Interim Management Statement

GRESHAM HOUSE plc ("the Company")

Interim Management Statement for the three months ended 31 March 2009
(Unaudited)


Introduction

This Interim Management Statement ("the Statement") has been prepared to provide
the information necessary to meet the requirements of the UK Listing Authority's
Disclosure and Transparency Rules. The Statement covers the three month period
to 31 March 2009 together with relevant information up to the date of
publication.

Investment Objective

Gresham House plc is an authorised investment trust listed on the London Stock
Exchange. Following the passing of an ordinary resolution at the Company's 2008
Annual General Meeting, the Company's objective is to realise the Group's assets
comprising primarily UK equities and commercial property over a period of
approximately five years with a view to returning capital to shareholders.

Material events and transactions

As at 31 March 2009 the value of the securities portfolio had increased by
approximately 16.7% since 31 December 2008 compared with a fall in the FTSE All
Share index of 10.2%.

The Company's final results for the year ended 31 December 2008 were announced
on 30 April 2009.

The Directors are aware of the following significant events or transactions
which have occurred in the period from 1 January 2009 to the date of this
Statement that may have, or have had, a material impact on the financial
position of the Company or Group:-

  (i)  the significant movement in the value of some equities; and
  (ii) the fall in the IPD UK Monthly Property Index for the 3 months ended 31
       March 2009.

The Board remains optimistic that the current debt of £17.9m will be refinanced
by way of facilities with the Co-op and The Royal Bank of Scotland by end May
2009.


The Company has one class of share capital: ordinary shares of 25p each. There
have been no changes in the issued share capital of the Company since 31
December 2008, which as at today's date, remains at 4,881,880 shares.




Financial Information

Investments - Securities
                                             31.03.09      31.12.08
                                                £'000         £'000
Listed securities - on the London Stock Exchange  526           764
Listed securities - on overseas markets            26            35
Securities dealt in under AIM                   5,944         4,680
Securities dealt in under PLUS Market             150           120
Unlisted securities                               950         1,089
                                               ______        ______
TOTAL                                           7,596         6,688
                                               ______        ______

Top Ten Investments at 31 March 2009
                                                      % of
                                   Market Value  portfolio
                                         £'000s     £'000s

Hallin Marine Subsea International plc*   4,403       58.0
SpaceandPeople plc*                         635        8.4
Welsh Industrial Investment Trust plc‡      455        6.0
AudioGravity Holdings Limited#              228        3.0
Gizmo Packaging Limited#                    188        2.5
Wheelsure Holdings plc†                     150        2.0
Portland plc*                               133        1.8
PLUS Markets Group plc*                     129        1.7
Avanti Communications plc*                  120        1.5
Strathclyde University Incubator Ltd#       120        1.5
                                          _____     ______
                                          6,561       86.4
                                         ______     ______
‡UK and Overseas Listed
* AIM Traded
† PLUS-quoted
# Unlisted

Sector Analysis
At 31 March 2009 the portfolio was invested in the following sectors:

                                                %
Engineering                                    65
Property investment                            10
Financial (including Investment Trusts)         9
Media and photography                           4
Automobiles                                     3
Electrical                                      2
Oil and Gas                                     2
Pharmaceuticals                                 2
Information technology                          1
Mining                                          1
Miscellaneous                                   1
                                             ____
                                              100
                                             ____

Investments - Property

Investment properties are shown in the financial statements at fair value based
on current use. All investment properties were valued by King Sturge LLP,
Chartered Surveyors, as at 31 December 2008 at a combined total of £25,750,000.
These external valuations were carried out on the basis of Market Value in
accordance with the latest edition of the Valuation Standards published by the
Royal Institution of Chartered Surveyors at that time. The directors do not
consider that there has been any material change in the value of these
properties since the year end.

Rental income on the property portfolio for the three months ended 31 March 2009
was £523,000. This compares with rental income of £2.45 million for the year
ended 31 December 2008. The amount of vacant space remains at 547,718 sq.ft.
being the figure as at 31 December 2008.



Comparative movements

                                            31.03.2009  31.12.2008          %
                                                                       change

Basic net asset value per ordinary share   N/available      406.0p

Share price (pence)                              115.0       235.0      -51.1

FTSE All Share index                           1984.17     2209.29      -10.2

IPD UK Monthly Property Index                   132.83      145.81       -8.9
(Capital Growth - All properties)


Further information on the Company and Group, including a copy of this
Statement, can be found at www.greshamhouse.com.


D Lucie-Smith
Chief Executive Officer

19 May, 2009