Change of Directors Responsible for Trusts

Martin Currie Portfolio Investment Trust PLC
15 December 1999


                    Martin Currie-managed investment trusts

                      Change of directors responsible for
               Martin Currie Portfolio Investment Trust plc and
                    Martin Currie Capital Return Trust plc

Martin Currie, the independent investment management group, announces today a
change of director for two of the investment trusts it manages. Both the
trusts concerned were successor vehicles to Scottish Eastern.

With effect from 1 February 2000, Tom Walker will become manager of Martin
Currie Portfolio Trust. He will be responsible for ensuring that Martin
Currie's investment philosophy and process are applied consistently across the
trust's portfolio. He will continue as head of Martin Currie's Americas team.

Also as of 1 February 2000, Hamish Mair will become manager of Capital Return
Trust. Hamish has been closely involved with the trust from inception and used
to manage the unquoted assets of Scottish Eastern, which are now held by
Capital Return.

Martin Currie also announces that Michael Woodward will be joining the company
on 10 January 2000 as a director in its Opportunities Funds & Investment
Trusts (OFITS) team. Mike worked at Ivory & Sime for 15 years and has
considerable experience in investment, marketing and client services. He will
have no investment responsibilities. His role will be to work with other
members of Martin Currie's OFITS team in the management of relationships with
boards, shareholders and financial advisers.

Commenting, Martin Currie director and OFITS head Allan MacLeod said:

'Investment trusts are a vital part of our business. These three appointments
will help us meet our aims: superior, long term performance, and client
service that doesn't just meet standards, but sets them.'

For further information, please contact:

Allan MacLeod
Martin Currie Investment Management Ltd               0131 229 5252
[e-mail]

Fiona Harris
Biddick Harris                                        0171 539 5757
[e-mail]