Result of Meeting

8 October 2018

DUNEDIN SMALLER COMPANIES INVESTMENT TRUST PLC

 (in members' voluntary liquidation)

Result of Second General Meeting

The Board is pleased to announce that the special resolution to place the Company into members' voluntary liquidation was voted on and approved by the Company's shareholders at the Second General Meeting held earlier today and James Eldridge and Jeremy Willmont, both of Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB have been appointed as joint liquidators.

A copy of the resolution will be submitted to the National Storage Mechanism and will shortly be available for inspection at http://www.morningstar.co.uk/uk/NSM. A copy of the Company's circular dated 4 September 2018 (the "Circular"), which contains the full text of the resolution, is available on the Company's website at www.dunedinsmaller.co.uk.

Scheme entitlements

The Company is also pleased to announce, as at the Calculation Date and calculated in accordance with the terms of the Scheme, the FAV per Dunedin Share was 308.02 pence and FAV per SLS Share was 528.74 pence, producing a conversion ratio of approximately 0.582547. On this basis each Shareholder will receive approximately 0.582547 New Shares in respect of each Ordinary Share held. Fractional entitlements to New Shares under the Scheme will not be issued and entitlements will be rounded down to the nearest whole number. Assets representing fractional entitlements will be retained for the benefit of Standard Life Smaller.

Application has been made by Standard Life Smaller to the UK Listing Authority and the London Stock Exchange for the listings and admissions to trading of the New Shares in Standard Life Smaller to be effective on at 8.00 a.m. on 10 October 2018.

Suspension and cancellation of Ordinary Shares.

As set out in the Circular the Ordinary Shares were suspended from listing on the Official List of the UK Listing Authority and from trading on the London Stock Exchange at 7.30 a.m. this morning, 8 October 2018, in anticipation of the Second General Meeting. Following the passing of the resolution, the joint liquidators have been authorised to apply to the UK Listing Authority for the cancellation of the listing of the Ordinary Shares on the premium segment of the Official List and trading on the Main Market. It is expected such cancellation will take effect during the week commencing 15 October 2018.

Proxy votes

For information, the proxy votes cast in respect of the Second General Meeting were as follows:

* The votes "For" include those votes giving the Chairman discretion.

Definitions

Defined terms used in this announcement have the meanings given in the Circular unless the context otherwise requires.

Enquiries: