, Persimmon, Remploy and
BUPA.



Dunedin Enterprise invested £4.3 million in the management buyout of Practice
Plan in September 2005.  Practice Plan is one of the UK's leading providers of
independent payment schemes to dental practices.  The company is involved in the
creation and facilitation of healthcare maintenance schemes for healthcare
professionals.  These are principally aimed at the dental sector but are also
used by veterinary surgeons and opticians.



In December 2005, Dunedin Enterprise invested £4.1 million in the management
buyout of RSL Steeper.  RSL is the UK's leading supplier of rehabilitation
services with a range of prosthetics (artifical limbs), orthotic (external
supports) and electronic assistive technology services (electronic devices to
assist daily living).



During the year to 30 April 2006. Dunedin Enterprise made a commitment of £5
million to the LGV5 Private Equity Fund.  This fund aims to invest in UK
mid-market management buyouts with an enterprise value of between £60 million
and £300 million.  This broadens Dunedin Enterprise's exposure to mid-market
buyouts.  LGV5 drawdowns in the year totalled £0.6 million.



Follow-on investments into portfolio companies and drawdowns from other buyout
and technology fund in the year totalled £5.1 million.



Unrealised value movements



The table below summarises the main component of unrealised valuation movements
in the year to 30 April 2006.



Three portfolio companies, CGI, Portman and Davenham have contributed a total of
£11.1 million to unrealised valuation increases.  The increased valuation of
these companies has been generated from a combination of strong trading
performance, favourable price earnings movements and quoted share price
movements.  The imminent sale of AIM and Blaze Signs contributed a further £1.3
million unrealised valuation increase.  Five other portfolio companies
contributed to the remaining £1.3 million unrealised valuation increase.



The valuation of Dunedin Enterprise's investments in Gardner, ABI, Total Fitness
and New Horizons have been written down by £10.4 million during the year.
Challenging market conditions have affected ABI and Total Fitness, Gardner has
performed below plan and the new home opening program is taking longer than
anticipated at New Horizons.  At each of these companies, your Manager is
actively working with management to increase profitability and return value to
the investments.  A further six investments contributed to the remaining £2.4
million unrealised valuation decrease principally due to a write down in value
of technology funds.


                                                            £'m          £'m

Value increases
  • Imminent realisations                                   6.1

  • Trading performance                                     2.0

  • Debt reduction                                          0.3

  • Price earnings movements                                4.1

  • Other                                                   1.2

                                                                        13.7
Value decreases
  • Trading performance                                  (12.9)

  • Other                                                   0.1

                                                                      (12.8)

Net Unrealised Value Movements                                           0.9



Valuation basis

Your Company's portfolio was valued on the following basis:


At 30 April                                £'m              2006           £'m          2005

                                                               %                           %

Cost                                      30.1                45          21.4            24
Earnings multiple                         31.7                48          61.7            69
Imminent sale                              2.5                 4           4.0             4
Net asset value                            2.3                 3           2.7             3
                                          66.6               100          89.8           100



The weighted average price earnings multiple used to value your Company's
portfolio at 30 April 2006 was 9.9, a discount of 32% to the FTSE All Share
price earnings multiple of 14.5 on that date (2005: 7.7; 49% discount to the
FTSE All Share multiple of 15.0)



Portfolio analysis



Work has continued to be undertaken in reducing the number of investments held
within the portfolio.  Four new companies were added to the portfolio and
seventeen companies were sold during the year.


At 30 April                                No.              2006           No.          2005
                                                             £'m                         £'m

Unquoted companies                          19              46.9            29          78.9
Quoted companies                             1               8.7             1           0.9
Buyout Fund                                  5               7.8             8           7.0
Technology funds                             4               3.2             4           3.0
                                            29              66.6            42          89.8



Investment category



The table below demonstrates your Company has invested 79% of its portfolio
directly in management buyouts and buyins.  A further 12% is invested in
management buyouts via limited partnership funds.  A total of 91% of the
portfolio is thus invested either directly or indirectly in management buyouts
or buyins.


