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, 2008:-

                             Market            % of
                              Value       Portfolio
                              £'000            
UK Listed Securities                        
Anglo Pacific Group             210            4.01
British American Tobacco plc    516            9.87
London & Assoc Properties plc   168            3.21
National Grid plc               200            3.84
Treasury Stock 6.25% 2010       190            3.64
United Utilities plc            159            3.04
                                            
Securities dealt in under AIM                        
Avesco Group plc                180            3.45
Image Scan Holdings plc         165            3.16
Portland plc                    153            2.92
SpaceandPeople plc            1,350           25.82
                              -----           -----       
                              3,291           62.96
                              =====           =====

The unaudited net asset value (NAV) of the group as at 5th July, 2008 was 437.6p
(5th April, 2008 - 461.8p).



B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc

Telephone:     020 7456 9600

8th July, 2008