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

British American Tabacco plc               269                2.35
Hornby plc                                 224                1.95
Morgan Sindall plc                         573                5.00
Welsh Industrial Investment Trust plc      893                7.79

Overseas Listed Securities

Mount Burgess Mining N.L.                  253                2.21

Securities dealt in under AiM

Hallin Marine Subsea International plc   2,220               19.37
Image Scan Holdings plc                    283                2.47
Investinmedia plc                          306                2.67
SpaceandPeople Plc                         881                7.69
Transense Technologies plc                 645                5.62

                                         _____               _____
                                         6,547               57.12
                                         _____               _____

B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

4th July, 2005