Final Results

To: London Stock Exchange
For immediate release
17 March 2003
                                    
Martin Currie Portfolio Investment Trust plc
Results for the year ended 31 January 2003

Chairman's statement

In another terrible period for global stockmarkets, the company's net
asset value per share (NAV) fell by 27.5% in the 12 months to 31 January
2003. It will be small comfort to shareholders that this performance was
somewhat better than that of the benchmark FTSE All-Share index, which
declined by 31.0%. The company's share price fell by 28.3%, as the
discount widened marginally, from 10.4% to 11.3%. Since it started
trading in March 1999, the company's NAV has fallen by 35.8%, compared
with the benchmark's loss of 39.4%. The Manager gives more information
on the market conditions and performance in his report.

Earnings per share recovered the previous year's decline, to stand 7.8%
above the level achieved in 2000/01. The Board, in line with its policy
of increasing the dividend modestly more than the rate of inflation, is
recommending a final dividend of 1.05p per share. This makes a total of
1.55p for the year, an increase of 3.3% on last year.

An Extraordinary General Meeting will follow this year's Annual General
Meeting on 20 May 2003. At this meeting we shall ask shareholders to
approve the cancellation of the company's share premium account. We are
proposing this in anticipation of the opportunity shareholders will have
to redeem their shares at NAV less applicable costs after the AGM in
2004.

If approved, this resolution will also grant the company additional
flexibility to continue a programme of share buybacks. In the 12 months
to 31 January 2003, 12,392,505 shares were repurchased, some 4.0% of
those outstanding at the beginning of the period. In addition to
enhancing the trust's NAV, the buybacks have also reduced the volatility
of the discount to NAV in the company's share price.

In my interim statement, I expressed our appreciation for the
contribution of Baroness Hogg, who retired from the Board in December.
We were delighted, in January, to welcome Gillian Nott to the Board as a
new independent director. Gillian has extensive experience of investment
trusts and of financial services more widely, particularly representing
the interests of individual shareholders.

After three years of losses, equities are, by any normal measurement,
showing fundamental value but, for a number of well-publicised reasons,
investors' confidence has been severely damaged and the situation in
regard to the Middle East, as but one of many global uncertainties, has
exacerbated negative sentiment. However as Tom Walker indicates in his
review, this does present individual opportunities for us in seeking to
improve returns to shareholders, but we also need a return of confidence
to the markets.

Manager's report

Review
Although the world economy did grow in 2002, by around 2.5%, recovery
was fragile and lacked momentum. Early in 2003, compounded by threat of
war, confidence in the outlook for the world's major economies remains
low.

Where cash was available, investors preferred property, shopping and, at
the end of the year, repayment of debt, to investment in an asset class
that has, at least on paper, lost them so much money over the last three
years. Corporate scandals did not help. In the UK in particular,
insurance companies were forced to sell equities. This exacerbated
market falls.

This is the background to the 28% fall in the company's share price and
net asset value per share decline, also of 28%, over the last 12 months.
It gives me little satisfaction that the company's share price
outperformed the benchmark (which fell by 31%), so I will keep my
explanation of performance short.

As the year progressed, I became increasingly cautious. I raised cash
and moved the portfolio into less risky sectors. Tobacco, in which the
portfolio is overweight, rose by 5%. But it was one of only two
industries in the FTSE All-Share index to rise over the year. The major
industries fell sharply: oil and gas was down by 27%, telecoms by 31%,
banks by 32% and pharmaceuticals by 35%. The World ex-UK index fell
further than the UK market. So there was no refuge in overseas markets.

Martin Currie Capital Return Trust also fell in value, but outperformed
significantly. As the company receives cash from its "A" share holding
in Martin Currie Capital Return Trust, there will be an uplift in net
asset value from the underlying realisations.

Outlook
The pessimism of a year ago has deepened to a level that suggests a lot
of bad news is now discounted. Dividend yields are higher than bank
deposit rates; central banks and many governments are doing their utmost
to boost liquidity and confidence. That liquidity, or cash, needs to
find a home. When confidence returns, equities should appeal more than
gold, bonds, property or bank deposits.

With ongoing economic gloom and the possibility of war, the short-term
direction of the market is difficult to forecast. The company is fully
invested but has scope to utilise borrowings more fully. I will take
advantage of weakness in the market to invest in companies that I
believe are undervalued and in which the company can make money once the
uncertainty diminishes.

