Portfolio Update

Dunedin Enterprise Inv Trust PLC
02 August 2004


Quarterly Disclosure


Quarterly Disclosure of 10 largest investments/investments with a value greater
than 5% of Gross Assets


In accordance with revisions to the Listing Rules for investment companies and
investment trusts which are effective as from 1 November 2003, Dunedin
Enterprise Investment Trust PLC (the 'Group') intends to provide details of the
10 largest investments and all investments with a value greater than 5% by value
of the gross assets of the Group in respect of the quarters ending 31 January,
30 April, 31 July and 31 October.


The disclosure will be made using the valuations and consolidated gross assets
from the most recent set of audited annual accounts or reviewed interim accounts
(30 April and 31 October respectively), with adjustments made in respect of the
cost of investment made and realisations since those dates.


On the above basis, as at 31 July 2004 (based on 30 April 2004 valuations) the
following investments have a value greater than 5% of the gross assets of the
Group or are its 10 largest investments:


                                                        % of gross assets



Letts Filofax Group Limited                                          12.0

Davenham Group Holdings Limited                                       9.6

C.G.I. Group Limited                                                  5.4

Goals Soccer Centres Limited                                          4.2*

C6 Solutions Limited                                                  4.1

Portman Holdings Limited                                              3.6

Caledonian Building Systems Limited                                   3.5

Gardner Group Limited                                                 3.3

Dunedin Buyout Fund LP                                                3.3

ABI (UK) Limited                                                      2.9


* in June 2004, C.G.I. International Limited was refinanced by Bank of Scotland.
  As part of the refinancing, Dunedin Enterprise Investment Trust PLC received
  cash proceeds of £5.3 million and an investment in C.G.I. Group Limited of 
  £6.0 million.


END


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