Interim Management Statement

GRESHAM HOUSE plc ("the Company")

Interim Management Statement for the three months ended 31 March,
2008 (Unaudited)

Introduction
This Interim Management Statement ("the Statement") has been
prepared solely to provide information to meet the requirements of
the UK Listing Authority's Disclosure and Transparency Rules. The
Statement covers the three month period to 31 March, 2008 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. The Company's objective is to provide
shareholders with long term capital and income growth by a
combination of investing primarily in UK equities and high risk
venture capital entities balanced by a significant industrial
property portfolio.

Material events and transactions
On 21 January, 2008 the Company held a general meeting,
requisitioned by Parkwood Property Investments LLP ("Parkwood"),
at which resolutions were proposed that four directors be removed
from, and three nominees of Parkwood be appointed to, the Board.
All resolutions were defeated.

As at 31 March, 2008 the value of the securities portfolio had
declined by approximately 2% since 31 December, 2007 compared with
a fall in the FTSE All Share index of almost 11%.

The Company's annual results for the year ended 31 December, 2007
were announced on 29 April, 2008.

The Directors are not aware of any other significant events or
transactions which have occurred in the period from 1 January,
2008 to the date of this Statement that have had a material impact
on the financial position of the Company or Group.

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, 2007, which as at today's date,
remains at 4,876,880 shares.

Financial Information

Investments - Securities
                                         31.03.08 31.12.07
                                            £'000    £'000
Listed securities - on the London
Stock Exchange                              2,029    2,150
Listed securities - on overseas               175      351
markets
Securities dealt in under AIM               9,648    9,617
Securities dealt in under PLUS Market         340      443
Unlisted securities                         1,708    1,704
                                           ______   ______
TOTAL                                      13,900   14,265
                                           ______   ______


Top Ten Investments at 31 March 2008

                                               Market        % of
                                                Value   portfolio
                                                £'000s
Hallin Marine Subsea International plc*         4,847        34.9
SpaceandPeople plc*                             1,588        11.4
Welsh Industrial Investment Trust plc‡          1,155         8.3
Portland plc*                                     809         5.8
PLUS Markets Group plc*                           408         2.9
Avesco Group plc*                                 306         2.2
Wheelsure Holdings plc†                           300         2.2
Gizmo Packaging Limited#                          250         1.8
AudioGravity Holdings Limited#                    228         1.7
British American Tobacco plc‡                     223         1.6
                                               ------        ----
                                               10,114        72.8
                                               ======        ====
‡UK and Overseas Listed
* AIM Traded Securities
† PLUS-quoted Securities
# Unlisted Securities

Sector Analysis at 31 March 2008

                                      % of net
                                      assets
Engineering                               40
Property investment                       14
Financial (including Investment Trusts)   13
Oil and Gas                                7
Media and photography                      4
Mining                                     2
Automobiles                                3
Miscellaneous                              4
Information technology                     3
Tobacco                                    2
Pharmaceuticals                            2
Electrical                                 1
Telecommunications                         1
Leisure goods                              1
Forestry and paper                         1
Electricity                                1
Foods                                      1
                                        ____
                                         100
                                         ___


Investment - Properties

As at 31 March 2008, the valuation of the investment properties
remained unchanged from the year end at £38.8 million. Rental
income on the property portfolio for the three months ended 31
March 2008 was £596,000. This compares with rental income for the
year ended 31 December of £2.34 million. The amount of vacant
space remains unchanged from the year end, at 405,670 sq.ft.

Investment properties are shown at fair value based on current
use. External valuations of these property units were carried out
between 22 January, 2008 and 1 February, 2008 on the basis of
Market Value in accordance with the Valuation Standards of the
Royal Institution of Chartered Surveyors. In the directors'
opinion there has been no significant movement in value to 31
March 2008



Comparative movements

                                31.12.2007 31.03.2008  %
                                                     change
Basic net asset value per
ordinary share                  837.9p    N/available
Share price (pence)             825.0     462.5       -43.9
FTSE All Share index                                  -10.9



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


A P Stirling
Chairman

13 May, 2008