Portfolio Update

Gresham House PLC
01 July 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 30th June, 2004:-
                                                Market             % of
                                                Value             Portfolio
                                                £'000
UK Listed Securities

British American Tobacco plc                     214                 3.13
Hornby plc                                       322                 4.73
Molins plc                                       389                 5.71
Morgan Sindall plc                               425                 6.24
Welsh Industrial Investment Trust plc            980                14.38

Overseas Listed Securities

Mount Burgess Mining N.L.                        187                 2.75

Securities dealt in under AiM

Image Scan Holdings plc                          588                 8.63
Investinmedia plc                                278                 4.07
Meon Capital plc                                 240                 3.52
Transense Technologies plc                       349                 5.12
                                                _____               _____
                                                3,972               58.28
                                                _____               _____

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

1st July, 2004



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