Portfolio Update

Dunedin Enterprise Inv Trust PLC
04 May 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 30 April 2004 (based on 31 October 2003 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                      10.5
Davenham Group Holdings Limited                  10.0
Portman Holdings Limited                          6.0
C.G.I. International Limited                      5.8
Goals Soccer Centres Limited                      4.7
C6 Solutions Limited                              4.4
Caledonian Building Systems Limited               3.7
Gardner Group Limited                             3.5
Blaze Signs International Limited                 3.4
ABI (UK) (2003) Limited                           3.2

* during the quarter to 30 April 2004 gross assets were reduced by the repayment
of a £15 million term loan and the reduction of a revolving credit facility by
£3.9 million.

END


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