Transaction in Own Shares

Graphite Enterprise Trust PLC
24 May 2005




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: 23 May 2005



Number of shares purchased: 1,700,000



Highest and lowest price paid per share (excluding expenses): 283p



Shares in issue following this buy-back will be: 86,525,000



Name and telephone number of contact for queries:



Martin Crayton - 020 7825 5300



Name of authorised company official responsible for making this announcement:



Martin Crayton, for and behalf of Graphite Capital Management Limited, Secretary



Date of notification: 24 May 2005


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