Final Results

Draft Chairman's statement

Results and Dividend

While equity markets were fairly stable in the first four months of 2002, the
remainder of the year exhibited much greater volatility, which saw substantial
falls both in the United Kingdom and throughout much of the world. Your Company
was not exempt from these movements. Nevertheless, post tax revenues increased
marginally compared with the previous year, partly as a result of lower
management fees. Gross revenue was unchanged, although this masks a different
mix, with an increased level of income from dividends generated by the equity
portfolio offsetting a reduction in interest receipts which were well down on
those of the previous year through lower interest rates.

Your Board is recommending a 3% increase in the final dividend, which will
amount to 17.37p per share and follows a similar 3% increase in the interim
dividend. Although rising in line with inflation, the increase in the final
dividend is more modest than in recent years. The dividend will be payable on
31 March 2003 to those shareholders on the register of members as at 14 March
2003.

The total return on net assets was -19.1%, similar to the share price total
return, since, at the year end, the small discount to net asset value was
unchanged from 2001. This compares with a total return of -22.7% for the FTSE
All Share Index and -16.4% for the FTSE 350 Higher Yield Index.

Your Board keeps under regular review the investment objective of the Company
which is to provide growing income combined with growth in capital, principally
through investment in a portfolio of UK equities. We remain of the view that
this objective is appropriate and, while it is disappointing to report a fall
in net assets, the severity of the market turbulence during the year made it
impossible to do otherwise. It is small comfort, but your Company's performance
over the year has, in a relative sense, been good compared with its peer group.

The twelve months ended 31 December 2002 will be remembered as one of the most
difficult periods for equity investing. Not only was this the third consecutive
year of equity market declines, but the period encompassed bouts of extreme
volatility, with particularly sharp falls in July and September. Whereas in the
previous two years the Company's emphasis on investments that offered
fundamental value led to strong outperformance compared with the overall stock
market, the trend favouring 'value' over 'growth' was less marked in the year
just ended, although the relative defensive characteristics of the portfolio
were still evident. Investor concerns about the economic outlook and the effect
of continuing overcapacity in many industries were exacerbated by corporate
accounting scandals and, more recently, the threat of hostilities in Iraq,
leading to a general de-rating of equities.

Debt

Shareholders will be aware that the Company employs a relatively modest amount
of gearing in the form of debentures, with a total nominal value of £63m or 18%
of gross assets. There has been considerable publicity concerning the dangers
of gearing in a bear market, but I am pleased to report that Temple Bar's
relative asset performance has held up well despite the presence of debt. It
should be noted that, for part of the period, the debt has largely been
balanced by holding cash and bonds emphasising the point that, whilst gearing
can be a major advantage for investment trusts over the longer term, this is
dependent on sensible tactical asset allocation. Temple Bar's debt is long term
with £25m falling due for payment in 2017 and £38m in 2021.

Fund Manager

The Board would like to express its appreciation of Chris Burvill's service to
the Company as investment manager over a number of years. Chris resigned from
the Manager in July of last year and we wish him well for the future.

We are pleased to have appointed Alastair Mundy to succeed Chris Burvill in the
day to day management of the portfolio after assisting him for the past two
years. He is supported in this role by Peter Lowery and other members of the
Investec team.

Outlook

Putting aside what we hope will be shorter term concerns as regards hostilities
in Iraq, the medium term prospects for equities will depend on a recovery in
corporate profitability. If the global economy experiences a period of
sustained deflation then it will be hard for equities to make significant
progress. On balance we think that there is sufficient will in the US to
reflate that economy which will lead to a modest global recovery. We do believe
that, relative to other developed markets, the UK equity market represents good
value, not least because it has been particularly hard hit by the forced
selling of equities by insurance companies anxious to meet their solvency
requirements. In addition, yields from UK equities are now historically
attractive.

Annual General Meeting

The Annual General Meeting will be held at 11.00 a.m. on Monday 31 March 2003
at 2 Gresham Street, London EC2V 7QP. I look forward to meeting as many
shareholders as are able to attend.

