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, 2007:-

                                          Market           % of
                                           Value      Portfolio
                                           £'000           
UK Listed Securities                             
British American Tobacco plc                 432           6.76
London & Assoc Properties plc                351           5.49
National Grid plc                            221           3.46
Scottish Power plc                           178           2.79
Treasury Stock 6.25% 2010                    193           3.01
United Utilities plc                         184           2.88
                                                 
Securities dealt in under AIM                       
Image Scan Holdings plc                      615           9.62
SpaceandPeople plc                           985          15.42
Transense Technologies plc                   357           5.59
                                                 
Unlisted Securities                              
Image Scan Holdings plc 9% loan stock        200           3.13
                                           -----         ------                               
         
                                           3,716          58.15
                                           =====         ======
B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7588 7352

9th January, 2007