Purchase of Own Securities

Graphite Enterprise Trust PLC
21 December 2001

The Board of Graphite Enterprise Trust PLC announces that it has bought back
some of its own shares.  The details are set out below:

Date of purchase: 20 December 2001

Number of shares purchased: 100,000

Highest and lowest price paid per share (excluding expenses):232.0p

Shares in issue following this buy-back will be: 93,500,000

Name and telephone number of contact for queries: Jenny Billington - 020 7825
5300

Name of authorised company official responsible for making this announcement:

Amanda Curtis, for and on behalf of Graphite Capital Management Limited,
Secretary

Date of notification: 21 December 2001