Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement

For the quarter ended 30 September 2012

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

During the quarter to September 2012, Temple Bar achieved an NAV total return
of 7.4%. This compares with a total return of capital and income from the FTSE
All-share Index of 4.7%. Temple Bar's long term track record remains strong,
having delivered a share price total return of 219.4% over the 10 years to 30
September 2012 compared with a 135.7% return for the FTSE All-Share Index.

Equity investors currently seem to find a path of least resistance most
attractive and that entails going with the flow of central bank policies. This
has supported equity markets this year - an asset class rationalised by many as
cheap particularly when compared with bonds. However, we find it strange that
an asset class being openly manipulated by policymakers can be sensibly used as
a benchmark from which to judge the real value of other assets. We are
maintaining our value disciplines and focusing on the normalised profitability
of those companies which we are analysing. Consequently, we retain some
liquidity on the portfolio to take advantage of better opportunities than
currently exist.

An interim dividend of 14.65p per share was paid on 28 September 2012 to
shareholders on the register as at 14 September 2012.

Top Ten Holdings as at 30 September 2012

                                                               % total assets
                                                                             
Royal Dutch Shell                                                         7.8
                                                                             
HSBC                                                                      7.2
                                                                             
GlaxoSmithKline                                                           6.6
                                                                             
Unilever                                                                  6.3
                                                                             
Signet Jewelers                                                           5.3
                                                                             
Vodafone                                                                  4.8
                                                                             
Travis Perkins                                                            4.1
                                                                             
BT Group                                                                  4.1
                                                                             
AstraZeneca                                                               3.8
                                                                             
Grafton Group                                                             3.5
                                                                             
                                                                         53.5

Financial Performance

                                                    Quarter to   Half Year to
                                                                             
                                                  30 September        30 June
                                                                             
                                                          2012           2012
                                                                             
Total assets less current liabilities                 £639.28m       £612.86m
                                                                             
NAV total return                                          7.4%           6.6%
                                                                             
Dividend yield                                            3.8%           3.9%
                                                                             
NAV per share (debt at book value)                     955.58p        910.62p
                                                                             
NAV per share (debt at market value)                   929.63p        885.28p
                                                                             
Price per share                                        956.00p        901.00p
                                                                             
Premium (debt at market value)                            2.8%           1.8%
                                                                             
Premium/(Discount) (debt at book value)                   0.0%         (1.1)%
                                                                             
Benchmark NAV total return                                                   
                                                                             
FTSE All-Share Index                                      4.7%           3.3%
                                                                             
FTSE 350 Higher Yield index                               3.0%           3.1%

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 2013

  Interim          Announcement in July 2013

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]