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, 2005:-
                                        Market              % of
                                         Value               Portfolio
                                         £'000
UK Listed Securities

Hornby plc                                 236                2.51
Molins plc                                 251                2.67
Morgan Sindall plc                         512                5.46
Welsh Industrial Investment Trust plc      823                8.76

Overseas Listed Securities

Mount Burgess Mining N.L.                  332                3.54

Securities dealt in under AiM

Avesco plc                                 263                2.80
Investinmedia plc                          374                3.98
SpaceandPeople Plc                         865                9.22
Transense Technologies plc                 911                9.71

Unlisted

Hallin Marine Subsea International Ltd     562                5.99
                                         _____               _____
                                         5,129               54.64
                                         _____               _____

B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

4th April, 2005