Offer Update

Dunedin Enterprise Inv Trust PLC
8 June 2001

Not for release, publication or distribution in or into the United States,
Canada, Australia or Japan.

PRESS ANNOUNCEMENT
FOR IMMEDIATE RELEASE
8 June 2001


Dunedin Enterprise Investment Trust PLC



RECOMMENDED OFFER BY CAZENOVE & CO. LTD ON BEHALF OF DUNEDIN ENTERPRISE
INVESTMENT TRUST PLC FOR GROUP TRUST PLC


Offer declared unconditional in all respects


The directors of Dunedin Enterprise announce that all the conditions to the
Offer have been satisfied or waived and that the Offer is hereby declared
unconditional in all respects. Dealings commence today on the London Stock
Exchange in the New Dunedin Enterprise Shares, which do not rank for the
Dunedin Enterprise final dividend for the financial year ended 30 April 2001.


As at 3.00 p.m. on 7 June 2001 Dunedin Enterprise had received valid
acceptances of the Offer in respect of 54,525,889 Group Shares, representing
98.39% of Group's issued share capital.


Valid elections under the Partial Cash Alternative were received in respect of
7,743,529 Group Shares (including 2,086,344 Group Shares from Legal & General,
as per the announcement of 16 May 2001). Valid elections for the Additional
Cash Election were received in respect of 16,106,813 Group Shares; in
accordance with the terms of its acceptance (as set out in the announcement of
16 May 2001), Legal & General is deemed not to have made an Additional Cash
Election. The Partial Cash Alternative and Additional Cash Election have now
closed in accordance with the announcement made on 25 May 2001. Valid
elections under the Partial Cash Alternative will be satisfied in full. With
regard to elections under the Additional Cash Election, Group Shareholders
will receive cash in respect of approximately 32.21 per cent. of the Group
Shares for which valid elections were made.


A Group Shareholder who elected in full for the Partial Cash Alternative and
Additional Cash election will receive cash in respect of approximately 47.59
per cent. of his holding.


In addition, acceptances that are not complete in all respects have been
received in respect of 52,816 Group Shares, representing 0.10 per cent. of
Group's issued share capital.

The Offer will remain open for acceptance until further notice. The board of
Dunedin Enterprise urges Group Shareholders to accept the Offer without delay
if they have not already done so.


As Dunedin Enterprise has received valid acceptances under the Offer in
respect of over 90 per cent. of Group Shares, it intends to acquire
compulsorily any remaining Group Shares under the provision of sections 428 -
430F (inclusive) of the Companies Act 1985.


Enquiries:

Angus Gordon Lennox / Richard Locke               020 7588 2828

Cazenove & Co. Ltd


 1. The figure for valid acceptances received includes 25,000 Group Shares in
    which Brian Finlayson, who is deemed to be acting in concert with Dunedin
    Enterprise, is interested.

 2. Dunedin Enterprise held no shares in Group before the Offer period
    commenced and, except pursuant to the Offer, it has not acquired or agreed
    to acquire any Group Shares during the Offer period.

 3. The expressions used in this announcement, unless the context otherwise
    requires, bear the same meaning as in the Offer Document and Listing
    Particulars issued by Dunedin Enterprise dated 3 May 2001.


Cazenove & Co. Ltd, which is regulated by The Securities and Futures Authority
Limited, is acting exclusively for Dunedin Enterprise Investment Trust plc in
relation to the Offer and will not be responsible to any other person for
providing the protections afforded to customers of Cazenove & Co. Ltd or for
advising any other person on the contents of this announcement or any matter
referred to herein.

END