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 31 January 2005 were as follows:


Company                                 % of Gross Assets
BP Ord                                              6.62
HSBC Holdings                                       6.10
GlaxoSmithKline                                     5.85
Royal Bank of Scotland Group                        5.51
Shell Transport & Trading                           4.69
Vodafone Group                                      4.69
Lloyds TSB Group                                    3.42
HBOS                                                3.25
BT Group Plc                                        2.94
Imperial Tobacco                                    2.82
TOTAL                                              45.89



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