Final Results

Temple Bar Investment Trust PLC
12 February 2002

Temple Bar Chairman's Statement



Results and Dividend



Despite the fact that 2001 was a difficult year for equity investors I am
pleased to be able to report that post tax earnings for the year were £14.2m an
increase of 5.7% on 2000. The board proposes a final dividend of 16.86p making
24.84p for the year, a rise of 6%.  This will result in a small call on reserves
of £175,000 and represents a further progression of Temple Bar's dividend
against its sector and the wider equity market, as well as being usefully ahead
of inflation.



The board is always mindful of the need to achieve a reasonable balance between
income and capital growth, and we remain convinced that by securing a growing
level of income from a carefully constructed higher yielding portfolio we can
attain a good degree of capital performance.



While we are obviously disappointed to have to report a fall in total assets
this year, it is pleasing to report a further period of outperformance compared
to the FT All Share Index. During the year the Trust's total assets fell by 7.0%
which compares with a fall in the FT All Share of 15.4%.  The Higher Yield index
did however outperform us marginally falling by only 5.6% - its characteristic
defensiveness showing through.  The shares saw a narrowing of the discount
during the year, resulting in a small rise in the share price.



The year 2001 was always destined to be a difficult one, but the problems were
exacerbated by the terrorist attacks on the United States and their aftermath.
Many hoped that the technology bubble might unwind in a controlled fashion, and
without damaging prospects elsewhere but this was bound to be a test of hope
against experience.  When coupled with a slowdown in investment spending, a lack
of international demand and some major companies being caught with unsustainably
high levels of borrowings, the effects had the potential to cause a much more
serious downturn.  A policy of aggressive interest rate cuts on the part of the
US Federal Reserve backed by other central banks, has done much to ease these
concerns, but confidence has remained fragile, and the bond markets are
indicating that rates cannot be held at such low levels for much longer.



New Directors



Turning to other matters I am delighted to welcome onto the board Gary Allen,
Chairman and former Chief Executive of IMI plc, and Richard Jewson, Chairman of
Savills plc, who will add experience and perspective to the board and have
already made substantial contributions to our deliberations.



Outlook



Some of the building blocks for an economic recovery are being put in place,
including greater capital discipline on the part of companies, restructuring of
weak balance sheets and more realistic earnings projections.  It is unlikely,
however, that these positive factors are strong enough at the moment to protect
investors if recovery comes through more slowly than expected. For our own part,
we are not convinced that all the pieces are yet in place for a sustainable
improvement in the equity market and consequently aim to retain the Trust's
defensive positioning for the time being.



With the reduction in the level of inflation and the worldwide economic
recession, the rate of increase in dividends from our underlying investments has
slowed.  This will affect our capacity to increase the Temple Bar dividend which
for five years rose by 10% per annum and by 6% in the year just concluded.  Our
objective is to continue to increase the dividend to shareholders at a rate
greater than that of inflation.





Ronald Scott Brown

12 February 2002
Twenty Largest Equity Investments

as at 31 December 2001




Company                                                              Valuation  Total Assets
                                                                         £'000       %

Lloyds TSB                                                              19,183     4.46
BP                                                                      18,928     4.40
GlaxoSmithKline                                                         18,311     4.26
Shell Transport & Trading                                               15,740     3.66
Scottish Power                                                          12,569     2.92
Safeway                                                                 12,321     2.86
Boots                                                                   10,789     2.51
Rank                                                                    10,215     2.37
BT                                                                       9,737     2.26
British Sky Broadcasting                                                 9,669     2.25
HBOS                                                                     9,279     2.16
Cable & Wireless                                                         9,183     2.13
Lattice                                                                  8,854     2.06
HSBC                                                                     8,815     2.05
Prudential                                                               8,411     1.96
Gallaher                                                                 8,401     1.95
AstraZeneca                                                              8,318     1.93
Investec UK Smaller
            Companies Fund                                               8,287     1.93
Six Continents                                                           8,011     1.86
Rio Tinto                                                                7,802     1.81

                                                                       222,823    51.79




Convertibles and all classes of equity in any one company are treated as one
investment.


