Interim Management Statement

Temple Bar Investment Trust Plc

Interim Management Statement
For the quarter ended 30 September 2014

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 3 months to 30 September 2014, Temple Bar investors received a share
price total return of -1.3%. This compares with a total return of capital and
income from the FTSE All-Share Index of -1.0%. Temple Bar's long term track
record remains very satisfactory, having delivered a share price total return
of 198% over the 10 years to 30 September 2014 compared with a 120% return for
the FTSE All-Share Index.

Towards the end of September investor behaviour became more skittish as
disappointing earnings growth, the possible ending of quantitative easing in
the US, increasing geo-political risks and fully valued equity markets
concentrated their minds.

Major portfolio activity over the three months was purchases of Lloyds Banking
Group and Citigroup; two banks which have significantly restructured over the
last few years, but which we believe have market positions and levels of
profitability not fully reflected in their valuations. These were mainly
financed through partial sales of our holdings in Signet and Unilever.

An interim dividend of 15.55p per share was paid on 30 September 2014 to
shareholders on the register as at 12 September 2014.

Top Ten Holdings as at 30 September 2014

HSBC Holdings                                                  % total assets
                                                                             
Royal Dutch Shell                                                        8.87
                                                                             
GlaxoSmithKline                                                          8.87
                                                                             
BP                                                                       6.68
                                                                             
Grafton Group                                                            5.23
                                                                             
British American Tobacco                                                 4.32
                                                                             
Qinetiq Group                                                            3.44
                                                                             
BT Group                                                                 2.85
                                                                             
Royal Bank of Scotland                                                   2.74
                                                                             
Direct Line Insurance                                                    2.55
                                                                             
                                                                         2.54
                                                                             
                                                                        48.08

Financial Performance

                                                    Quarter to   Half Year to
                                                  30 September        30 June
                                                          2014           2014
                                                                             
Total assets less current liabilities                 £899.96m       £911.18m
                                                                             
NAV total return                                         -1.6%           0.1%
                                                                             
Dividend yield                                            3.2%           3.1%
                                                                             
NAV per share (debt at book value)                    1200.89p       1231.78p
                                                                             
NAV per share (debt at market value)                  1187.22p       1221.79p
                                                                             
Price per share                                       1211.00p       1243.00p
                                                                             
Premium (debt at market value)                            2.0%           1.7%
                                                                             
Premium (debt at book value)                              0.8%           0.9%
                                                                             
Benchmark (FTSE All-Share Index) total                   -1.0%           1.6%
return                                                                       

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 2015
       Interim      Announcement in July 2015
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]