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, 2008:-

                                          Market           % of
                                           Value      Portfolio
                                           £'000
UK Listed Securities
British American Tobacco                     177           1.53
Welsh Industrial Investment Trust plc        752           6.51

Securities dealt in under AIM
Hallin Marine Subsea International plc     5,291          45.80
Plus Markets Group plc                       257           2.23
Portland plc                                 698           6.04
SpaceandPeople plc                         1,175          10.17

Securities dealt in under PLUS Market
Wheelsure Holdings plc                       280           2.42

Unlisted Securities
Audiogravity Holdings Limited                228           1.97
Gizmo Packaging Limited                      250           2.16
Xceed Imaging Limited                        200           1.73
                                           -----          -----
                                           9,308          80.56
                                           =====          =====
B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

2nd October, 2008