Portfolio Update

Graphite Enterprise Trust PLC
03 January 2006




                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                 3 January 2006


Graphite Enterprise Trust PLC ('Graphite Enterprise') announces that the ten
largest investments at 30 September 2005, 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 Graphite
Enterprise are included.


Company



Hicks, Muse, Tate & Furst Europe Fund
Corpfin Capital II
ICG Mezzanine Fund 2000
Graphite Capital Partners VI
U-POL
Wagamama
PAI Europe VI
Doughty Hanson & Co IV
Barclays European Infrastructure Fund
Preh


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




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