Quarterly Portfolio Update

Temple Bar Investment Trust Plc                        

As at close of business on 31 December 2004, the 10 largest investments in the
Company's portfolio were:

Top Ten                                % Gross Assets                        
                                                                             
GlaxoSmithKline                        6.31                                  
                                                                             
Shell Transport & Trading              4.46                                  
                                                                             
BP                                     4.30                                  
                                                                             
British American Tobacco               3.70                                  
                                                                             
Vodafone Group                         3.20                                  
                                                                             
HSBC Holdings                          3.12                                  
                                                                             
BT Group                               2.86                                  
                                                                             
Royal Bank of Scotland                 2.84                                  
                                                                             
Severn Trent                           2.74                                  
                                                                             
Prudential                             2.51                                  
                                                                             
                                       36.04                                 

For enquiries please contact:

Martin Slade 020 7597 2000

Investec Investment Management Limited