Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement

For the quarter ended 30 September 2010

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

An interim dividend of 10.50p per share was paid on 30 September 2010 to
shareholders on the register as at 17 September 2010.

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

Top Ten Holdings as at 30 September 2010

                                                               % total assets
                                                                             
HSBC                                                                     8.01
                                                                             
Royal Dutch Shell (`B' shares)                                           7.52
                                                                             
GlaxoSmithKline                                                          7.03
                                                                             
BP                                                                       6.64
                                                                             
Unilever                                                                 5.85
                                                                             
Vodafone                                                                 5.30
                                                                             
Signet Jewelers                                                          5.27
                                                                             
AstraZeneca                                                              4.76
                                                                             
Travis Perkins                                                           3.54
                                                                             
British American Tobacco                                                 2.87
                                                                             
                                                                        56.79

Financial Performance

                                                    Quarter to   Half Year to
                                                                             
                                                  30 September        30 June
                                                                             
                                                          2010           2010
                                                                             
Total assets less current liabilities                 £550.94m       £509.48m
                                                                             
NAV total return                                         4.65%        (5.95)%
                                                                             
Dividend yield                                           4.27%          4.55%
                                                                             
NAV per share (debt at book value)                     826.68p        756.56p
                                                                             
NAV per share (debt at market value)                   808.15p        741.18p
                                                                             
Price per share                                        784.00p        736.00p
                                                                             
Discount (debt at market value)                          2.99%          0.70%
                                                                             
Discount (debt at book value)                            5.16%          2.72%
                                                                             
Benchmark NAV total return                                                   
                                                                             
FTSE All-Share Index                                     6.65%        (6.15)%
                                                                             
FTSE 350 Higher Yield index                              0.40%       (10.89)%

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.co.uk.

Company Information

Launch date 1926

Year end 31 December

Results

Final Announcement in February 2011

Interim Announcement in July 2011

Dividend payments March, September

Price information Published in the Financial Times under `Investment
Companies'.

Contact

Martin Slade

Investec Asset Management Limited

2 Gresham Street

London EC2V 7QP

Tel: [phone]