Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement

For the quarter ended 30 September 2013

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 350 Index.

Material Events and Transactions

During the 3 months to 30 September 2013, Temple Bar investors received a share
price total return of 5.0%. This compares with a total return of capital and
income from the FTSE All-Share Index of 5.6%. Temple Bar's long term track
record remains very satisfactory, having delivered a share price total return
of 241% over the 10 years to 30 September 2013 compared with a 140% return for
the FTSE All-Share Index.

In early September the Board decided to borrow £50m for 15 years at an
historically attractive fixed rate of 4.05%. Although it was decided not to
invest all the proceeds immediately we are confident of finding some attractive
investments over the next few years to justify the increased level of
borrowings.

Investor interest has now moved on to the likelihood that central banks may
soon begin to slow down and ultimately reverse the expansionary policies they
have conducted since the peak of the global financial crisis. It is unclear how
easy a reversal of these policies will prove and we believe equity valuations
worldwide leave little margin for error.

Portfolio activity over the period reflects sales of stocks which had performed
well and whose valuations were full, such as Games Workshop and Travis Perkins,
and purchases of some of the largest stocks in the UK market, such as BP and
Royal Dutch Shell, which had continued to lag the market. A reasonably high
level of cash and cash equivalents are currently held on the portfolio,
reflecting the lack of current investment opportunities.

An interim dividend of 15.10p per share was paid on 30 September 2013 to
shareholders on the register as at 13 September 2013.

Top Ten Holdings as at 30 September 2013

GlaxoSmithKline                                                % total assets
                                                                             
Vodafone Group                                                           7.49
                                                                             
HSBC Holdings                                                            7.11
                                                                             
Royal Dutch Shell                                                        6.96
                                                                             
Signet Jewellers                                                         6.45
                                                                             
Grafton Group                                                            5.84
                                                                             
BT Group                                                                 5.62
                                                                             
BP                                                                       4.55
                                                                             
SIG                                                                      4.07
                                                                             
Unilever                                                                 2.96
                                                                             
                                                                         2.78
                                                                             
                                                                        53.83

Financial Performance

                                                    Quarter to   Half Year to
                                                                             
                                                  30 September        30 June
                                                                             
                                                          2013           2013
                                                                             
Total assets less current liabilities                 £848.63m       £758.90m
                                                                             
NAV total return                                          5.0%          16.7%
                                                                             
Dividend yield                                            3.1%           3.2%
                                                                             
NAV per share (debt at book value)                    1179.40p       1137.14p
                                                                             
NAV per share (debt at market value)                  1159.44p       1119.09p
                                                                             
Price per share                                       1184.00p       1142.00p
                                                                             
Premium (debt at market value)                            2.1%           2.1%
                                                                             
Premium (debt at book value)                              0.4%           0.4%
                                                                             
Benchmark (FTSE All-Share Index) total                    5.6%           8.5%
return                                                                       

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 2014

Interim Announcement in July 2014

Dividend payments March, September

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

Contact

Martin Slade

Investec Asset Management Limited

Woolgate Exchange

25 Basinghall Street

London EC2V 5HA

Tel: [phone]