Quarterly Portfolio Update

Temple Bar Investment Trust Plc                        

As at close of business on 30 September 2004, the 10 largest investments in the
Company's portfolio were:

Top Ten                                % Gross Assets                        
                                                                             
GlaxoSmithKline                        6.68                                  
                                                                             
BP                                     4.85                                  
                                                                             
Shell Transport & Trading              4.43                                  
                                                                             
British American Tobacco               3.58                                  
                                                                             
Abbey National                         3.43                                  
                                                                             
HSBC Holdings                          3.38                                  
                                                                             
Vodafone Group                         3.25                                  
                                                                             
Lloyds TSB Group                       2.82                                  
                                                                             
BT Group                               2.75                                  
                                                                             
Severn Trent                           2.70                                  
                                                                             
                                       37.87                                 

For enquiries please contact:

Martin Slade 020 7597 2000

Investec Investment Management Limited