Final Results

Temple Bar Investment Trust PLC
13 February 2001


HIGHLIGHTS:

*  Total return on net assets 9.0%
*  Final dividend increased by 10.0%

CHAIRMAN'S STATEMENT

RESULTS

Post tax revenues for the year to 31 December 2000, at £13.4m showed an
increase of 10.7% on the previous year, and the board is pleased to recommend
an increase in the final dividend of 10% to 15.9p per share.  This is the
fifth consecutive year that dividends have risen by 10%.  Although this had
entailed some £113,000 of this year's total dividend being met from the
Group's substantial revenue reserves, these still amounted to £11.76m at the
year end.

It is our present intention to continue a policy of increasing the dividend to
shareholders at a rate higher than the underlying rate of inflation, but
growth in future may not match the 10% increase achieved in recent years.

The asset performance has been very satisfactory this year, more than making
up for a difficult period in the second half of 1999 when growth stocks were
in so much demand, at the expense of higher yielding investments.  The total
asset performance was +9.0%.  In comparison the FTSE All-Share Index fell by
5.9% while the FTSE 350 Higher Yield Index rose by 10.5%, all on an income
reinvested basis.  Having hit a peak at the 1999 year end the share price
slipped somewhat during the year, resulting in a share price total return of
-0.8%.

The economic background has continued to be reasonably supportive of equity
investors.  The steep rise in the oil price, which at one stage had increased
over threefold from its lows of early 1999, was probably the most dramatic
economic feature for the year, but investors initially shrugged off its
effects, taking the view that a moderate reduction in the growth rate of the
US economy could be cautiously welcomed.  More recently the balance between
optimism over a soft landing and worries over a hard landing has been altered
by the economic slowdown we have seen in the US during the Autumn, where
uncertainty is increasingly evident.  Fixed interest markets, on the other
hand, have taken some comfort from the slowdown which provides scope for more
interest rate cuts.

The rapid rises in technology stocks peaked in March 2000 and the subsequent
falls in the sector have been accompanied by a return to favour of value based
investing, with defensive and higher yielding shares being amongst the year's
best performers.  It is not so much that there was a radical transformation in
the prospects for these companies, rather that they provided a relatively safe
haven in the light of the dramatic change of sentiment towards many of the new
economy stocks.  Having had only limited exposure to the telecommunications,
media and technology sectors during their dramatic rise, Temple Bar was well
placed to benefit from trends in the latter part of the year, gaining an
additional advantage through making substantial purchases of more defensive
companies in February and March when sentiment for them was at its most
negative.  

OUTLOOK

The slowdown in economic activity in the last few months has altered the
investment perspective considerably.  There had been hopes of a gentle slowing
of growth accompanied by an easing of interest rates, but we are now facing
the risk of a downturn. 

It is likely that volatility within certain sectors of the stock market will
continue for some time yet, as investors come to terms with a harsher trading
environment.  We believe that Temple Bar's emphasis on companies with
realistic valuations and secure yields should enable the portfolio to deliver
a good relative performance.  We remain, therefore, confident of your Trust's
prospects for the coming year and beyond.

MANAGEMENT FEE

Under the management agreement with the managers, the Company has paid an
investment management fee of 0.275% per annum plus a fee for administration
and other services of £98,250. Your board has resolved that with effect from
01 January 2001 there will be a single fee of 0.35% per annum covering both
investment management and administration. The managers have produced an
excellent performance for the Trust both in absolute and in relative terms.
The revised level of fee remains one of the lowest in the Trust's sector.


ANNUAL GENERAL MEETING

The Annual General Meeting will be held at 11.00 am on Monday, 26 March 2001
at 2 Gresham Street, London EC2V 7QP.  I look forward to meeting as many
shareholders as are able to attend.

ERNEST SHARP

We are immensely sorry to be losing the services of Ernest Sharp at the
conclusion of the AGM.  Ernest has been an excellent colleague on the Board
over the past 20 years bringing to our discussions not only perceptiveness and
breadth of business experience but also a keen attention to detail.  We shall
miss his valuable contributions at our Board Meetings and wish him well in his
retirement.



TWENTY LARGEST EQUITY HOLDINGS
AT 31 DECEMBER 2000


COMPANY                                              VALUATION        % OF
                                                         £        TOTAL ASSETS

BP Amoco                                              23,064,655     4.99
GlaxoSmithKline                                       22,397,981     4.84
Lloyds TSB                                            20,438,937     4.42
Shell                                                 17,202,603     3.72
Boots                                                 14,987,154     3.24
Prudential                                            13,184,875     2.85
Diageo                                                11,966,693     2.59
Cable & Wireless                                      10,822,052     2.34
HSBC                                                  10,725,525     2.32
Bass                                                   9,771,064     2.11
Safeway                                                9,717,829     2.10
CGNU                                                   9,498,913     2.05
Rio Tinto                                              8,882,313     1.92
Halifax                                                8,811,180     1.90
Rank                                                   7,956,161     1.72
BT                                                     7,742,310     1.67
Guinness Flight Institutional UK Smaller Companies     7,195,129     1.56
Hilton                                                 7,045,098     1.52
Smith WH                                               6,847,680     1.48
Marks & Spencer                                        6,786,768     1.47
                                                     -----------    -----
                                                     235,044,920    50.81
                                                     -----------    ----- 


STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT) OF THE GROUP
For the year ended 31 December 2000

                               
                                      2000               1999 (re-stated)*

                            Revenue  Capital  Total  Revenue  Capital  Total  
                             £'000    £'000   £'000   £'000    £'000   £'000  

