Portfolio Update

Graphite Enterprise Trust PLC
03 July 2006

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                  3 July 2006





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



Investment



FTSE 100 Call Option
Graphite Capital Partners VI
Corpfin Capital II
PAI Europe IV
Doughty Hanson & Co IV
Standard Brands
Wagamama
HSBC Infrastructure Fund
Deutsche Beteiligungs AG Fund IV
Go Plant



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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