Final Results - Year Ended 31 December 1999

Temple Bar Investment Trust PLC
15 February 2000


HIGHLIGHTS:

*  Total return on net assets up by 13.9%
*  Share price up by 10.2%
*  Final dividend increased by 10.2%

CHAIRMAN'S STATEMENT

RESULTS

Temple Bar's post tax income for the year to 31 December 1999 was £12.1
million, a 9% increase on the previous year; however, this figure does include
some benefit from the use of the debenture proceeds received early in the
year.  In keeping with the policy of recent years the directors have proposed
a final dividend of 14.45p, representing an increase of 10% for the year as a
whole.  The dividend will be paid on 31 March 2000 to shareholders on the
register on 17 March 2000.  I must however re-emphasise the Chairman's
comments last year that this rate of increase may not be sustainable in the
future.

Asset performance last year was very much one of contrasting halves, with a
good performance at the interim stage being reversed sharply by the year end. 
Although we normally quote total asset performance, the increase of 19% is
distorted by the debenture issue and it is therefore more appropriate this
year to look at the net asset total return of 13.9%.  This compares with a
total return of 24.2% for the All Share and 16.9% for the Higher Yield Index. 
Shareholders may well be aware of the trends which have given rise to this
performance, most notably the dramatic growth of technology related companies.
 By their nature, highly rated with little or no dividend yield, these stocks
rarely sit comfortably within a higher yielding portfolio. 

INVESTMENT BACKGROUND

For a year in which initial expectations had been for negative or only very
modest GDP growth, the final outturn of close to 2% displayed yet again the
resilience of this protracted expansionary period.  The rate of inflation
which under different circumstances might have been expected to accompany
accelerating growth, especially with rising commodity prices, remained benign
and well below the Government's target of 2.5%.

On the surface this should have been a good background for both gilts and
equities, but in practice expectations grew steadily during the year that the
lower interest rate policy had served its purpose, while signs of overheating
in certain areas of the economy reinforced the view that rates would start to
head up again.  The result was that support for gilts was weak for most of the
year.  Much of the equity market, therefore, felt the pressure not just from
weaker gilts and rising interest rates but also from the ensuing strength of
Sterling, particularly against the Euro.

This rather negative scenario for most companies turned out to provide ideal
conditions for the boom we have seen in the Technology related sectors of the
market where valuations depend not so much on current profits but expectations
of profits likely to be generated in the future.  As a consequence investors
have been willing to buy into these new investments while, at the same time,
selling established companies, in many cases causing them to reach price
levels where we believe them to be significantly undervalued.

OUTLOOK

The outlook for the UK stock market now depends substantially on the ability
of the US authorities to see through a steady slowdown in growth without
jeopardising valuations on Wall Street.  This is by no means impossible, and
success would provide support for UK valuations which, to a lesser extent,
face the same challenges. In the short term this means that further rises in
domestic interest rates and consequent market volatility can be expected. 
However, low equity valuations across a range of sectors together with
prospects of eventual support from the gilt market should allow investors to
look towards a better longer term outlook.  

ITS CAMPAIGN

During the year the Association of Investment Trust Companies embarked upon a
major marketing campaign to increase awareness of the value to be obtained by
investing in the ordinary shares of investment trusts.  Your Company is
participating in this campaign under the 'its' logo as we believe that it will
be of long term value to shareholders by helping to encourage increased
investment in investment trusts, thereby reducing the general level of
discounts applying to investment trust shares.  A total of £71,000 net of VAT
was paid by the Company in the year as an initial pro rata contribution
towards the cost of the campaign.

ANNUAL GENERAL MEETING

The annual general meeting will be held at 11am on Monday, 27 March 2000 at 2
Gresham Street, London EC2.  I look forward to meeting as many shareholders as
are able to attend.

COLIN BLACK

Following the annual general meeting we shall be losing the services of Mr
Colin Black as a Director, as he is not seeking re-election.  Colin has been a
Director since 1963 and his extensive knowledge of the financial world in
general and investment trusts in particular has been of immense value to the
Board and to the Company.

