Sale of Investment

Dunedin Enterprise Inv Trust PLC
09 March 2006

                                    For Immediate Release: Thursday 9 March 2006


                  Dunedin Sells Letts Filofax for £45 million
--------------------------------------------------------------------------------

Dunedin Capital Partners ('Dunedin'), the UK mid-market private equity house,
announces today that Letts Filofax Group ('Letts Filofax'), the market leading
supplier of personal organisers and diaries, has been sold to Phoenix Equity
Partners for £45 million.

Dunedin Enterprise Investment Trust PLC ('Dunedin Enterprise'), the investment
trust managed by Dunedin, will receive £18.2 million from the sale of Letts
Filofax which was valued at £17.4 million at 31 October 2005. The uplift on sale
of £0.8 million represents 2.8p per share. Dunedin Enterprise invested a total
of £4.0 million and will have received £24.1 million in capital and income from
this investment.

Dunedin's investment has returned a money multiple of six times which represents
an IRR of 49% over five years.

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 initially invested in Letts in 2000 when it supported the £17 million
management buyout (MBO) led by Managing Director, Gordon Presly and Finance
Director, Gordon Raw. The strength and focus of the management team impressed
Dunedin and the deal was completed quickly in the face of fierce competition
from trade and other financial buyers. It acquired Filofax the following year in
a £14.5 million acquisition. Dunedin supported the acquisition soon after the
initial buyout recognising that consolidation of the Letts and Filofax brands
would bring attractive synergies.

Since the original buyout, the combined business of Letts and Filofax has seen
annual profits grow by over 70% driven by a strong management team and Dunedin's
strategic support.

Gordon Presly, Letts Filofax Group Chief Executive, commented, 'Since acquiring
Filofax, the Group has developed into a robust international operation producing
excellent returns. We have invested cash, time and resource in all aspects of
the company both in the UK and overseas which has helped to generate an
impressive financial performance over the past five years. We have a committed
management team who are re-investing in the Group and that is a very positive
sign for all our customers and employees. '

Brian Scouler, Managing Director, Portfolio at Dunedin added, 'Letts Filofax has
been a great investment for us with a successful exit generating a six times
money multiple. The business has performed superbly since we supported the
buyout six years ago. We wish the company continued success in the future. '





For further information, please contact:

Dunedin Capital Partners Limited
Brian Scouler                                    07811262796
Fiona MacRae                                     0131 718 2313

Letts Filofax Group
Gordon Presly                                    0131 654 7402 / 07976 330 882

Binns & Co PR Limited                            020 7786 9600
Peter Binns                                      07768 392 582
Chris Steele                                     07979 604 687
Annie Evangeli                                   0777 850 7162


EDITORS NOTES

1. Dunedin (www.dunedin.com)
Dunedin provides equity finance for management buyouts and management buyins
with a transaction size of £10 million - £50 million. It is an independent
private equity house, owned by the directors and staff, operating throughout the
UK from offices in Edinburgh and London. Dunedin invests in established
companies, in a broad range of industry sectors, which demonstrate a history of
sales and profit growth. It helps to define and set the strategic goals of these
companies whilst empowering the management teams that run them and provides
additional capital for growth if required. Dunedin is authorised and regulated
by the Financial Services Authority.

2. Letts Filofax Group Ltd (www.letts.com, www.filofax.com)
Letts Filofax Group Ltd is a market-leading consumer products company combining
two globally recognised brands in Filofax, which offers personal organisers and
related accessories, and Letts which supplies diaries and related stationery
products. The Group markets its products to retail and corporate customers in
the UK, Western Europe and North America as well as several other international
markets. The Group has a strong reputation for product design and innovation,
creating fashionable, high quality products. Letts Filofax Group is
headquartered in Edinburgh, Scotland with facilities and offices in London,
Burgess Hill (near Gatwick), Birmingham, France, Italy, Germany, Sweden,
Denmark, USA, Canada and Hong Kong.



                      This information is provided by RNS
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