Portfolio Update

Graphite Enterprise Trust PLC
02 October 2006



                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                 2 October 2006



Graphite Enterprise Trust PLC ('Graphite Enterprise') announces that the ten
largest investments at 30 June 2006, 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.



Investments



Graphite Capital Partners VI
FTSE 100 Call Option
Corpfin Capital II
Go Plant
PAI Europe IV
Doughty Hanson & Co IV
Standard Brands
Wagamama
Barclays European Infrastructure Fund
ICG Mezzanine Fund 2000



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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