Portfolio Update Conditional sales of Liverpool...

GRESHAM HOUSE PLC
('Gresham' or 'the Company')

Conditional sales of Liverpool properties

Gresham House plc ("the Company) has received a request from a representative of
a shareholder for clarification regarding its announcement dated 25th September
2007 insofar as it relates to the proposed sale of the Group's interests in
property in Speke Boulevard (the "Speke interests").. In order to clarify the
position the Board provides the following information.

The Speke interests are held in two subsidiary companies, one of which is a
wholly owned subsidiary of an intermediate holding company in the the Company
has a 75% shareholding, the other being a wholly owned subsidiary of the
Company.

The Company confirms that the price to be paid by the prospective purchaser for
the Speke interests remains correct.

If the proposed sale proceeds to completion within five years the net sale
proceeds received are likely to be utilised in repayment of external and intra-
group loans and any surplus (after taxation) would be available for working
capital. So far as the the accounting treatment is concerned the resultant effect
in the consolidated

balance sheet in the next set of accounts following successful completion would
appear as an improvement to the equity attributable to equity shareholders and
to the minority interest in their relevant proportions.

More details of the proposed sale of the Speke interests will be included in a
circular which the Board will post to shareholders, seeking their approval, as
soon as a conditional contract for the sale of Speke has been signed.

The draft contract is in solicitors' hands, however it should be appreciated by
shareholders that the contract will be complex and will take some time to
finalise.

Further information:
     A P Stirling (Chairman  Gresham House) 020 7456 9600