Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement

For the quarter ended 30 September 2009

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

Equity market strength continued in the third quarter. Market enthusiasm was
driven by the usual emotions of greed and fear with investors either
forecasting a new bull market or worrying about being left behind. Either way,
any good news has been pounced on to justify paying prices for stocks which
were considered laughably high only six months ago. We have used this gusto to
reduce our exposure to the more cyclical part of the market. We are not trying
to be clever and call an end to the rally in cyclicals; markets, after all,
have a tendency to make such forecasts look pretty foolish. Instead, we are
sticking to our value disciplines and selling when we believe normalised
profitability has been reflected in valuations.

Performance over the quarter to 30 September 2009 was good, with Temple Bar
delivering an NAV total return of 29.3% compared with 22.4% for the FTSE All
Share Index.

An interim dividend of 10.50p per share was paid on 30 September 2009 to
shareholders on the register as at 18 September 2009.

There were no changes to the Company's share capital over the period.

Top Ten Holdings as at 30 September 2009

                                                               % total assets
                                                                             
HSBC                                                                8.97     
                                                                             
BP                                                                  7.74     
                                                                             
Royal Dutch Shell (`B' shares)                                      7.27     
                                                                             
GlaxoSmithKline                                                     7.13     
                                                                             
Vodafone                                                            6.67     
                                                                             
Unilever                                                            5.84     
                                                                             
Signet Jewelers                                                     4.46     
                                                                             
AstraZeneca                                                         4.27     
                                                                             
Travis Perkins                                                      3.77     
                                                                             
Investec Liquidity Fund Sterling `S' Class                          3.28     
                                                                             
                                                                   _____     
                                                                             
                                                                   59.40     

Financial Performance

                                                    Quarter to   Half Year to
                                                                             
                                                  30 September        30 June
                                                                             
                                                          2009           2009
                                                                             
Total assets less current liabilities                 £532.51m        £430.9m
                                                                             
NAV total return                                        29.30%          4.87%
                                                                             
Dividend yield                                           4.51%          5.51%
                                                                             
NAV per share (debt at book value)                     795.48p        623.40p
                                                                             
NAV per share (debt at market value)                   787.90p        615.07p
                                                                             
Price per share                                        727.00p        596.50p
                                                                             
Discount (debt at market value)                          7.73%          3.02%
                                                                             
Discount (debt at book value)                            8.61%          4.31%
                                                                             
Benchmark NAV total return                                                   
                                                                             
FTSE All-Share Index                                    22.38%          0.81%
                                                                             
FTSE 350 Higher Yield index                             21.66%        (6.77)%

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 2010

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]