Portfolio Update

Graphite Enterprise Trust PLC
05 January 2004

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                 5 January 2004





Graphite Enterprise Trust PLC (the 'Trust') announces that the ten largest
investments at 30 September 2003, the most recent date at which the portfolio
valuations have been reviewed by the Directors, were as set out below.  All
investments representing more than 5% of the gross assets of the Trust are
included.



Company


Hicks Muse Tate & Furst Europe Fund

ICG Mezzanine Fund 2000

Maplin Electronics

Wagamama

Standard Brands

Jane Norman

Intermediate Capital Group

Computacenter

PIFC Group

Charterhouse Capital Partners VI



The Trust announces its net asset value quarterly, with any movements in the
valuation of individual unquoted holdings that are material to the Trust
announced as they occur.





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