At 30 April                                    £'m          2006           £'m          2005
                                                               %                           %

Management buyouts/buyins                     52.7            79          76.9            86
Buyout funds                                   7.8            12           7.0             8
Technology funds                               3.2             5           3.0             3
Other                                          2.9             4           2.9             3
                                              66.6           100          89.8           100



Portfolio analysed by industry sector



The table below demonstrates that your Manager is committed to ensuring that a
diversified portfolio of unquoted investments is held by your Company.


                                                               2006               2005
                                                                  %                  %


Construction and building materials                              17                 19
Consumer products and services                                    -                 21
Financial services                                               24                 17
Healthcare                                                       19                  9
Leisure and hotels                                                7                 11
Specialist manufacturing                                          2                  8
Support services                                                 31                 15
                                                                100                100



Portfolio analysed by age


                                                                          2006                 2005
                                                                             %                    %


Less than 1 year                                                            25                   14
1-3 years                                                                   37                   19
3-5 years                                                                    5                   44
More than 5 years                                                           33                   23
                                                                           100                  100



Further Analysis

Investors are able to review further information and data relating to Dunedin
Enterprise at our website www.dunedin.com.



Dunedin Capital Partners Limited

16 June 2006




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2006



Ten Largest Investments



The ten largest investments account for 36% of the net assets of Dunedin
Enterprise as listed below:


Company                                       Fully diluted      Cost of   Directors'  Percentage of
                                                     equity   investment    valuation     net assets
                                                 percentage
                                                          %          £'m          £'m              %

CGI Group Limited                                      37.9          5.9         11.2            7.4
Davenham Group Holdings Limited                        10.1          0.2          8.7            5.7

ZVC Group Limited                                      20.8          7.5          7.5            5.0

Portman Holdings Limited                               16.8          2.2          5.7            3.8
New Horizons (Childcare) Holdings Limited              31.6          6.4          5.3            3.5
Practice Plan Group (Holdings) Limited                 26.2          4.3          4.3            2.8

LGV 4 Private Equity Fund                               2.7          3.3          4.1            2.7

RSL Steeper Limited                                    28.9          4.1          4.1            2.7

Travel & General Holdings Limited                      25.9          0.1          2.3            1.5
LGV 3 Private Equity Fund                               2.4          1.7          1.9            1.3

                                                                     ___         ____            ___
                                                                    35.7         55.1           36.4






DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2006



BALANCE SHEET


At 30 April                                                           2006                    Restated
                                                                                                  2005
                                                     £'000           £'000      £'000            £'000
                                                                                               
Investments at fair value                                          144,847                     110,244

Investment in subsidiary                                                 -                      14,000

Current assets
Debtors                                                196                       1,130
Cash at bank                                         6,371                       1,147
                                                     6,567                       2,277
Current liabilities
Creditors: amounts falling due within one year       (110)                        (98)
Net current assets                                                   6,457                       2,179

Net assets                                                         151,304                     126,423

Capital and reserves
Called up share capital                                              7,592                       7,592
Share premium account                                               47,600                      47,600
Capital reserves:
Capital redemption reserve                                             334                         334
Capital reserve - realised                                          87,978                      51,709
Capital reserve - unrealised                                         1,598                      14,459
Revenue reserve                                                      6,202                       4,729

Total equity shareholders' funds                                   151,304                     126,423


Net asset value per share                                           498.2p                      416.3p




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2006



INCOME STATEMENT


For the year ended 30  April     Revenue     Capital        2006       Revenue     Capital      Restated
                                   £'000       £'000       Total         £'000       £'000          2005
                                                           £'000                                   Total
                                                                                                   £'000

