Issue of Equity

Gresham House PLC
07 January 2004

                                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 6th
January, 2004 under the Company's Unapproved Share Option Scheme, it has issued
a further 10,000 Ordinary Shares of 25p each at 25p.

Application is being made to the UK Listing Authority for these 10,000 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 19th January,
2004 latest.

Enquiries:

B J Hallett
Gresham House plc 020 7588 7352

7th January, 2004.


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