Disposal

Graphite Enterprise Trust PLC
29 July 2005


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                  29 July 2005


Graphite Enterprise Trust PLC ('Graphite Enterprise') disposed of its investment
in Jane Norman for cash proceeds of £21.3 million.  The effect of this disposal,
taken in isolation, is to increase Graphite Enterprise's net asset value per
share by 14.5p, of which 12.6p is attributable to the capital account and 1.9p
is attributable to the revenue account.


On 18 May 2005 Graphite Enterprise announced that its net asset value per share
as at 31 March 2005 was 331.6p.


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