Welsh Indl.Inv.Tst Portfolio Update

    Welsh Industrial Investment Trust plc

36 Elder Street, London E1 6BT

Listing Rule 21.20(l)(ii)

In  accordance with 21.20(l)(ii) of the Listing Rules we detail below a list  of
the 10 largest investments (which include all those with a value greater than 5%
of the portfolio) as at 5th January 2006:-

                                    Market            % of
                                     Value       Portfolio
                                     £000            
UK Listed Securities                        
British American Tobacco plc           384            6.42
London & Assoc Properties plc          291            4.87
Morgan Sindall plc                     305            5.10
Molins plc                             508            8.51
National Grid plc                      174            2.91
Treasury Stock 7.75% 2006              205            3.43
Treasury Stock 6.25% 2010              202            3.38
                                            
Securities dealt in under AIM                        
Image Scan Holdings plc                225            3.77
SpaceandPeople plc                     682           11.42
Transense Technologies plc             298            4.98
                                     -----           -----       
                                     3,274           54.79
                                     =====           =====
                                     
B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7588 7352

9th January 2006