Gains on investments                   -      24,982      24,982             -      20,460        20,460
Income                             6,200           -       6,200         5,387           -         5,387
Investment management fee          (743)     (2,022)     (2,765)         (636)     (1,799)       (2,435)
Other expenses                     (558)           -       (558)         (498)           -         (498)
Net return before finance          4,899      22,960      27,859         4,253      18,661        22,914
costs and tax
Interest payable and                (54)       (161)       (215)          (62)       (185)         (247)
similar charges
Return on ordinary                 4,845      22,799      27,644         4,191      18,476        22,667
activities before tax
Tax on ordinary activities         (609)         609           -       (1,007)       1,007             -
Return attributable to             4,236      23,408      27,644         3,184      19,483        22,667
equity shareholders


Basic return per ordinary          13.9p       77.1p       91.0p         10.4p         63.7p         74.1p
share




DUNEDIN ENTERPRISE INVESTMENT TRUST PLC

PRELIMINARY RESULTS FOR YEAR ENDED 30 APRIL 2006



CASH FLOW STATEMENT


For the year ended 30 April                                              £'000       2006      £'000       2005

                                                                                    £'000                 £'000
Net cash inflow from operating activities                                           3,824                 2,258
Financial Investment
Purchase of investments                                               (21,645)              (22,126)
Purchase of 'AAA' rated money market funds                            (57,518)              (16,836)
Sale of investments                                                     70,015                36,499
Sale of 'AAA' rated money market funds                                  10,600                 6,000
Net cash inflow from financial investment                                           1,452                 3,537

Equity dividends paid                                                             (2,763)               (2,626)
Net cash inflow before financing                                                    2,513                 3,169
Financing
Interest paid                                                            (215)                 (247)
Purchase of ordinary shares                                                  -               (1,210)
Currency loan reduction                                                      -               (1,432)
                                                                                    (215)               (2,889)

Cash assumed on liquidation of subsidiary                                           2,926                     -

Increase in cash for the period                                                     5,224                   280
Reconciliation of net cash flow to movement in net funds
Increase in cash as above                                                           5,224                   280
Cash at bank and in hand at 1 May                                                   1,147                   867

Cash at bank and in hand at 30 April                                                6,371                 1,147



Notes



1.  The Directors recommend a final dividend of 7.45p per
share for the year to 30 April 2006.  The Directors also recommend a special
dividend of 2.0p per share for the year to 30 April 2006.  If approved, the
dividend will be paid on 15 September 2006 to shareholders on the register at
close of business on 18 August 2006.  The ex-dividend date is 16 August 2006.
An interim dividend of 2.0p per share was paid on 31 January 2006.



2.  The financial information for the year ended 30 April 2005
has been restated to reflect changes to UK GAAP.  The Company is required to
comply with a number of new UK Financial Reporting Standards ('FRS'), which now
represent UK GAAP, in presenting its financial statements for the year ended 30
April 2006.  These standards have been introduced as part of the process of
aligning UK Accounting principles with International Accounting Standards.  The
revised accounting policies differ from those used in preparing the annual
financial statements for the year ended 30 April 2005 in the following respects.



Adjustments to comparative balance sheets



(i)  Dividends are not recognised as a liability in the balance sheet until
declared.  Therefore the final dividends accrued in respect of the years ended
30 April 2004 and 2005 have been eliminated from the respective balance sheets
and are now included in the statement of changes in equity in the periods in
which they were declared.  All comparatives have been restated accordingly.



(ii)  Listed investments which were previously reported at mid-market
value are valued at bid price.



3. The statutory accounts for 2006 contain an unqualified audit
report and will be delivered to the Registrar of Companies following the
company's Annual General Meeting which will take place at 12 noon on Tuesday 12
September 2006 at The Merchants' Hall, 22 Hanover Street, Edinburgh EH2 2EP.



4. The income statement , balance sheet and cash flow 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 2006 and
copies will be available to members of the public at the Company's Registered
Office, 10 George Street, Edinburgh, EH2 2DW.








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