Portfolio Update

Graphite Enterprise Trust PLC
01 October 2004

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                 1 October 2004





Graphite Enterprise Trust PLC (the 'Trust') announces that the ten largest
investments at 30 June 2004, 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

Wagamama

ICG Mezzanine Fund 2000


Hicks Muse Tate & Furst Europe Fund

Paperchase

Jane Norman

Corpfin

Ridgmont

Intermediate Capital Group

U-POL



As previously announced, the investments in Maplin Electronics and Paperchase
have been sold and Wagamama and Ridgmont have been refinanced since 30 June
2004.



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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