Issue of Equity

Temple Bar Investment Trust PLC announces that on 22 May 2003 it allotted 9,768
ordinary 25p shares at a price of £5.03 per share (which represents a premium
in excess of 2% over the latest net asset value). This was in respect of shares
purchased through the Temple Bar Investment Trust Savings Scheme. The new
shares will rank pari passu with existing ordinary 25p shares.

The total number of ordinary 25p shares now in issue is 57,911,367.