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 2005:-

                                 Market Value        % of Portfolio
                                        £'000
UK Listed Securities
British American Tobacco plc              325              2.59
Morgan Sindall plc                        465              3.70
Welsh Industrial Investment Trust plc   1,033              8.21

Overseas Listed Securities
Mount Burgess Mining N.L.                 357              2.84

Securities dealt in under AIM
Egdon Resources plc                       461              3.67
Hallin Marine Subsea International plc  2,202             17.51
Image Scan Holdings plc                   329              2.62
Plus Markets Group plc                    626              4.98
SpaceandPeople plc                        802              6.38
Transense Technologies plc                626              4.98
                                        -----             -----
                                        7,226             57.48
                                        =====             =====
B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

3rd January 2006