FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Data as at: 30 January 2020 Dunedin Enterprise Investment Trust DNE Equity Investment Instruments — GBP 3.62 at close 30 January 2020

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 30-Jan-2020 30-Jan-2020 30-Jan-2020

3.8 115 115 1D WTD MTD YTD Absolute 0.3 -1.4 -3.7 -3.7 3.7 Rel.Sector 1.4 1.2 -2.4 -2.4 110 Rel.Market 1.5 1.2 -1.6 -1.6 3.6 110

3.5 105 VALUATION

3.4 105

Trailing RelativePrice RelativePrice 100 3.3

PE 12.9 Absolute Price (local (local Absolutecurrency) Price 3.2 100 EV/EBITDA 12.3 95 PB 0.9 3.1 PCF -ve 3 95 90 Div Yield 0.5 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Jan-2019 Apr-2019 Jul-2019 Oct-2019 Price/Sales +ve Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.0

100 100 100 Div Payout 6.9 90 90 90 ROE 6.5

80 80 80

70 Index) Share 70

Share Sector) Share - - 70 60 60 DESCRIPTION 60 50 50 50 The Company was incorporated in 10 April 1973 with 40 40 RSI RSI (Absolute) 40 a name of MELVILLE STREET INVESTMENTS 30 30 (EDINBURGH) LIMITED.The Company's principal 20 30 20 activity is to operate as an investment trust providing 10 20 10 private equity for unquoted companies.

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 10 0 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019 Jan-2019 Mar-2019 May-2019 Jul-2019 Sep-2019 Nov-2019

See final page and http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm for further details.

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Dunedin Enterprise Investment Trust 30 January 2020

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

31-Dec-2019 31-Dec-2019 31-Dec-2019 35 35 0.95

30 30 0.9 0.85 25 +1SD 25 +1SD +1SD 0.8 20 20 0.75 15 15 Avg Avg Avg 0.7 10 10 0.65 -1SD 5 5 0.6 -1SD -1SD 0 ‖ ‖ 0 ‖ ‖ 0.55 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019

Baillie Gifford UK Growth Fund Plc 120.0 Baillie Gifford UK Growth Fund Plc 100.0 SDCL Energy Efficiency Income Trust 2.9 SDCL Energy Efficiency Income Trust 120.0 Brunner Investment Trust 100.0 2.2 JPMorgan American IT 120.0 SDCL Energy Efficiency Income Trust 100.0 Middlefield Canadian Income PCC 2.0 BH Global (GBp) 120.0 JPMorgan American IT 100.0 Smithson Investment Trust 1.8 Hipgnosis Songs Fund 120.0 Keystone Inv Tst 100.0 1.8 Equity Investment Instruments 37.7 Equity Investment Instruments 38.4 Equity Investment Instruments 1.1 Dunedin Enterprise Investment Trust 12.9 Dunedin Enterprise Investment Trust 12.3 Dunedin Enterprise Investment Trust 0.9 Vinacapital Vietnam Opportunity Fund -120.0 JPMorgan European Invest Tst (Gwth Shs) 0.0 Schroder UK Public Private Trust 0.4 Perpetual Income&Growth Inv Tst -120.0 Securities Trust of Scotland 0.0 JPMorgan European Invest Tst (Inc Shs) 0.4 Standard Life UK Small CosTst -120.0 Standard Life UK Small CosTst 0.0 Riverstone Energy 0.3 SME Credit Realisation Fund -120.0 Perpetual Income&Growth Inv Tst 0.0 SQN Asset Finance Income Fund C shares 0.3 Brunner Investment Trust -120.0 SME Credit Realisation Fund 0.0 Highbridge Tactical Credit Fund 0.2 -150 -100 -50 0 50 100 150 0 20 40 60 80 100 120 0 0.5 1 1.5 2 2.5 3 3.5

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

31-Dec-2019 31-Dec-2019 31-Dec-2019 80 ‖ 6 15 ‖ ‖ ‖ +1SD 70 5 60 +1SD 4 10 50 Avg +1SD 40 3 Avg 30 2 5 Avg 20 -1SD 1 10 -1SD -1SD 0 ‖ 0 0 ‖ ‖ ‖ Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019

Syncona 80.0 TwentyFour Select Monthly Income Fund 100.0 Polar Capital Global Financials Trust 15.0 Aberdeen Diversified Income And Growth Trust 80.0 SQN Asset Finance Income Fund C shares 29.9 Bluefield Solar Income Fund 15.0 Schroder Asian Total Return Investment Company 80.0 SQN Asset Finance Income Fund 12.2 Smithson Investment Trust 15.0 Impax Environmental Markets 80.0 JPMorgan European Invest Tst (Inc Shs) 9.9 Mercantile Investment Tst 15.0 Schroder Oriental Income Fund 80.0 SME Credit Realisation Fund 7.7 Personal Assets Trust 15.0 Equity Investment Instruments 80.0 Equity Investment Instruments 2.4 Dunedin Enterprise Investment Trust 15.0 Dunedin Enterprise Investment Trust -30.7 Dunedin Enterprise Investment Trust 0.5 Equity Investment Instruments 15.0 JPMorgan Indian Inv Trust -100.0 Vietnam Enterprise Investments 0.0 Henderson Smaller Cos Inv Tst 0.0 Bluefield Solar Income Fund -100.0 Smithson Investment Trust 0.0 Blackrock Throgmorton Trust 0.0 Pacific Horizon Investment Trust -100.0 Schroder UK Public Private Trust 0.0 Pacific Horizon Investment Trust 0.0 Baillie Gifford Shin Nippon -100.0 Pershing Square Holdings 0.0 Montanaro UK SmallerCosInvTst 0.0 Aberdeen New India Investment Trust -100.0 Baillie Gifford US Growth Trust 0.0 Fundsmith Emerging Equities Trust 0.0 -120 -100 -80 -60 -40 -20 0 20 40 60 80 100 0 20 40 60 80 100 120 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Dunedin Enterprise Investment Trust 30 January 2020