Gains on investments             -   22,223   22,223      -   37,443   37,443
Income                      17,357        -   17,357  15,870       -   15,870
Investment
 Management Fee               (687)   (687)   (1,374)   (672)   (672)  (1,344)
Other expenses                (574)       -     (574)   (580)      -     (580)
                            ______   ______   ______  ______  ______   ______
  
NET RETURN BEFORE FINANCE
COSTS AND TAXATION          16,096   21,536    37,632 14,618  36,771   51,389
Interest Payable            (2,279)  (2,280)  (4,559) (2,090) (2,089)  (4,179)
                            ______   ______   ______  ______  ______   ______ 

RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION             13,817   19,256   33,073  12,528  34,682   47,210
Taxation                      (389)     383       (6)   (406)    393      (13)
                            ______   ______   ______  ______  ______   ______

RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION              13,428   19,639   33,067   12,122  35,075  47,197 
Preference dividends 
   (non-equity)                -          -        -    (20)        -     (20)
                            ______   ______   ______  ______  ______   ______

RETURN ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS       13,428   19,639   33,067  12,102  35,075   47,177
Ordinary dividends 
  (equity)                 (13,541)       -  (13,541)(12,310)      -  (12,310)
                           ______    ______   ______  ______  ______   ______

TRANSFER (FROM)/TO           (113)   19,639   19,526    (208) 35,075   34,867 
RESERVES                   ======    ======   ======  ======  ======   ======

RETURN PER ORDINARY
SHARE                      23.24p    33.98p   57.22p  20.96p  60.74p   81.70p 
   
DIVIDENDS PER ORDINARY
SHARE                      23.43p                     21.30p      


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.

* comparative figures have been re-stated to show UK dividends net of related 
 tax credits


CONSOLIDATED BALANCE SHEET

                                      31 December 2000      31 December 1999
                                    £'000        £,000     £,000       £,000

FIXED ASSETS
Investments                                    424,437               422,261 
CURRENT ASSETS
Debtors                             6,414                  3,124
Cash at Bank                       31,773                 16,751              
 
                                 --------                -------
                                   38,187                 19,875  
Creditors:amounts falling          10,707                  9,745
due within one year              --------                -------

NET CURRENT ASSETS                              27,480                10,130
                                              --------              --------
TOTAL ASSETS LESS CURRENT                      451,917               432,391
LIABILITIES

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

NET ASSETS                                     388,917               369,391
                                              --------              --------
CAPITAL AND RESERVES
Called up share capital                         14,448                14,448
Share premium account                            1,493                 1,493
Other reserves
  Capital reserve - realised                   246,759               219,526
  Capital reserve - unrealised                 114,452               122,046
Revenue Reserves                                11,765                11,878
                                              --------              --------
TOTAL SHAREHOLDERS' FUNDS                      388,917               369,391
                                              --------              --------

        

CONSOLIDATED CASH FLOW STATEMENT
For the year ended 31 December 2000

                               
                                            2000         1999 (re-stated)

                                      £'000      £'000    £'000     £'000   
NET CASH INFLOW FROM OPERATING
ACTIVITIES                                      14,279             13,466

RETURN ON INVESTMENTS AND 
SERVICING OF FINANCE

Interest paid                       (4,559)              (3,033)
Preference dividends paid                -                  (34)
                                   -------               -------
Net cash outflow from return on
investments and servicing of
finance                                         (4,559)             (3,067)

TAXATION
UK tax recovered                                   268                 599

CAPITAL EXPENDITURE AND FINANCIAL
INVESTMENT
Purchases of investments           (123,048)            (112,857)
Sales of investments                140,785               79,717
                                   --------             --------
Net cash inflow/(outflow) from
capital expenditure and financial
investment                                     17,737               (33,140)
EQUITY DIVIDENDS PAID                         (12,703)              (11,517)
                                              -------               -------
CASH INFLOW/(OUTFLOW) BEFORE
MANAGEMENT OF LIQUID 
RESOURCES AND FINANCING                        15,022               (33,659)

MANAGEMENT OF LIQUID RESOURCES
Short term money market deposits
placed                                         (7,430)               (2,710)
                                               ------                -------
                                                7,592               (36,369)

FINANCING
Gross proceeds from issue of
debenture stock                          -                  38,000
Payments on cancellation of
preference stocks                        -                    (996)
                                   -------                 -------  
                                                     -                37,004
                                               -------                ------
INCREASE IN CASH                                 7,592                   635
                                               -------                ------

RECONCILIATION OF NET CASH
FLOW TO MOVEMENT IN NET DEBT
Increase in cash                     7,592                      635
Short term money market 
deposits placed                      7,430                    2,710
Issue of debenture stock                 -                  (38,000)
Non cash movements                       -                      456 
                                    ------                  -------
Change in net debt                             15,022                 (34,199)
Net debt at 1 January                         (46,249)                (12,050)
                                              -------                 -------
Net debt at 31 December                       (31,227)                (46,249)
                                              =======                 =======



DIVIDEND

The directors will recommend to shareholders at the annual general meeting to
be held on 26 March 2001 that a final dividend of 15.90 pence per ordinary
share be paid on 30 March 2001, to shareholders on the Register at the close
of business on 16 March 2001.  

Net Assets

                                                  
                                                   2000            1999
                                                 (audited)       (audited)

Net asset value per ordinary share                672.95p          639.16p 


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 1999 and 31 December 2000.  The 2000 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 2000 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 1999,
    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.

Contact:   Chris Burvill        Telephone: [phone]

           Investec Investment Management Limited