Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          

                      for the quarter ended 31 March 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

The Manager remains reluctant to buy into the narratives of other investors.
Many of them are convinced that conditions for company profitability can
continue to improve despite the high level of profit margins most developed
market companies are currently generating. As the valuations of many companies
need these forecasts to be met to justify those valuations we see little margin
of safety in their share prices and therefore the equity portfolio remains
defensively positioned. In addition, as at 31 March the Company held bonds and
cash with a total value of £74m, more than offsetting the long term borrowings
of £63m.

Consequently, portfolio activity continues to be low. Even in normal times
fantastic investment opportunities should be few and far between, but two years
into an extended bull market it should be no surprise that there is little new
to excite us. At such times we believe the greatest long term benefit is
generated by sitting on one's hands.

It is the apparent inconsistencies on our portfolio which we believe give it
greatest strength. Our significant positions in relatively economic insensitive
companies such as GlaxoSmithKline and Unilever are complemented by companies
with more volatile profit streams such as Signet Jewelers and Travis Perkins.
This illustrates our focus on buying individual stocks which trade at
significant discounts to their fair value in preference to calling the vagaries
of the economic cycle.

A final dividend of 23.7p per share was paid on 31 March 2011 to shareholders
on the register as at 18 March 2010. The total payment for the year ended 31
December 2010 was 34.2p per share.

Top Ten Holdings as at 31 March 2011

                                              % total assets
                                                            
Royal Dutch Shell                                  8.43     
                                                            
HSBC Holdings                                      7.83     
                                                            
GlaxoSmithKline                                    6.91     
                                                            
Signet Jewelers                                    6.89     
                                                            
Unilever                                           5.57     
                                                            
Vodafone                                           5.09     
                                                            
Travis Perkins                                     3.93     
                                                            
AstraZeneca                                        3.88     
                                                            
BT Group                                           3.46     
                                                            
Investec Liquidity Fund - Sterling Liquidity       2.87     
Fund                                                        
                                                            
                                                  54.86     

Financial Performance

                                                    Quarter to        Year to
                                                                             
                                                      31 March    31 December
                                                                             
                                                          2011           2010
                                                                             
Total assets less current liabilities                 £597.44m       £603.44m
                                                                             
NAV total return                                          3.3%          15.2%
                                                                             
Dividend yield                                            3.9%           3.8%
                                                                             
NAV per share (debt at book value)                      905.8p         915.9p
                                                                             
NAV per share (debt at market value)                    893.3p         901.5p
                                                                             
Price per share                                           886p           885p
                                                                             
Discount (debt at market value)                           0.8%           1.8%
                                                                             
Discount (debt at book value)                             2.2%           3.4%
                                                                             
Benchmark total return                                                       
                                                                             
FTSE All-Share Index                                      1.0%          14.5%
                                                                             
FTSE 350 Higher Yield index                               2.4%           6.2%

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 2011

Final Announcement in February 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]

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