Net Asset Value

Graphite Enterprise Trust PLC
22 November 2006

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                22 November 2006




The Board of Graphite Enterprise Trust plc announces that the net asset value
per share as at 30 September 2006 was 425.5p.  This represents an increase in
net asset value per share of 6.8% over the net asset value per share of 398.4p
at 31 December 2005 and compares with a rise of 7.1% in the FTSE All-Share Index
in the same period.

The summary balance sheet as at 30 September 2006 is set out below:

                                                   £m    % of total assets
Investment portfolio                            195.3         53.8%
FTSE 100 Call Option                             25.5          7.0%
Total portfolio                                 220.8         60.8%
Net current assets                              142.3         39.2%
Total assets                                    363.1        100.0%


The Company was effectively 90.0% invested as a percentage of total net assets
at 30 September 2006 (30 June: 85.4%), taking into account the effect of the
option.

In the three months to 30 September 2006, additions to the investment portfolio
were £24.9 million (year to date: £67.1 million), and disposals were £9.6
million (year to date: £67.0 million).  There were no new commitments to funds
in the three month period, and outstanding commitments at 30 September 2006 were
£163.4 million.  A number of fund commitment opportunities are currently being
considered.

The Company will not make a special dividend payment in 2006 but it is likely
that there will be an increase in the final dividend.


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