Chairman

It has been a great privilege to have been Chairman of the Company for the past
four years and in this role I have been enormously supported by a strong team
of Directors. However, I have for some time been reducing my business
commitments and I have indicated to my colleagues that I will retire as a
Director at the conclusion of the Annual General Meeting. I am glad to say that
my successor will be John Reeve. He brings a wealth of business experience to
the position and with the support of an excellent board I am sure that the
Company will maintain its strength and continue to be one of the most highly
regarded investment trusts.

18 February 2003

Ronald Scott BrownTwenty largest investments

as at 31 December 2002

Company                                   Valuation         % of    
                                                                    
                                            £'000           Total   
                                                           assets   
                                                                    
GlaxoSmithKline                            18,813           5.33    
                                                                    
BP                                         18,507           5.25    
                                                                    
HSBC                                       18,152           5.14    
                                                                    
Lloyds TSB                                 12,441           3.53    
                                                                    
Shell Transport &                          12,105           3.43    
Trading                                                             
                                                                    
BT                                         11,099           3.15    
                                                                    
Barclays                                   10,664           3.02    
                                                                    
National Grid                               9,839           2.79    
                                                                    
Scottish Power                              9,790           2.77    
                                                                    
Gallaher                                    8,397           2.38    
                                                                    
Rio Tinto                                   7,351           2.08    
                                                                    
Investec UK Smaller Companies Fund          7,185           2.04    
                                                                    
Aviva                                       6,525           1.85    
                                                                    
Alliance & Leicester                        6,410           1.82    
                                                                    
Imperial Tobacco                            5,992           1.70    
                                                                    
United Utilities                            5,917           1.68    
                                                                    
Hilton                                      5,226           1.48    
                                                                    
EMI                                         5,219           1.48    
                                                                    
Standard Chartered                          4,840           1.37    
                                                                    
Prudential                                  4,666           1.32    
                                                                    
                                           189,138          53.61   

  Consolidated Statement of total return (incorporating the revenue account)   

                                 of the group                                  

                      for the year ended 31 December 2002                      

                              2002                        2001            
                                                                          
                  Revenue   Capital    Total   Revenue   Capital   Total  
                                                                          
                  £'000      £'000     £'000    £'000     £'000    £'000  
                                                                          
Losses on            -      (75,090)  (75,090)    -     (30,341)  (30,341)
investments                                                               
                                                                          
Income             18,142      -       18,142   18,140      -      18,140 
                                                                          
Investment         (771)     (771)    (1,542)   (869)     (869)   (1,738) 
management                                                                
                                                                          
fee                                                                       
                                                                          
Other expenses     (417)       -       (417)    (378)       -      (378)  
                                                                          
Net return before  16,954   (75,861)  (58,907)  16,893  (31,210)  (14,317)
finance costs and                                                         
taxation                                                                  
                                                                          
Interest payable  (2,280)   (2,279)   (4,559)  (2,279)   (2,280)  (4,559) 
                                                                          
Return on          14,674  (78,140)   (63,466)  14,614  (33,490)  (18,876)
ordinary                                                                  
activities before                                                         
taxation                                                                  
                                                                          
Taxation             -         -         -      (416)      416       -    
                                                                          
Return on          14,674   (78,140)  (63,466)  14,198  (33,074)  (18,876)
ordinary                                                                  
activities after                                                          
taxation                                                                  
                                                                          
Ordinary          (14,817)     -      (14,817) (14,373)     -     (14,373)
dividends                                                                 
                                                                          
Transfer from      (143)    (78,140)  (78,283)  (175)   (33,074)  (33,249)
reserves                                                                  
                                                                          
Return per         25.34p  (134.96)p  (109.62)  24.56p  (57.21)p  (32.65)p
ordinary share                           p                                
                                                                          
Dividends per      25.59p                       24.84p                    
ordinary share                                                            

The revenue column of this statement is the profit and loss account of the
Group.

All principal activities of the Group are continuing operations as defined by
Financial Reporting Standard 3. No operations were acquired or discontinued in
the period.

