Net Asset Value

Graphite Enterprise Trust PLC
21 November 2007


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                21 November 2007

                      Net asset value at 30 September 2007

The Board of Graphite Enterprise Trust plc announces that the net asset value
per share as at 30 September 2007 was 506.1p.  This represents an increase in
net asset value per share of 11.3% over the net asset value per share of 454.6p
at 31 December 2006 and compares with a rise of 3.0% in the FTSE All-Share Index
in the same period.

The summary balance sheet as at 30 September 2007 is set out below:

                                                       £m   % of total assets
Investment portfolio                                247.4         61.9%
FTSE 100 Call Option                                 25.6          6.4%
Total portfolio                                     273.0         68.3%
Net current assets                                  126.5         31.7%
Total assets                                        399.5         100.0%


Taking into account the effect of the option, the Company was 90.2% invested as
a percentage of total net assets at 30 September 2007 (30 June: 90.7%).

In the three months to 30 September 2007, the Company made additions to the
investment portfolio of £29.4 million (year to date: £74.5 million), and made
disposals from the investment portfolio of £33.2 million (year to date: £73.3
million).  The Company also made two new commitments to funds in the three month
period, totalling £22.8 million. Outstanding commitments at 30 September 2007
totalled £282.3 million.

The revenue return per share for the nine months to 30 September 2007 was 5.3p.

These results do not reflect the gain achieved on the disposal of Huntress of
6.1p per share which occurred after the period end and was announced on 19
November 2007.

Graphite Enterprise continues to be committed to the more active share buy back
programme which was announced in early May.  Since then, the Company has bought
back 4,365,500 shares at an average discount of 5.6% for a total cost of £19.6
million.


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