Issue of Equity

Gresham House PLC
20 February 2003

                               Gresham House plc

                         36 Elder Street, London E1 6BT


 Gresham House plc - Exercise of options

Gresham House plc announces that following the exercise of options on 19th
February, 2003 under the Company's Unapproved Share Option Scheme, it has issued
a further 87,000 Ordinary Shares of 25p each at 25p.

Application is being made to the UK Listing Authority for these 87,000 New
Ordinary shares to be listed on the Official List of the London Stock Exchange
and it is hoped that dealings in these shares can begin on Monday 3rd March,
2003.

Enquiries:

B J Hallett

Gresham House plc     020 7588 7352



    Registered Office at the above address. Registered in England Number 871


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