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 December, 2004:-
                                      Market              % of
                                      Value               Portfolio
                                      £'000
UK Listed Securities

British American Tobacco plc            224               2.73
National Grid Transco plc               186               2.26
Molins PLC                              209               2.55
Morgan Sindall plc                      539               6.56
Welsh Industrial Investment Trust plc   823              10.00

Overseas Listed Securities

Mount Burgess Mining N.L.               326               3.97

Securities dealt in under AiM

InvestinMedia plc                       284               3.45
Meon Capital plc                        215               2.62
SpaceandPeople plc                      857              10.43
Transense Technologies plc              752               9.14


                                      _____              _____
                                      4,415              53.71
                                      _____              _____

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

5th January, 2005