Change of manager

Graphite Enterprise Trust PLC
16 December 2005


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                16 December 2005


                               CHANGE OF MANAGER


The Directors of the Graphite Enterprise Trust PLC (the 'Company') announce that
Graphite Capital Management Limited has transferred its regulated investment
business to Graphite Capital Management LLP, which has accordingly replaced
Graphite Capital Management Limited as manager of the Company.

Graphite Capital Management LLP (the 'Manager') was incorporated in the United
Kingdom on 11 October 2005 and is authorised and regulated by the Financial
Services Authority. The Manager currently has approximately £750 million in
assets under management.

The change of manager is effective from 15 December 2005, pursuant to a deed of
termination of the previous investment management agreement.  Under the new
investment management agreement, the new manager will act under the same terms
and conditions, and for the same fees as the previous manager.


                      This information is provided by RNS
            The company news service from the London Stock Exchange