Final Results

CHAIRMAN'S STATEMENT

The total return, including reinvested dividends, on the net assets of Temple
Bar during 2005 was 21.5%, which compares with a total return for the FTSE-All
Share Index of 22.0%. The return achieved is a combination of underlying
portfolio performance and the effect of the capital gearing of the Trust. While
this is a marginal under-performance for the year as a whole the five year
record versus the benchmark index remains very positive.

The Board is recommending a final dividend of 18.93p per share, to produce a
total increase for the year of 3.0%, backed by strong dividend increases made
by many of the companies held in the portfolio. This dividend will be payable
on 31 March 2006 to those shareholders on the register as at 17 March 2006

Post-tax revenue earnings increased by 7.73%. The proposed dividend was more
than covered by net earnings generated on the portfolio during the year. The
level of capital gearing, at 13.5%, again contributed positively to performance
during the period.

The price of Temple Bar shares traded close to their underlying net asset value
throughout the year, supported by the steady demand created within the
Company's Savings Scheme and ISA products.

IFRS

For the first time the Annual Report and Accounts have been prepared on the
basis of International Financial Reporting Standards. This is consistent with
the approach adopted at the interim stage, and, as I explained at that time,
there is very little financial impact for the Company arising from the adoption
of these standards. Most of the changes are, in fact, of a presentational
nature.

Outlook

The last five years have seen two particular themes prevalent in the UK equity
market: the out-performance of small and medium-sized companies relative to
large companies and the success of investment strategies biased towards a
search for companies whose shares exhibited strong value characteristics, such
as a high dividend yield, rather than those with the greatest long-term growth
prospects. The Temple Bar portfolio has exploited both these themes.

However, the Manager now believes that the valuation discrepancies that
encouraged both of these trends have corrected, or in some cases
over-corrected; as a result, the Temple Bar portfolio is becoming increasingly
reflective of these changed views.

The recovery of the UK equity market from its lows in early 2003 has now lasted
almost three years. Over that period the FTSE-All Share Index has risen nearly
80% and the biggest setback from peak to trough has been just 6.4%. Compared
with other periods when markets have risen strongly, we would appear to be near
the tail-end of this run. Admittedly, valuations do not look expensive,
companies' balance sheets are strong and global economic growth appears
resilient. However, we prefer not to ignore the lessons of history and do not
believe it is the time to be taking heroic positions on the portfolio. The
Manager and his team will, as usual, adhere to their contrarian principles in
the year ahead and we are confident that this will uncover a number of
attractive opportunities.

Annual General Meeting

The AGM will be held on Monday 27 March at the managers' office in London. In
addition to the formal business of the meeting, the managers will make a
presentation to shareholders reviewing the past year and commenting on the
outlook. I look forward to welcoming as many of you as possible. Shareholders
who are unable to attend the meeting are encouraged to use their proxy votes.

21 February 2006

John Reeve

TWENTY LARGEST INVESTMENTS
as at 31 December 2005

                                                          Total Assets
                                                                      
                                                Valuation Less Current
                                                           Liabilities
                                                                      
COMPANY                                             £'000            %
                                                                      
Royal Dutch Shell                                  39,750         7.45
                                                                      
Vodafone                                           36,395         6.83
                                                                      
GlaxoSmithKline                                    35,123         6.59
                                                                      
Royal Bank of Scotland                             25,974         4.87
                                                                      
BP                                                 24,322         4.56
                                                                      
HSBC                                               18,372         3.45
                                                                      
Prudential                                         16,299         3.06
                                                                      
BT                                                 15,686         2.94
                                                                      
Centrica                                           15,285         2.87
                                                                      
AstraZeneca                                        13,721         2.57
                                                                      
Investec UK Smaller Companies Fund                 11,032         2.07
                                                                      
Legal & General                                    10,980         2.06
                                                                      
ITV                                                10,913         2.05
                                                                      
Boots                                              10,285         1.93
                                                                      
Unilever                                           10,071         1.89
                                                                      
Amvescap                                            9,945         1.87
                                                                      
HBOS                                                8,937         1.68
                                                                      
Kingfisher                                          8,897         1.67
                                                                      
Lloyds TSB                                          8,756         1.64
                                                                      
Mitchells & Butlers                                 8,674         1.63
                                                                      
                                                  339,417        63.68


Consolidated income statement
for the year ended 31 December 2005

                                     2005                       2004          
                                                                              
                                                             (restated)       
                                                                              