Statement of total return

(incorporating the revenue account) of the group for the year ended 31 December
2001




                                                   2001                                  2000
                                    Revenue      Capital       Total       Revenue     Capital      Total
                                     £'000        £'000        £'000        £'000       £'000       £'000
(Losses)/gains on investments
                                             -     (30,341)     (30,341)            -     22,223       22,223
Income                                  18,140            -       18,140       17,357          -       17,357
Investment management fee                (869)        (869)      (1,738)        (687)      (687)      (1,374)
Other expenses                           (378)            -        (378)        (574)          -        (574)

NET RETURN BEFORE FINANCE COSTS
AND TAXATION                            16,893     (31,210)     (14,317)       16,096     21,536       37,632
Interest payable                       (2,279)      (2,280)      (4,559)      (2,279)    (2,280)      (4,559)
RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION                         14,614     (33,490)     (18,876)       13,817     19,256       33,073
Taxation                                 (416)          416            -        (389)        383          (6)
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                          14,198     (33,074)     (18,876)       13,428     19,639       33,067
Ordinary dividends                    (14,373)            -     (14,373)     (13,541)          -     (13,541)

TRANSFER (FROM)/TO RESERVES              (175)     (33,074)     (33,249)        (113)     19,639       19,526

RETURN PER ORDINARY SHARE               24.56p     (57.21)p     (32.65)p       23.24p     33.98p       57.22p

DIVIDENDS PER ORDINARY SHARE            24.84p                                 23.43p



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 balance sheet




                                                     31 December 2001              31 December 2000
                                                  £'000            £'000          £'000        £'000
FIXED ASSETS
Investments                                                       407,556                     424,437
CURRENT ASSETS
Debtors                                           3,174                           6,414
Cash at bank                                      19,532                          31,773
                                                  22,706                          38,187
Creditors: amounts falling due within one
year                                              10,970                          10,707
NET CURRENT ASSETS                                                 11,736                     27,480
TOTAL ASSETS LESS CURRENT LIABILITIES                             419,292                     451,917

Creditors: amounts falling due after more
than one year                                                      63,000                     63,000

NET ASSETS                                                        356,292                     388,917

CAPITAL AND RESERVES
Called up share capital                                            14,473                     14,448
Share premium account                                              2,092                       1,493
Other reserves
            Capital reserve - realised                            279,420                     246,759
            Capital reserve - unrealised                           48,717                     114,452
Revenue reserves                                                   11,590                     11,765

TOTAL SHAREHOLDERS' FUNDS
                                                                  356,292                     388,917




Consolidated cash flow statement




                                                           2001                          2000
                                                  £'000            £'000          £'000        £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                          16,587                      14,279

RETURN ON INVESTMENTS AND SERVICING OF
FINANCE
Interest paid                                    (4,559)                            (4,559)

Net cash outflow from return on investments
and servicing of finance                                           (4,559)                     (4,559)

TAXATION

UK tax (paid)/recovered                                            (111)                        268

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Purchases of investments                        (193,069)                         (123,048)
Sales of investments                             182,088                            140,785

Net cash (outflow)/inflow from capital
expenditure and financial investment
                                                                   (10,981)                     17,737
EQUITY DIVIDENDS PAID                                              (13,801)                     (12,703)

CASH (OUTFLOW)/INFLOW BEFORE MANAGEMENT OF
LIQUID RESOURCES AND FINANCING                                     (12,865)                     15,022

MANAGEMENT OF LIQUID RESOURCES
Short term money market deposits withdrawn/
(placed)                                                           3,430                        (7,430)
                                                                   (9,435)                      7,592
FINANCING
Gross proceeds from issue of shares                                624                          -

(DECREASE)/INCREASE IN CASH
                                                                   (8,811)                      7,592

RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET DEBT
(Decrease)/increase in cash                      (8,811)                              7,592
Short term money market deposits (withdrawn)     (3,430)                              7,430
/placed

Change in net debt                                                  (12,241)                    15,022
Net debt at 1 January                                               (31,227)                   (46,249)

Net debt at 31 December                                             (43,468)                   (31,227)

Dividend



The directors will recommend to shareholders at the annual general meeting to be
held on 25 March 2002 that a final dividend of 16.86 pence per ordinary share be
paid on 28 March 2002 to shareholders on the Register at the close of business
on 15 March 2002.



Net Assets


                                                                  2001                     2000
                                                                (audited)                 (audited)

Net asset value per ordinary share                              615.43p                   672.95p





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 2000 and 31 December 2001.  The 2001 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 2001 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 2000, 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.



12 February 2002



Contact:            Chris Burvill               Telephone: [phone]
                    Investec Investment Management Limited



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