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 September 2005:-

                                                                    Market Value          % of Portfolio
                                                                           £'000
UK Listed Securities
British American Tobacco plc                                                 298                    2.38
Morgan Sindall plc                                                           556                    4.44
Welsh Industrial Investment Trust plc                                      1,068                    8.54

Overseas Listed Securities
Mount Burgess Mining N.L.                                                    363                    2.90

Securities dealt in under AIM
Hallin Marine Subsea International plc                                     2,442                   19.53
Image Scan Holdings plc                                                      386                    3.09
Investinmedia plc                                                            288                    2.30
Plus Markets Group plc                                                       280                    2.24
SpaceandPeople plc                                                           802                    6.41
Transense Technologies plc                                                   815                    6.52

                                                                           7,298                   58.35

B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

3rd October, 2005