Net Asset Value(s)

Graphite Enterprise Trust PLC
25 May 2006



                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                  25 May 2006



The Board of Graphite Enterprise Trust PLC announces that the net asset value
per share as at 31 March 2006 was 414.3p, after the accrual of the dividend
announced on 15 March 2006 of 4.3p per share.  This represents an increase in
net asset value per share of 4.0% in the three months to 31 March 2006 and
compares with a rise of 7.1% in the FTSE All-Share Index in the quarter.

The summary balance sheet as at 31 March 2006 is set out below:

                                                  £m   % of total assets

Investment portfolio                           173.0         48.3%

FTSE 100 Call Option                            26.7          7.4%

Total portfolio                                199.7         55.7%

Net current assets                             158.6         44.3%

Total assets                                   358.3        100.0%

In the three months to 31 March 2006, additions to the investment portfolio were
£28.8 million, and disposals were £41.1 million.  New commitments to funds were
£61.1 million, taking total commitments at 31 March 2006 to £179.7 million.

Following the recent falls, the FTSE All-Share Index is now at almost exactly
the same level as it was at the beginning of the year.  We estimate that the net
asset value of the company has risen slightly in the year to date.




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