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 October, 2006:-

                                               Market            % of
                                                Value       Portfolio
                                                £'000            
UK Listed Securities                        
British American Tobacco plc                      428            8.12
London & Assocociated Properties plc              352            6.68
National Grid plc                                 207            3.92
Scottish Power plc                                162            3.08
Treasury Stock 6.25% 2010                         196            3.24
United Utilities plc                              166            3.14
                                            
Securities dealt in under AIM                        
Image Scan Holdings plc                           360            6.84
InvestinMedia plc                                 164            3.11
SpaceandPeople plc                                837           15.88
Transense Technologies plc                        231            4.37
                                                -----           -----
                                                3,103           58.38
                                                =====           =====
B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7588 7352

9th October, 2006