Interim Management Statement

Temple Bar Investment Trust Plc


Interim Management Statement
for the quarter ended 30 September 2008


Objective

The Company's investment objective is to provide growth in income and capital
to achieve a long term total return greater than the benchmark FTSE All-Share
Index, through investment primarily in UK securities.  The Company's policy is
to invest in a broad spread of securities with typically the majority of the
portfolio selected from the constituents of the FTSE 100 Index.

 

Material Events and Transactions

 

Conditions in the period under review were as trying as any experienced by
financial markets for many decades.  A catalogue of events widely regarded as
unthinkable only twelve months ago combined to take market volatility to
extraordinary levels.  The rescue of the two US mortgage giants, Fannie Mae and
Freddie Mac, the rescue of the giant insurance company AIG, the bankruptcy of
Lehman Bros, the massive injection of liquidity by financial authorities and
then the huge bail out plan by Hank Paulson created such fear as to leave
investors wondering how the world's financial system could take the strain.

 

The Trust has suffered over the previous eighteen months due to the
unprecedented  strength of mining shares, but we are pleased to see that the
new paradigm of 'global decoupling' appears to have broken down and been
replaced by the more prosaic rules of supply and demand.  The UK Basic
Resources sector fell by 34.7% over the six months to 30 September 2008.

 

An interim dividend of 10.50p per share was paid on 30 September 2008 to
shareholders on the register as at 12 September 2008.

 

There were no changes to the Company's share capital over the period.

 

Top Ten Holdings as at 30 September 2008

 

                                £'000  % total assets
                                                     
                                                     
                                                     
BP                             36,389       8.62     
                                                     
Royal Dutch Shell ('B' shares) 35,257       8.35     
                                                     
GlaxoSmithKline                33,425       7.92     
                                                     
HSBC                           32,749       7.75     
                                                     
Vodafone                       31,122       7.37     
                                                     
Unilever                       26,632       6.31     
                                                     
AstraZeneca                    19,983       4.73     
                                                     
Lloyds TSB Group               13,585       3.22     
                                                     
Signet Jewellers               12,302       2.91     
                                                     
Wolseley                       11,738       2.78     
                                                     
                               253,182     59.96     
                                                     
 

Financial Performance

                                        Quarter to Half Year to
                                                               
                                      30 September      30 June
                                                               
                                              2008         2008
                                                               
Total assets less current liabilities      £422.3m      £460.9m
                                                               
NAV total return*                           (8.1)%      (17.1)%
                                                               
Dividend yield                                5.4%         5.1%
                                                               
NAV per share (debt at book value)         615.85p      681.41p
                                                               
NAV per share (debt at market value)       606.20p      674.80p
                                                               
Price per share                            600.00p      592.50p
                                                               
Discount (debt at market value)               1.0%        12.2%
                                                               
Discount (debt at book value)                 2.6%        13.0%
                                                               
Benchmark NAV total return                                     
                                                               
FTSE All-Share Index                       (12.2)%      (11.2)%
                                                               
FTSE 350 Higher Yield Index                 (6.7)%      (15.4)%
                                                               


Note: The directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.


The net asset value is published on a weekly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at 
www.templebarinvestments.com.

 

Company Information

Launch date       1926                                              
                                                                    
Year end          31 December                                       
                                                                    
Results                                                             
                                                                    
Interim           Announcement in July 2009                         
                                                                    
Final             Announcement in February 2009                     
                                                                    
Dividend payments March, September                                  
                                                                    
Price information Published in the Financial Times under 'Investment
                  Companies'.                                       
                                                                    

                 

Contact

Martin Slade

Investec Investment Management Limited

2 Gresham Street

London EC2V 7QP

Tel: [phone]