                       Consolidated cash flow statement                        

                                          2002                 2001        
                                                                           
                                  £'000 £'000          £'000 £'000         
                                                                           
Net cash inflow from operating                16,388               16,587  
activities                                                                 
                                                                           
Return on investments and                                                  
servicing of finance                                                       
                                                                           
Interest paid                      (4,559)              (4,559)            
                                                                           
Net cash outflow from return on               (4,559)              (4,559) 
investments and servicing of                                               
finance                                                                    
                                                                           
Taxation                                                                   
                                                                           
UK tax recovered/(paid)                         112                 (111)  
                                                                           
Capital expenditure and financial                                          
investment                                                                 
                                                                           
Purchases of investments          (166,183)            (193,069)           
                                                                           
Sales of investments               164,096              182,088            
                                                                           
Net cash outflow from capital                 (2,087)             (10,981) 
expenditure and financial                                                  
investment                                                                 
                                                                           
Equity dividends paid                        (14,520)             (13,801) 
                                                                           
Cash outflow before management of             (4,666)             (12,865) 
liquid resources and financing                                             
                                                                           
Management of liquid resources                                             
                                                                           
Short term money market deposits               7,000                3,430  
withdrawn                                                                  
                                                                           
                                               2,334               (9,435) 
                                                                           
Financing                                                                  
                                                                           
Gross proceeds from issue of                    57                   624   
shares                                                                     
                                                                           
Increase/(decrease) in cash                    2,391               (8,811) 
                                                                           
Reconciliation of net cash flow                                            
to movement in net debt                                                    
                                                                           
Increase/(decrease) in cash         2,391               (8,811)            
                                                                           
Short term money market deposits   (7,000)              (3,430)            
withdrawn                                                                  
                                                                           
Change in net debt                            (4,609)             (12,241) 
                                                                           
Net debt at 1 January                        (43,468)             (31,227) 
                                                                           
Net debt at 31 December                      (48,077)             (43,468) 

                          Consolidated balance sheet                           

                                          2002                 2001        
                                                                           
                                  £'000 £'000          £'000 £'000         
                                                                           
Fixed Assets                                                               
                                                                           
Investments                                  334,811              407,556  
                                                                           
Current Assets                                                             
                                                                           
Debtors                             3,035                3,174             
                                                                           
Cash at bank                       14,923               19,532             
                                                                           
                                   17,958               22,706             
                                                                           
Creditors: amounts falling due     11,703               10,970             
within one year                                                            
                                                                           
Total current assets                          6,255                11,736  
                                                                           
Total assets less current                    341,066              419,292  
liabilities                                                                
                                                                           
Creditors: amounts falling due                63,000               63,000  
after more than one year                                                   
                                                                           
Net Assets                                   278,066              356,292  
                                                                           
Capital and Reserves                                                       
                                                                           
Called up share capital                       14,475               14,473  
                                                                           
Share premium account                         2,147                2,092   
                                                                           
Other reserves                                                             
                                                                           
Capital reserve - realised                   268,919              279,420  
                                                                           
Capital reserve - unrealised                 (18,922)              48,717  
                                                                           
Revenue reserves                              11,447               11,590  
                                                                           
Total shareholders' funds                    278,066              356,292  

Dividend

The directors will recommend to shareholders at the annual general meeting to
be held on 31 March 2003 that a final dividend of 17.37p per ordinary share be
paid on 31 March 2003 to shareholders on the Register at the close of business
on 14 March 2003.

Net Assets

                                                      2002            2001     
                                                                               
                                                    (audited)      (audited)   
                                                                               
Net asset value per ordinary share                   480.24p        615.43p    

Notes

 i. The figures set out above are derived from the audited consolidated
    accounts of Temple Bar Investment Trust Plc and its subsidiaries for the
    years ended 31 December 2001 and 31 December 2002. The 2002 accounts will
    be sent to shareholders shortly.
   
ii. The financial information contained in this announcement does not
    constitute full accounts within the meaning of section 254 of the Companies
    Act 1985. The 2002 accounts, on which the report of the auditors is
    unqualified, will be filed with the Registrar of Companies in due course.
    The audited accounts for the year ended 31 December 2001, on which the
    report of the auditors was unqualified and did not contain a statement
    under either Section 237(2) or 237(3) of the Companies Act 1985, have been
    filed with the Registrar of Companies.
   
18 February 2003

Contact: Alastair Mundy Telephone [phone]

Investec Investment Management Limited

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