Director Shareholding

GRESHAM HOUSE plc

                         36 Elder Street, London E1 6BT


GRANT OF OPTIONS

Gresham House plc announces that, on 3rd May 2005, the Remuneration Committee
granted 8,800 options over ordinary shares of 25p each in the Company for nil
consideration to each of Alfred Patrick Stirling and Brian James Hallett,
details of which are as follows:-

Date of Grant:           3rd May, 2005

Exercise period:         3rd May 2008 - 3rd May, 2012

Exercise price:          337.5p

Following the notification the total number of ordinary shares over which
options are held by Alfred Stirling and Brian Hallett amount to 8,800 each.

The Remuneration Committee also granted a further 18,000 options over ordinary
shares to other members of staff on the same terms. The total number of options
granted represents 0.73% of the current issued share capital.

Contact:  B J Hallett
          Director & Company Secretary

          020 7588 7352

4th May, 2005