Quarterly Portfolio Update

Temple Bar Investment Trust Plc                        

As at close of business on 31 December 2003, the 10 largest investments in the
Company's portfolio were:

Top Ten                                % Gross Assets                        
                                                                             
HSBC Holdings                          5.72                                  
                                                                             
GlaxoSmithKline                        4.99                                  
                                                                             
BP                                     4.83                                  
                                                                             
Shell Transport & Trading              4.37                                  
                                                                             
Barclays                               3.85                                  
                                                                             
British American Tobacco               3.63                                  
                                                                             
Lloyds TSB Group                       3.08                                  
                                                                             
BT Group                               3.02                                  
                                                                             
Prudential                             2.55                                  
                                                                             
Abbey National                         2.54                                  
                                                                             
                                       38.58                                 

For enquiries please contact:

Martin Slade 020 7597 2000

Investec Investment Management Limited