Portfolio Update

Graphite Enterprise Trust PLC
03 April 2006


                         ANNOUNCEMENT TO STOCK EXCHANGE

                         GRAPHITE ENTERPRISE TRUST PLC

                                  3 April 2006


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


Investment


FTSE 100 Call Option

U-POL

Graphite Capital Partners VI

Hicks, Muse, Tate & Furst Europe Fund

Corpfin Capital II

ICG Mezzanine Fund 2000

PAI Europe IV

Deutsche Beteiligungs AG Fund IV

Wagamama

Standard Brands


The investment in U-POL has been sold since 31 December 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