Portfolio Update

Graphite Enterprise Trust PLC
01 July 2005


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                  1 July 2005


Graphite Enterprise Trust PLC ('Graphite Enterprise') announces that the ten
largest investments at 31 March 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

Ridgmont Care Homes

ICG Mezzanine Fund 2000

Hicks Muse Tate & Furst Europe Fund

U-POL

Corpfin Capital II

Deutsche Beteiligungs AG IV

Jane Norman

Huntress Search

Intermediate Capital Group

Wagamama

As previously announced, the investment in Ridgmont Care Homes has been sold and
contracts have been exchanged for the disposal of part of the investment in
Wagamama since 31 March 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.




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