Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement

For the quarter ended 30 September 2011

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

Heightened economic uncertainty gripped investors during the summer as
confidence in central bankers and politicians continued to wane. There is
little doubt that there are significant problems in both the European and the
US economies which have no easy solution and will probably take many years and
require a reasonable amount of pain for savers and or borrowers to correct.

This uncertainty at times creates great volatility in the market as it lurches
one way and then the other and it is typical of investors to fret about this
volatility. However, we instead embrace volatility as it provides us with
opportunities to make investments at times when other investors may be acting
irrationally.

Over the summer we added to a number of our existing holdings such as Travis
Perkins, SIG, Signet Jewelers and Grafton Group during periods of share price
weakness. We believe these companies all have long term growth prospects which
are under-rated by other investors less eager to employ a reasonable term
investment horizon. We will continue to add to these types of opportunities as
and when they arise.

An interim dividend of 14.0p per share was paid on 30 September 2011 to
shareholders on the register as at 16 September 2011.

The Company issued a further 740,000 ordinary shares of 25p each in the period
to a market participant at a premium to the prevailing net asset value, taking
the issued share capital to 59,701,367

Top Ten Holdings as at 30 September 2011

                                                               % total assets
                                                                             
GlaxoSmithKline                                                          8.49
                                                                             
Royal Dutch Shell                                                        8.23
                                                                             
HSBC Holdings                                                            6.91
                                                                             
Unilever                                                                 6.49
                                                                             
Signet Jewelers                                                          5.87
                                                                             
Vodafone Group                                                           5.26
                                                                             
AstraZeneca                                                              4.26
                                                                             
BT Group                                                                 3.55
                                                                             
Travis Perkins                                                           3.47
                                                                             
British American Tobacco                                                 3.33
                                                                             
                                                                        55.86

Financial Performance

                                                    Quarter to   Half Year to
                                                                             
                                                  30 September        30 June
                                                                             
                                                          2011           2011
                                                                             
Total assets less current liabilities                 £544.02m       £611.86m
                                                                             
NAV total return                                       (11.6)%           4.9%
                                                                             
Dividend yield                                          4.11%*          3.65%
                                                                             
NAV per share (debt at book value)                     805.72p        930.18p
                                                                             
NAV per share (debt at market value)                   783.04p        914.74p
                                                                             
Price per share                                        832.00p         937.0p
                                                                             
Premium (debt at market value)                            6.3%           2.4%
                                                                             
Premium (debt at book value)                              3.3%           0.7%
                                                                             
Benchmark NAV total return                                                   
                                                                             
FTSE All-Share Index                                   (13.5)%           3.0%
                                                                             
FTSE 350 Higher Yield index                             (8.2)%           5.2%

*based on the 2010 annual and interim dividend payments as the 2011 annual and
interim dividend payments are in the process of being rebalanced.

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 daily 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 2012

Interim Announcement in July 2012

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]