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 April, 2007:-

                                          Market         % of
                                           Value    Portfolio
                                           £'000           
UK Listed Securities                             
British American Tobacco plc                 479         7.27
Devro plc                                    169         2.56
London & Assoc Properties plc                338         5.14
National Grid plc                            249         3.78
Treasury Stock 6.25% 2010                    191         2.90
United Utilities plc                         179         2.71
                                                 
Securities dealt in under AIM                        
Image Scan Holdings plc                      636         9.66
SpaceandPeople plc                         1,080        16.40
Transense Technologies plc                   506         7.68
                                                 
Unlisted Securities                              
Image Scan Holdings plc 9% loan stock        200         3.04
                                           -----        -----      
                                           4,027        61.14
                                           =====        =====
B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7588 7352

10th April, 2007