Dunedin Investment Trust : Preliminary Unaudited Net Asset Value at 30/6/18

Dunedin Enterprise Investment Trust PLC

Preliminary Unaudited Net Asset Value announcement for 30 June 2018

The Board of Dunedin Enterprise Investment Trust PLC is pleased to announce a preliminary unaudited net asset value of 447.6p per share as at 30 June 2018.

The net asset value per share at 31 March 2018 was 451.9p per share. During the quarter to 30 June 2018 a final dividend of 5.5p per ordinary share was paid to shareholders.

The preliminary unaudited net asset value has been calculated using the underlying managers' latest valuations (including those received since 30 June 2018), which remain subject to review by the Board of Directors. Based on those valuations, as at 30 June 2018, the Company's unlisted investments were valued at £77.8m. The Company also held cash of £21.7m and other net current liabilities of £7.1m as at 30 June 2018. Total net assets at 30 June 2018 amounted to £92.4m.

The net current liabilities as at 30 June 2018 principally consisted of £6.4m due to be paid to Dunedin Buyout Fund III LP ('DBFIII') for the investment in GPS. These funds were transferred to DBFIII in July 2018. GPS is the global payments processor behind some of the most exciting digital banks, challenger banks, fin-techs and financial institutions. GPS is the market leader in issuer processing, enabling next generation payment technology. It provides a single, global integrated platform, GPS Apex, that powers and enables functionality of next generation Fin-tech payment companies. GPS employs circa 150 people based in London and Newcastle.

The finalised net asset value per share will be published on 14 September 2018.

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