Listing Rule 21.20

Gresham House PLC
02 December 2003


                             Gresham House plc
                       36 Elder Street, London E1 6BT


Gresham House plc - Investments in other listed investment companies

In accordance with 21.20(l)(i) of the Listing Rules we detail below all
investments in other listed investment companies (including listed investment
trusts) as at 28th November, 2003, which themselves do not have stated
investment policies to invest no more than 15% of their gross assets in other
listed investment companies (including listed investment trusts):

Welsh Industrial Investment Trust plc - 350,000 ordinary shares

B J Hallett
Director & Company Secretary
Gresham House plc 020 7588 7352

2nd December, 2003




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