Portfolio Update

Graphite Enterprise Trust PLC
03 September 2004

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                3 September 2004





Graphite Enterprise Trust PLC (the 'Trust') has entered into a legally binding
agreement for the sale of Maplin, the largest investment in the Trust's
portfolio.  The cash proceeds of £40.8 million are expected to be received on or
about 6 September 2004.  The effect of this sale, taken in isolation, will be to
increase the Trust's net asset value per share by 23.4p, all of which is
attributable to the capital account.



On 20 May 2004 the Trust announced that its net asset value per share as at 31
March 2004 was 289.6p.



The Board reviews the valuation of the portfolio quarterly and expects to
announce the Trust's net asset value per share as at 30 June 2004 by 28
September 2004.  The net asset value at 30 June 2004 will include the increase
as a result of the sale of Maplin.  It will also include the increases as a
result of the realisations of Paperchase and Ridgmont that were announced on 26
August 2004.  Elsewhere in the portfolio the Board expects provisions against
underperforming investments to exceed increases in the valuations of investments
that are performing well.





F:/Wp/ENTERPRISE/PRESS.REL/2004/Wagamama announcement 2 Sept.doc




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