He brought experience and a keen analytical mind to the Company's business and
his independent judgement was immensely useful to his colleagues.  We shall
miss his advice and invaluable contributions to our Board discussions, and
wish him well in his retirement.



15 FEBRUARY 2000                   RONALD SCOTT BROWN



TWENTY LARGEST EQUITY HOLDINGS
AT 31 DECEMBER 1999


COMPANY                                              VALUATION        % OF
                                                         £        TOTAL ASSETS

BP Amoco                                              28,527,270     6.45
Shell                                                 22,428,485     5.07
BT                                                    20,367,709     4.61
Lloyds TSB Group                                      19,870,274     4.50
Glaxo Wellcome                                        15,260,800     3.45
Cable & Wireless                                      14,273,583     3.23
Rio Tinto                                             11,278,225     2.55
CGU                                                   10,890,698     2.46
Boots                                                 10,216,563     2.31
HSBC                                                   9,406,050     2.13
Dixons Group                                           9,270,393     2.10
Safeway                                                8,713,366     1.97
Prudential                                             8,128,350     1.84
Royal Bank of Scotland                                 7,516,994     1.70
Diageo                                                 7,385,044     1.67
Carlton Communications                                 7,264,330     1.64
National Westminster                                   7,260,793     1.64
Guinness Flight Institutional UK Smaller Companies     7,237,465     1.64
Bass                                                   6,900,713     1.56
Hilton Group                                           6,600,910     1.49
                                                     ___________    _____
                                                     238,798,015    54.01



STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT) OF THE GROUP
For the year ended 31 December 1999

                               
                                     1999                      1998

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

Gains on investments             -   37,443   37,443       -  28,105   28,105
Income                      17,286        -   17,286  15,451       -   15,451
Investment
 Management Fee               (672)    (672)  (1,344)   (579)   (579)  (1,158)
Other expenses                (580)       -     (580)   (463)      -     (463)
                            ______   ______   ______  ______  ______   ______
  
NET RETURN BEFORE FINANCE
COSTS AND TAXATION          16,034   36,771   52,805  14,409  27,526   41,935
Interest Payable            (2,090)  (2,089)  (4,179) (1,250) (1,249)  (2,499)
                            ______   ______   ______  ______  ______   ______ 

RETURN ON ORDINARY ACTIVITIES
BEFORE TAXATION             13,944   34,682   48,626  13,159  26,277   39,436 
Taxation                    (1,822)     393   (1,429) (2,026)    329   (1,697)
                            ______   ______   ______  ______  ______   ______

RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION              12,122   35,075   47,197  11,133  26,606   37,739 
Preference dividends 
   (non-equity)                (20)       -      (20)    (44)      -      (44)
                            ______    ______  ______  ______  ______   ______


RETURN ATTRIBUTABLE TO
ORDINARY SHAREHOLDERS      12,102    35,075   47,177  11,089  26,606   37,695
Ordinary dividends 
  (equity)                (12,310)        -  (12,310)(11,161)      -  (11,161)
                           ______    ______   ______  ______  ______   ______


TRANSFER (FROM)/TO           (208)   35,075   34,867     (72) 26,606   26,534 
RESERVES                   ======    ======   ======  ======  ======   ======

RETURN PER ORDINARY
SHARE                      20.96p    60.74p   81.70p  19.24p  46.17p   65.41p 
   
DIVIDENDS PER ORDINARY
SHARE                      21.30p                     19.36p      


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.



DIVIDEND

The directors will recommend to shareholders at the annual general meeting to
be held on 27 March 2000 that a final dividend of 14.45 pence per ordinary
share be paid on 31 March 2000, to shareholders on the Register at the close
of business on 17 March 2000.  

Net Assets

                                                  
                                                   1999            1998
                                                 (audited)       (audited)

Net asset value per ordinary share                639.16p          579.56p 


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 1998 and 31 December 1999.  The 1999 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 1999 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 1998,
    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.


15 February 2000


Contact:   Chris Burvill        Telephone: [phone]

           Investec Guinness Flight Investment Management Limited