Part-disposal of FTSE option

Graphite Enterprise Trust PLC
04 June 2007

                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                  4 JUNE 2007

                          PART-DISPOSAL OF FTSE OPTION

Graphite Enterprise Trust PLC (the 'Company') announces that it has today sold
25% of the FTSE 100 call option ('the Option') which was acquired in October
2005.  This part-disposal followed a fall in cash and near-cash balances and an
increase in the exposure to the FTSE 100 Index ('the Index') provided by the
Option.

The proceeds of the disposal were £9.7 million, representing 69% of the cost of
the Option of £14.0 million.  The value of the Option immediately after the
disposal was £29.0 million and it provided continued exposure to the Index of
approximately £115 million.

The Company purchased the Option on 21 October 2005.  It has a three year
maturity, although in normal market conditions it can be redeemed in whole or
part before maturity.  The Option was acquired when the level of the Index was
5,142.  At the time of today's sale, the level of the Index was 6,654,
representing an increase of 29.4%.

For further information please contact:

William Eccles              020 7825 5300
Tim Spence                  020 7825 5300


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