RNS Number:0225S
Graphite Enterprise Trust PLC
13 November 2003

                         ANNOUNCEMENT TO STOCK EXCHANGE



                         GRAPHITE ENTERPRISE TRUST PLC



                                13 November 2003





The Board of Graphite Enterprise Trust PLC has announced that the net asset
value per share as at 30 September 2003 was 276.1p.  This represents an increase
in net asset value per share of 6.5% since 31 December 2002 and compares with a
rise of 7.1% in the FTSE All-Share Index.










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