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 July, 2006:-

                           Market            % of
                            Value       Portfolio
                            £000            
UK Listed Securities                        
British American obacco plc   414            6.85
Hardy & Hanson plc            183            3.03
London & Assoc Properties plc 311            5.14
Molins plc                    416            6.88
National Grid plc             180            2.98
Treasury Stock 7.75% 2006     201            3.33
Treasury Stock 6.25% 2010     196            3.24
                                            
Securities dealt in under AIM
Image Scan Holdings plc       403            6.66
SpaceandPeople plc            864           14.29
TransenseTechnologies plc     216            3.57
                            -----           -----      
                            3,384           55.97
                            =====           =====
B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7588 7352

6th July, 2006