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 31st March, 2007:-

                                        Market           % of
                                         Value      Portfolio
                                         £'000
UK Listed Securities
Hornby plc                                 290           2.09
Welsh Industrial Investment Trust plc    1,417          10.20

Overseas Listed Securities
Mount Burgess Mining N.L.                  304           2.19

Securities dealt in under AIM
Egdon Resources plc                        561           4.04
Hallin Marine Subsea International plc   2,294          16.51
Image Scan Holdings plc                    822           5.92
InvestinMedia plc                          390           2.81
Plus Markets Group plc                     672           4.84
SpaceandPeople plc                       1,318           9.48
Transense Technologies plc                 702           5.05
                                         -----          -----
                                         8,770          63.13
                                         =====          =====
B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

2nd April, 2007