Portfolio Update

Gresham House PLC
05 January 2004


Gresham House 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 include all those with a value greater than 5%
of the portfolio) as at 31st December, 2003:-


                                                Market             % of
                                                Value             Portfolio
                                                £'000

UK Listed Securities

Avesco plc                                       297                  4.26
British American Tabacco plc                     193                  2.77
Hornby Plc                                       314                  4.50
Molins PLC                                       810                 11.61
Morgan Sindall plc                               365                  5.23
Welsh Industrial Investment Trust plc            840                 12.04

Overseas Listed Securities

Mount Burgess Mining N.L.                        343                  4.92

Securities dealt in under AiM

Image Scan Holdings plc                          670                  9.57
Transense Technologies plc                       386                  5.52

Unlisted securities

SpaceandPeople Limited                           168                  2.41
                                                _____                _____
                                                4,386                62.83
                                                _____                _____

B J Hallett
Director & Company Secretary
Gresham House plc
Telephone: [phone]

5th January, 2004



                      This information is provided by RNS
            The company news service from the London Stock Exchange