RNS Number:9468T
Welsh Industrial Inv Trust PLC
07 January 2004

                    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 includes all those with a value greater than
5% of the portfolio) as at 5th January, 2004:-

                                                Market         % of
                                                Value         portfolio
                                                #'000
UK Listed Securities
British American Tobacco plc                     232              4.43
Hardy & Hanson plc                               190              3.64
London Associated Properties plc                 158              3.03
Molins PLC                                     1,440             27.56
Morgan Sindall plc                               365              6.99
Treasury Stock 6.25% 2010                        201              3.85
Treasury Stock 7.75% 2006                        216              4.13

Securities dealt in under AiM
Image Scan Holdings plc                         433              8.28
Transense Technologies plc                      173              3.32

Unlisted Securities
SpaceandPeople Limited                          144              2.75
                                               ____             _____
                                              3,552             67.98
                                               ____             _____

B J Hallett
Company Secretary
Welsh Industrial Investment Trust plc
Telephone: 020 7588 7352

7th January, 2004




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PFUILFELLTIDIIS