Quarterly Portfolio Update

Temple Bar Investment Trust Plc                        

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

Top Ten                                % Gross Assets                        
                                                                             
GlaxoSmithKline                        5.84                                  
                                                                             
BP                                     4.93                                  
                                                                             
Shell Transport & Trading              4.14                                  
                                                                             
British American Tobacco               3.91                                  
                                                                             
Abbey National                         3.54                                  
                                                                             
HSBC Holdings                          3.32                                  
                                                                             
BT Group                               2.89                                  
                                                                             
Lloyds TSB Group                       2.88                                  
                                                                             
Scottish Power                         2.57                                  
                                                                             
Severn Trent                           2.50                                  
                                                                             
                                       36.52                                 

For enquiries please contact:

Martin Slade 020 7597 2000

Investec Investment Management Limited