                            Revenue  Capital           Revenue Capital        
                             Return   Return    Total   Return  Return   Total 
                                                                              
                              £'000    £'000    £'000    £'000   £'000   £'000
                                                                              
Investment Income            19,637        -   19,637   18,294       -  18,294
                                                                              
Other operating income          483        -      483      466       -     466
                                                                              
Total Income                 20,120        -   20,120   18,760       -  18,760
                                                                              
Gains on Investments                                                          
                                                                              
Gains on fair value               -   72,123   72,123        -  61,752  61,752
through profit or loss                                                        
assets                                                                        
                                                                              
                             20,120   72,123   92,243   18,760  61,752  80,512
                                                                              
Expenses                                                                      
                                                                              
Management fees               (804)  (1,207)  (2,011)    (684) (1,026) (1,710)
                                                                              
Other expenses                (441)  (1,679)  (2,120)    (383) (1,024) (1,407)
                                                                              
Profit before finance        18,875   69,237   88,112   17,693  59,702  77,395
costs and tax                                                                 
                                                                              
Finance costs               (1,799)  (2,735)  (4,534)  (1,842) (2,736) (4,578)
                                                                              
Profit before tax            17,076   66,502   83,578   15,851  56,966  72,817
                                                                              
Tax                               -        -        -        -       -       -
                                                                              
Profit for the year          17,076   66,502   83,578   15,851  56,966  72,817
                                                                              
Earnings per share (basic    29.35p  114.32p 143.68p    27.37p  98.37p 125.74p
& diluted)                                                                    

The total column of this statement represents the Group's Income Statement
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance issued by the Association of
Investment Trust Companies. All items in the above statement derive from
continuing operations.

There are no minority interests.


Consolidated statement of changes in equity
for the year ended 31 December 2005

                                  Share   Capital   Capital                    
                                                                               
                        Share    Premium  Reserve   Reserve   Retained  Total  
                                                                               
                        Capital  Reserve  Realised Unrealised Earnings  equity 
                                                                               
                        £'000     £'000    £'000     £'000     £'000    £'000  
                                                                               
Balance at 31 December   14,478   2,193   264,951    36,705    23,048  341,375 
2003                                                                           
                                                                               
Changes in equity for                                                          
2004                                                                           
                                                                               
Profit for the year        -        -      18,182    38,784    15,851   72,817 
                                                                               
                         14,478   2,193   283,133    75,489    38,899  414,192 
                                                                               
Dividends paid to          -        -        -         -      (15,312) (15,312)
equity shareholders                                                            
                                                                               
Balance at 31 December   14,478   2,193   283,133    75,489    23,587  398,880 
2004                                                                           
                                                                               
Changes in Equity for                                                          
2005                                                                           
                                                                               
Profit for the year        -        -      49,908    16,594    17,076   83,578 
                                                                               
                         14,478   2,193   333,041    92,083    40,663  482,458 
                                                                               
Dividends paid to          -        -        -         -      (15,834) (15,834)
equity shareholders                                                            
                                                                               
Issue of share capital    107     2,890      -         -         -      2,997  
                                                                               
Balance at 31 December   14,585   5,083   333,041    92,083    24,829  469,621 
2005                                                                           


CONSOLIDATED BALANCE SHEET
As at 31 December 2005

                                        31 December 2005      31 December 2004
                                                                              
                                                                    (Restated)
                                                                              
