Re Warrants

Dunedin Enterprise Inv Trust PLC
4 July 2001

Group Trust plc

The Board of Group Trust plc announces that, following the warrant exercise
date on 27 June 2001, the ordinary shares arising on the exercise by the
appointed trustee were sold on 4 July, 2001 at a price of 51p per share. The
surplus arising after deduction of the exercise price of 38.7p per share and
the trustee's expenses, will be paid pro rata to those warrantholders who did
not exercise their warrants. The total issued share capital has therefore
increased to 56,972,351ordinary shares and there are no longer any warrants in
issue.

END