Interim Management Statement

Temple Bar Investment Trust Plc                        

                         Interim Management Statement                          

                      for the quarter ended 31 March 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 March 2012, Temple Bar achieved an NAV total return of
9.4%. This compares with a total return of capital and income from the FTSE
All-Share Index of 6.1%. Temple Bar's long term track record remains very good,
having delivered a share price total return of 125.4% over the 10 years to 31
March 2012 compared with a 65.5% return for the FTSE All-Share Index.

Equity markets rose as bulls became more confident that the US economy was
finally showing sustained improvement and that the major central banks were
committed to doing whatever was required to avoid further economic weakness or
financial crises. However, it should be borne in mind that the mountains of
debt built up by many western economies remain of substantial size and that we
are many years from being able to measure the success of the financial
experiment being conducted by central bankers. What's more, equity valuations
based on average levels of company profitability leave little room for error.

We believe inactivity is a much under-rated virtue in portfolio management. As
patient investors, we wait for investment opportunities to find us rather than
try too hard to force new ideas onto the portfolio. With so many well informed
investors fighting over the same investment ideas we believe it should almost
be a surprise when an opportunity does arise; why is it not good enough for the
others? The last quarter has thrown up little of interest for us and the Temple
Bar portfolio has therefore remained much as it started the period. However,
experience tells us that patience is typically rewarded and we are confident
that future market volatility will generate opportunity.

A final dividend of 21.23p per share was paid on 30 March 2012 to shareholders
on the register as at 16 March 2012. The total payment for the year ended 31
December 2011 was 35.23p per share.

Top Ten Holdings as at 31 March 2012

% total assets

Royal Dutch Shell 8.0

GlaxoSmithKline 7.9

Signet Jewelers 7.1

HSBC Holdings 6.8

Unilever 5.9

Vodafone 4.8

Travis Perkins 4.4

BT Group 4.1

UK Treasury 5.25% June 2012 3.8

AstraZeneca 3.7

56.5

Financial Performance

                                                    Quarter to        Year to
                                                                             
                                                      31 March    31 December
                                                                             
                                                          2012           2011
                                                                             
Total assets less current liabilities                 £615.64m       £585.48m
                                                                             
NAV total return                                          9.4%         (0.5)%
                                                                             
Dividend yield                                            3.8%           4.1%
                                                                             
NAV per share (debt at book value)                     924.80p        874.42p
                                                                             
NAV per share (debt at market value)                   901.09p        849.54p
                                                                             
Price per share                                           922p           858p
                                                                             
Discount/(premium) (debt at market value)                 2.3%         (1.0)%
                                                                             
Discount (debt at book value)                             0.3%           1.9%
                                                                             
FTSE All-Share Index total return                         6.1%         (3.5)%
                                                                             

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 2012

Final Announcement in February 2013

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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Statement March 12.doc