                                        £'000      £'000      £'000      £'000
                                                                              
NON-CURRENT ASSETS                               513,012               434,128
                                                                              
Investment held at fair value                                                 
through profit or loss                                                        
                                                                              
CURRENT ASSETS                                                                
                                                                              
Cash and cash equivalent               26,663                25,481           
                                                                              
Other receivables                       8,953                 3,201           
                                                                              
                                                  35,616                28,682
                                                                              
TOTAL ASSSETS                                    548,628               462,810
                                                                              
CURRENT LIABILITIES                                                           
                                                                              
Other payables                                  (15,663)                 (556)
                                                                              
TOTAL ASSETS LESS CURRENT                        532,965               462,254
LIABILITIES                                                                   
                                                                              
NON CURRENT LIABILITIES                                                       
                                                                              
Interest bearing borrowings                     (63,344)              (63,374)
                                                                              
NET ASSETS                                       469,621               398,880
                                                                              
EQUITY ATTRIBUTABLE TO EQUITY                                                 
HOLDERS                                                                       
                                                                              
Ordinary share capital                 14,585                14,478           
                                                                              
Share premium                           5,083                 2,193           
                                                                              
Capital reserve - realised            333,041               283,133           
                                                                              
Capital reserve - unrealised           92,083                75,489           
                                                                              
Retained earnings                      24,829                23,587           
                                                                              
                                                 469,621               398,880
                                                                              
TOTAL EQUITY                                     469,621               398,880
                                                                              
NET ASSET VALUE PER SHARE                        804.96p               688.78p


Consolidated Group and Company cash flow statement
For the year ended 31 December 2005

                                            2005                2004        
                                                                          
                                      £'000      £'000     £'000    £'000
                                                                          
CASH FLOWS FROM OPERATING                                                 
ACTIVITIES                                                                
                                                                          
Profit before tax                               83,578              72,817
                                                                          
Adjustments for:                                                          
                                                                          
Purchases of investments¹          (210,423)           (124,198)          
                                                                          
Sales of investments¹                203,662             153,443          
                                                                          
                                               (6,761)              29,245
                                                                          
Gains on investments                          (72,123)            (61,752)
                                                                          
Financing costs                                  4,534               4,578
                                                                          
Operating cash flows before                      9,228              44,888
movements in working capital                                              
                                                                          
Increase in accrued income and                   (592)               (225)
prepayments                                                               
                                                                          
Increase in receivables                        (5,160)               (390)
                                                                          
Increase/decrease in payables                   15,107               (180)
                                                                          
NET CASH FLOW FROM OPERATING                    18,583              44,093
ACTIVITIES BEFORE AND AFTER INCOME                                        
TAX                                                                       
                                                                          
CASH FLOWS FROM FINANCING                                                 
ACTIVITES                                                                 
                                                                          
Equity shares issued                             2,997                   -
                                                                          
Interest paid on borrowings                    (4,559)             (4,577)
                                                                          
Bank interest paid                                 (5)                 (1)
                                                                          
Equity dividends paid                         (15,834)            (15,312)
                                                                          
NET CASH USED IN FINANCING                    (17,401)            (19,890)
ACTIVITIES                                                                
                                                                          
NET INCREASE IN CASH AND CASH                    1,182              24,203
EQUIVALENTS                                                               
                                                                          
CASH EQUIVALENTS AT THE BEGINNING               25,481               1,278
OF THE YEAR                                                               
                                                                          
CASH AND CASH EQUIVALENTS AT THE                26,663              25,481
END OF THE YEAR                                                           

¹ Purchases and sales of investments are considered to be operating activities
of the company, given its purpose, rather than investing activities.

Dividend

The directors will recommend to shareholders at the annual general meeting to
be held on 27 March 2006 that a final dividend of 18.93p per ordinary share be
paid on 31 March 2006 to shareholders on the Register at the close of business
on 17 March 2006.

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 2004 and 31 December 2005. The 2005 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 2005 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 2004 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.
   
21 February 2006

Contact: Alastair Mundy Telephone [phone]

Investec Investment Management Limited