Holding(s) in Company

Gresham House plc

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA include the annex For filings with issuer exclude the annex
TR-1: Notifications of Major Interests in Shares
1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:			Â	GRESHAM HOUSE PLC
2. Reason for notification (yes/no)
An acquisition or disposal of voting rights					Â	Disposal
An acquisition or disposal of financial instruments which may result in the acquisition of shares already issued to which voting rights are attached						Â
An event changing the breakdown of voting rights						Â
Other (please specify):______________						Â
3. Full name of person(s) subject to notification obligation:	Â	Â 1. ASSET VALUE INVESTORS LTD
4. Full name of shareholder(s) (Registered Holders)		Â 1. Chase Nominees 54601 â€“ AVI Focused Fund 2. BNY Nominees PRIF3417002
5. Date of transaction (and date on which the threshold is crossed or reached if different):		30^TH May 2013
6. Date on which issuer notified:		3^rd June 2013
7. Threshold(s) that is/are crossed or reached:		10%, 9%, 8%, 7%, 6%, 5%

8: Notified Details

A: Voting rights attached to shares

Class/type of shares

Situation previous to the triggering transaction

Resulting situation after the triggering transaction

Number of shares

Number of voting rights

Number of shares

Number of voting rights

Percentage of voting rights

Direct

Indirect

Direct

Indirect

GB0003887287Â Â Â Â Â Â

583,000

B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial instrument	Â	Expiration date	Â	Exercise/ conversion period/date	Â	No. of voting rights that may be acquired (if the instrument exercised/converted)	Â	Percentage of voting rights
N / A		Â		Â		Â		Â

9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively held, if applicable:

Proxy Voting:
10. Name of proxy holder:	Â	Â
11. Number of voting rights proxy holder will cease to hold:		Â
12. Date on which proxy holder will cease to hold voting rights:		Â

13. Additional information:	Â	Asset Value Investors acts as discretionary fund manager for all shares mentioned in item 8.
14 Contact name:		Asset Value Investors Limited Jake Crowhurst
15. Contact telephone name:		0207 659 4807