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, 2006:-

                                        Market           % of
                                         Value      Portfolio
                                         £'000
UK Listed Securities
Hornby plc                                 263           2.01
Welsh Industrial Investment Trust plc    1,155           8.83

Overseas Listed Securities
Mount Burgess Mining N.L.                  253           1.93

Securities dealt in under AIM
Egdon Resources plc                        514           3.93
Hallin Marine Subsea International plc   1,665          12.73
Image Scan Holdings plc                    970           7.42
InvestinMedia plc                          489           3.74
Plus Markets Group plc                     560           4.28
SpaceandPeople plc                       1,159           8.86
Transense Technologies plc                 540           4.13
                                         -----          -----
                                         7,568          57.86
                                         =====          =====

B J Hallett
Director & Company Secretary
Gresham House plc

Telephone:     [phone]

3rd January, 2007