Portfolio Update

Graphite Enterprise Trust PLC
03 October 2005


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                 3 October 2005

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

Jane Norman
Wagamama
Hicks, Muse, Tate & Furst Europe Fund
ICG Mezzanine Fund 2000
Huntress Search
U-POL
Corpfin Capital II
Graphite Capital Partners VI
Intermediate Capital Group
Preh

As previously announced, the investment in Jane Norman has been sold and the
investment in Wagamama has been partially realised since 30 June 2005.

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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