Portfolio Update

Graphite Enterprise Trust PLC
01 April 2004

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                  1 April 2004





Graphite Enterprise Trust PLC (the 'Trust') announces that the ten largest
investments at 31 December 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



Maplin Electronics

Hicks Muse Tate & Furst Europe Fund

ICG Mezzanine Fund 2000


Wagamama

Standard Brands

Jane Norman

Computacenter

Intermediate Capital Group


Deutsche Beteiligungs AG IV


U-POL





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.












                      This information is provided by RNS
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