Investment Policy

TEMPLE BAR INVESTMENT TRUST PLC

The Board of Temple Bar Investment Trust Plc (the `Company') notes the
publication of the Investment Entities (Listing Rules and Conduct of Business)
Instrument 2003 and announces that it is the Company's policy to invest no more
than 15% of its gross assets in other listed investment companies (including
listed investment trusts).

Contact: Martin Slade

020 7597 1942

For and on behalf of

Investec Investment Management Limited - Secretary

10 October 2003