Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          

                      for the quarter ended 31 March 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 quarter to March 2013, Temple Bar achieved an NAV total return of
16.7%. This compares with a total return of capital and income from the FTSE
All-Share Index of 10.3%. Temple Bar's long term track record remains very
good, having delivered a share price total return of 292.0% over the 10 years
to 31 March 2013 compared with a 175.3% return for the FTSE All-Share Index.

Central bankers worldwide have become increasingly confident of the need for
imaginative policy action and this has encouraged an almost Pavlovian reaction
amongst investors to buy equities. Whilst initially the underlying premise was
that these policy actions were positive for economic growth prospects, recently
investors appear to believe that such policy action simply results in equities
increasing in value. It is unclear why central bankers should be as confident
as they are given the events of the last decade have fooled them at every turn.
We remain concerned at the unintended consequences of their actions.

Portfolio activity has increased in recent months. Some large holdings such as
Unilever, Signet Jewelers and Travis Perkins have been reduced and the proceeds
switched into GlaxoSmithKline, Imperial Tobacco and Vodafone. The total holding
in Astra Zeneca was sold as our longer term concerns for the group's
profitability grew. We also participated in the Direct Line IPO. Whilst we
rarely invest in new issues we believed that an, ultimately, independent Direct
Line operating outside of its erstwhile owner, the Royal Bank of Scotland could
result in a number of operating efficiencies and consequently improve returns
to shareholders.

A final dividend of 22.0p per share was paid on 28 March 2013 to shareholders
on the register as at 15 March 2013. The total payment for the year ended 31
December 2012 was 36.65p per share.

Top Ten Holdings as at 31 March 2013

% total assets

GlaxoSmithKline PLC 7.73

HSBC Holdings PLC 7.45

Vodafone Group PLC 6.91

Signet Jewelers Ltd 6.55

Royal Dutch Shell PLC 6.54

Unilever PLC 4.78

Grafton Group PLC 4.67

BT Group PLC 4.15

Travis Perkins PLC 3.90

QinetiQ Group PLC 3.01

55.69

Financial Performance

                                                    Quarter to        Year to
                                                                             
                                                      31 March    31 December
                                                                             
                                                          2013           2012
                                                                             
Total assets less current liabilities                 £744.58m       £664.65m
                                                                             
NAV total return                                         16.7%          18.0%
                                                                             
Dividend yield                                            3.3%           3.7%
                                                                             
NAV per share (debt at book value)                    1120.99p        992.86p
                                                                             
NAV per share (debt at market value)                  1096.52p        969.00p
                                                                             
Price per share                                          1105p          1005p
                                                                             
(Premium) (debt at market value)                        (0.8)%         (3.7)%
                                                                             
Discount/(premium) (debt at book value)                   1.4%         (1.2)%
                                                                             
FTSE All-Share Index total return                        10.3%          12.3%
                                                                             

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

Interim Announcement in July 2013

Final Announcement in February 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]

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