Ten Largest Investments

DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC

10 LARGEST INVESTMENTS

The company announces that the ten largest investments as at close of
business on 30 January 2004 were as follows:


Company                       % of Gross Assets
BP                            6.8%
HSBC Holdings                 6.4%
Glaxosmithkline               6.1%
Vodafone Group                5.1%
Royal Bank of Scotland Group  4.6%
Lloyds TSB Group              3.5%
HBOS                          3.0%
Diageo                        3.0%
Shell Transport & Trading     2.9%
BT Group                       2.7%
                              44.1%

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