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

31-Dec-2019 31-Dec-2019 31-Dec-2019 0.05 100 ‖ ‖ 25

0.04 80 20 +1SD

0.03 60 15 +1SD

0.02 40 10 Avg +1SD

0.01 Avg 20 5 Avg -1SD 0 ‖ ‖ ‖ 0 ‖ ‖ 0 ‖ ‖ Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019 Jan-2015 Jan-2016 Jan-2017 Jan-2018 Jan-2019

Pollen Street Secured Lending 0.5 Baillie Gifford UK Growth Fund Plc 100.0 32.8 Middlefield Canadian Income PCC 0.4 Electra Private Equity 100.0 Ecofin Global Utilities and Infrastructure Trust 23.9 Greencoat UK Wind 0.3 Twentyfour Income Fund 100.0 Polar Capital Technology Trust 22.0 Value And Income Trust 0.3 JPMorgan American IT 100.0 Lindsell Train Investment Trust 20.8 Aberforth Split Level Income Trust 0.3 INVESCO Asia Trust 100.0 BB Healthcare Trust 19.9 Equity Investment Instruments 0.1 Equity Investment Instruments 84.9 Dunedin Enterprise Investment Trust 6.5 Dunedin Enterprise Investment Trust 0.0 Dunedin Enterprise Investment Trust 6.9 Equity Investment Instruments 3.0 Henderson International Income Trust 0.0 JPMorgan European Invest Tst (Gwth Shs) 0.0 Riverstone Energy -15.0 Electra Private Equity 0.0 Standard Life UK Small CosTst 0.0 Aberforth Smaller Companies Tst -16.7 Diverse Income Trust 0.0 Vinacapital Vietnam Opportunity Fund 0.0 Fidelity Japan Trust -16.7 SDCL Energy Efficiency Income Trust 0.0 Perpetual Income&Growth Inv Tst 0.0 European Assets Trust PLC -17.6 TwentyFour Select Monthly Income Fund 0.0 Brunner Investment Trust 0.0 Middlefield Canadian Income PCC -23.4 0 0.1 0.2 0.3 0.4 0.5 0.6 0 20 40 60 80 100 120 -30 -20 -10 0 10 20 30 40

ROE vs. PB — sector Du Pont Analysis

2.2 SEIT 5 25 SONG

2.0 MCT 4.5

4 20 1.8 SSON TRIG PIN UKW 3.5 1.6

IEM SEQI 3 15 CGT 1.4 3IN BBH THRG ATT BBGI LTI IPUSAIN HGT 2.5 PB JUSC Regression FJV BRNAGABI FSFL EWI 1.2 BRSCATRMYITMPL MNP MRCJCHHHIFCITSLSASL PNLGCPINPP BSIF MWY USA MRCHJMFHSLWTANLWDBBGSATSTEATSTSBNKRRCP TRY JLENWWHSMT PSHHRICMHYMTUFSVFEVJAM CCJITFIF SWEF JRSMNKSNESFMTE JMI PCT 2 10 BUTDIGJETGASIT SCPHDIVCTYEquity InvestmenNAITBCI JPGITIGT HICL BGFDSCFPCFTIIT HINT SOIBGSCSMIFBIOGBRGE JMC 1.0 RICAPCGHLWIBRFIAAIFASEIJPSDIVIIBTBGUK PAC APAXMUT MNL SYNC WPCBRWMBGEUPHIEPGBRLAJESCTEM SDP UEM HEFTLBOW JEO BHMGJAI BPETHVPEJMG FGT TRGVEILATSKITSCINSEC GSSABD IVI HNENAS JEMIICGT JUS EGL 1.5 SJGJFJFEETMAJEFCSSBHGGIAT AGT AEFS DGN DNE FASANII JII PLI SST ADIG PSSLVIN CLDN 0.8 VOF EDIN AAS SLPE SCRF HAST CCPG ELTA 1 5 0.6 NBLS SQN 0.5 SUPP 0.4 JETI 0 ‖ 0 RSE SQNX 2015 2016 2017 2018 2019 0.2 HTCF 0 2 4 6 8 10 12 14 16 18 20 22 24 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Dunedin Enterprise Investment Trust 30 January 2020

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is net income over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales. A guide to the report is available at http://www.londonstockexchange.com/prices-and-markets/stocks/services-stock/ftse-note.htm.

Dunedin Ent erprise Investment Trust 30 January 2020 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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