Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          

                      for the quarter ended 31 March 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

As bottom-up investors in out of favour companies, we have found little new to
excite us in recent months. Many companies are either fairly close to earning
what we believe is normalised profits or have valuations discounting a return
to normalised profits. Consequently, portfolio turnover has been very low.
Clearly, this can change through either significant market movements throwing
up opportunities or individual companies falling on hard times. Experience
tells us such fallow periods for new ideas should not encourage a compromise of
one's principles and we are therefore willing to patiently wait for richer
pickings.

A final dividend of 23.0p per share was paid on 31 March 2010 to shareholders
on the register as at 12 March 2010. The total payment for the year ended 31
December 2009 was 33.50p per share.

Top Ten Holdings as at 31 March 2010

                                              % total assets
                                                            
BP                                                 8.26     
                                                            
HSBC                                               8.12     
                                                            
Vodafone                                           7.22     
                                                            
Royal Dutch Shell                                  7.20     
                                                            
GlaxoSmithKline                                    6.94     
                                                            
Unilever                                           6.03     
                                                            
Signet                                             5.44     
                                                            
AstraZeneca                                        4.23     
                                                            
Travis Perkins                                     3.37     
                                                            
British American Tobacco                           2.69     
                                                            
                                                  59.50     

Financial Performance

                                                    Quarter to        Year to
                                                                             
                                                      31 March    31 December
                                                                             
                                                          2010           2009
                                                                             
Total assets less current liabilities                  £561.8m        £553.4m
                                                                             
NAV total return                                          4.5%          45.0%
                                                                             
Dividend yield                                            4.3%           4.3%
                                                                             
NAV per share (debt at book value)                     845.16p        831.03p
                                                                             
NAV per share (debt at market value)                   832.55p        823.03p
                                                                             
Price per share                                        777.00p        756.00p
                                                                             
Discount (debt at market value)                           6.7%           8.1%
                                                                             
Discount (debt at book value)                             8.1%           9.0%
                                                                             
Benchmark total return                                                       
                                                                             
FTSE All-Share Index                                      6.4%          30.1%
                                                                             
FTSE 350 Higher Yield index                               2.0%          18.8%

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 2010

Final Announcement in February 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]

C:\Documents and Settings\MSlade\Local Settings\Temporary Internet FilesContent.Outlook\C11ZSL1T\Interim Statement March 10.doc