Directorate Change

Graphite Enterprise Trust PLC
14 November 2002

                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                              14 NOVEMBER 2002


Contact:  Martin Crayton  020 7825 5300

The Board of Graphite Enterprise Trust PLC announces the appointment of Mr Peter
Gray as a director on 14 November 2002.


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