Interim Management Statement

GRESHAM HOUSE plc ("the Company")

Interim Management Statement for the three months ended 30 September 2009
(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 30 September 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 30 September 2009 the value of the securities portfolio had decreased by
approximately 6% since 30 June 2009 compared with an increase in the FTSE All
Share index of 21.3%. This movement was mainly as a result of the decrease in
value of Hallin Marine Subsea International plc ("Hallin Marine") during the
period under review following a significant increase in value in the half year
to 30 June 2009.

The Company's interim results for the six months ended 30 June 2009 were
announced on 28 August 2009.

The Directors are aware of the following significant events or transactions
which have occurred in the period from 1 July 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 refinancing of the Group's total bank loan portfolio of £17.9 million
       at competitive rates for periods ranging between 2 and 3 years;
  (ii) the movement in the value of some equities, particularly Hallin Marine, as
       mentioned above, and Welsh Industrial Investment Trust plc whose share price
       has increased substantially since 30 September following a recent announcement;
 (iii) the increase in vacant space within the property portfolio as detailed below; and
  (iv) the increase of 1.2% in the IPD Monthly Property Index for the 3 months
       ended 30 September 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
                                        30.09.09  30.06.09
                                         £'000    £'000
Listed securities - on the London         767      551
Stock Exchange
Listed securities - on overseas             -        -
markets
Securities dealt in under AIM           6,640    7,413
Securities dealt in under PLUS Market     150      175
Unlisted securities                       803      878
                                        ______  ______
TOTAL                                   8,360    9,017
                                        ______  ______


Largest Ten Investments at 30 September 2009
                                                   % of
                                  Market Value  portfolio
                                        £'000s

Hallin Marine Subsea                     4,736     56.7
International plc*
SpaceandPeople plc*                      1,032     12.3
Welsh Industrial Investment                420      5.0
Trust plc‡
Lloyds Bank plc - 13% bond                 258      3.1
‡
AudioGravity Holdings                      228      2.7
Limited#
Gizmo Packaging Limited#                   188      2.2
Portland plc*                              187      2.2
Wheelsure Holdings plc†                    150      1.8
PLUS Markets Group plc*                    145      1.7
Byotrol plc*                               129      1.6
                                         -----     ----
                                         7,473     89.3
                                         -----     ----
‡UK and Overseas Listed
* AIM Traded Securities
† PLUS-quoted Securities
# Unlisted Securities



Sector Analysis at 30 September 2009
                                            % of net
                                             assets
Engineering                                    64
Property investment                            13
Financial (including Investment Trusts)        11
Automobiles                                     3
Media and photography                           2
Chemicals                                       2
Oil and Gas                                     2
Miscellaneous                                   2
Electrical                                      1
                                              ____
                                              100
                                              ___

Investment - Properties

Rental income on the property portfolio for the three months ended 30 September
2009 was £509,000. This compares with rental income of £1,027,000 for the six
months ended 30 June 2009 and £2.45 million for the year ended 31 December 2008.
As a result of a lease expiry by a major distribution tenant in September 2009
the amount of vacant space has increased to 730,168 sq. ft. from 547,718 sq. ft
at 31 December 2008.

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.


Comparative movements

                                30.09.2009  30.06.2009       %
                                                          change
Basic net asset value per       N/available    452.8p       -
ordinary share
Share price (pence)               332.5         202.5   +64.2
FTSE All Share index            2,634.79     2,172.08   +21.3



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

12 November 2009

Enquiries:

Gresham House plc                                       020 7590 7500
Derek Lucie-Smith, Chief Executive Officer
Brian Hallett, Finance Director and Company Secretary

Evolution Securities                                      020 7071 4300
Jeremy Ellis / Chris Clarke