Portfolio Update

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 30th September, 2004:-
                                     Market              % of
                                     Value               Portfolio
                                     £'000
UK Listed Securities

British American Tobacco plc              200                2.92
Molins plc                                220                3.21
Morgan Sindall plc                        455                6.66
Welsh Industrial Investment Trust plc   1,067               15.62

Overseas Listed Securities

Mount Burgess Mining N.L.                 200                2.92

Securities dealt in under AiM

Image Scan Holdings plc                   205                2.99
Investinmedia plc                         243                3.55
Meon Capital plc                          221                3.24
Transense Technologies plc                504                7.37

Unlisted

Madwaves (UK) Limted                     228                3.34
                                       _____               _____
                                       3,543               51.82
                                       _____               _____

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

4th October, 2004