Net Asset Value

Graphite Enterprise Trust PLC
26 September 2007


                         ANNOUNCEMENT TO STOCK EXCHANGE


                         GRAPHITE ENTERPRISE TRUST PLC


                               26 SEPTEMBER 2007


The Board of Graphite Enterprise Trust PLC notes that market estimates of the
Company's current net asset value per share are below the Company's own
estimates.

The Board therefore announces that the net asset value per share as at 31 August
2007, the most recent date for which accounts have been prepared, was 491.5p.

The Board further announces that Graphite Enterprise has today sold its
investment in Golden Tulip, a developer and manager of three and four star
hotels, for cash proceeds of £8.8 million.  The effect of this sale, taken in
isolation, is to increase the Company's net asset value per share by a further
6.5p.






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