Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          

                      for the quarter ended 31 March 2009                      

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

The first quarter of 2009 continued to be difficult for both equity and bond
investors with much of the blame being laid at the door of the Federal Reserve
and their decision in Autumn 2008 to allow the American investment bank, Lehman
Bros, to file for bankruptcy. Whether this was an incorrect decision or not, we
will never know, but the action increased investors' fears of a meltdown in
financial markets and its knock-on effect in the real economy.

We have maintained a reasonably defensive position on the portfolio for some
time with large holdings in blue chip holdings such as GlaxoSmithKline, BAT and
Unilever; companies less sensitive than most to the vagaries of the economic
cycle. However, we have kept faith with a number of companies which, although
under great operational pressure, currently retain good long term prospects. In
these cases, the share prices discount much of the current bad news but ignore
most of the better times that will undoubtedly return.

Although economic news is dreadful, financial markets permit investors to worry
today about what might go wrong tomorrow so it is fair to assume that a great
deal of bad news is already discounted by equity markets after their big falls.
Downside risk clearly remains for equities in the short-term but we must not
let that cloud our judgement for the investment horizon over which we operate.
Historically, long term investors buying equities at the current valuation
levels have been well compensated for the risks.

A final dividend of 22.34p per share was paid on 31 March 2009 to shareholders
on the register as at 13 March 2009. The total payment for the year ended 31
December 2008 was 32.84p per share.

The Company issued a further 370,625 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 58,961,367.

Top Ten Holdings as at 31 March 2009

                                              % total assets
                                                            
BP                                                 9.30     
                                                            
Royal Dutch Shell `B' Shares                       9.04     
                                                            
Vodafone Group                                     8.23     
                                                            
GlaxoSmithKline                                    8.19     
                                                            
Unilever                                           6.11     
                                                            
AstraZeneca                                        5.26     
                                                            
HSBC Holdings                                      4.56     
                                                            
British American Tobacco                           2.84     
                                                            
Travis Perkins                                     2.76     
                                                            
Signet Jewelers                                    2.34     
                                                            
                                                  58.63     

Financial Performance

                                                    Quarter to        Year to
                                                                             
                                                      31 March    31 December
                                                                             
                                                          2009           2008
                                                                             
Total assets less current liabilities                  £378.1m        £422.9m
                                                                             
NAV total return                                       (9.27)%       (24.68)%
                                                                             
Dividend yield                                           6.46%          5.25%
                                                                             
NAV per share (debt at book value)                     533.63p        612.76p
                                                                             
NAV per share (debt at market value)                   527.22p        613.95p
                                                                             
Price per share                                        508.50p           601p
                                                                             
Discount (debt at market value)                           3.5%           2.1%
                                                                             
Discount (debt at book value)                             4.7%           1.9%
                                                                             
Benchmark total return                                                       
                                                                             
FTSE All-Share Index                                   (9.08)%       (29.93)%
                                                                             
FTSE 350 Higher Yield index                           (14.72)%       (26.69)%

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

Interim Announcement in July 2009

Final Announcement in February 2010

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]

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