Though heightened, competitive pressures are not a new phenomenon- there
will always be winners and losers in all sectors. Strong cash flow, a
sound balance sheet and an improving outlook are the key qualities in
the companies I am targeting.

For further information, please contact:

Tom Walker or Michael Woodward
Martin Currie Investment Management Ltd                0131 229 5252
[e-mail]/[e-mail]

Unaudited statement of total return (incorporating revenue account)
for the year ended 31 January 2003

                                    
                                                         
                                           Revenue    Capital      Total

                                              £000       £000       £000

Losses on          - realised                    -   (26,248)   (26,248)
investments
                   - unrealised                  -   (55,333)   (55,333)
Currency gains                                   -        224        224
Income             - franked                 6,038      5,909     11,947
                   - unfranked               1,731          -      1,731
Investment management fee                    (677)    (1,354)    (2,031)
Performance fee                                  -      (138)      (138)
Other expenses                               (562)          -      (562)
                                                                        
Net return before finance costs and          6,530   (76,940)   (70,410)
taxation
Interest payable and similar charges         (796)    (1,592)    (2,388)
                                                                        
Return on ordinary activities before         5,734   (78,532)   (72,798)
taxation
Taxation on ordinary activities              (167)          -      (167)
                                                                        
Return on ordinary activities after          5,567   (78,532)   (72,965)
taxation for the financial year
                                                                        
Dividends in respect of equity shares      (4,689)          -    (4,689)
(1.55p per share)
                                                                        
Transfer to/(from) reserves                    878   (78,532)   (77,654)
Return per ordinary share                    1.80p   (25.40p)   (23.60p)


The  final  dividend for the year ended 31 January  2003  of  1.05p,  if
approved, will be paid on 23 May 2003 to shareholders on the register on
25 April 2003.

Audited statement of total return (incorporating revenue account)
for the year ended 31 January 2002
                                    
                                                         
                                           Revenue    Capital      Total
                                              £000       £000       £000
                                                                        
Losses on       - realised                       -   (35,031)   (35,031)
investments
                - unrealised                     -   (43,357)   (43,357)
Currency gains                                   -        612        612
Income          - franked                    5,333        185      5,518
                - unfranked                  1,681          -      1,681
Investment management fee                    (769)    (1,538)    (2,307)
Performance fee                                  -          -          -
Other expenses                               (599)          -      (599)
                                                                        
Net return before finance costs and          5,646   (79,129)   (73,483)
taxation
Interest payable and similar charges         (841)    (1,682)    (2,523)
                                                                        
Return on ordinary activities before         4,805   (80,811)   (76,006)
taxation
Taxation on ordinary activities              (213)         86      (127)
                                                                        
Return on ordinary activities after          4,592   (80,725)   (76,133)
taxation for the financial year
                                                                        
Dividends in respect of equity shares      (4,689)          -    (4,689)
(1.50p per share)
                                                                        
Transfer from reserves                        (97)   (80,725)   (80,822)
Return per ordinary share                    1.47p   (25.83p)   (24.36p)
                                    

Balance sheet
                                 31 January 2003      31 January 2002
                                    Unaudited             Audited

                                 £000       £000      £000       £000
                                                                        
Fixed assets                                                            
Investment at market value                 206,887               305,221
                                                                        
                                                                   
Current assets                                                          
Debtors                              907                4,845           
Cash in bank                      33,882               21,622           
                                                                        
                                  34,789               26,467           
Creditors                                                               
Amounts falling due within      (10,642)             (15,166)           
one year
                                                                        
                                                                        
Net current assets                          24,147                11,301
                                                                        
Total assets less current                  231,034               316,522
liabilities
                                                                        
Creditors                                                               
Amounts falling due after one             (35,553)              (35,575)
year
                                                                   
Net assets                                 195,481               280,947
                                                                   
                                                                        
Capital and reserves                                                    
Called up ordinary capital                  15,009                15,629
Share premium account                      159,208               159,208
Capital redemption reserve                   1,008                   388
Special distributable reserve              135,167               142,979
Realised capital reserve                  (57,242)              (34,043)
Unrealised capital reserve                (59,915)               (4,582)
Revenue reserve                              2,246                 1,368
                                                                        
Equity shareholders' funds                 195,481               280,947
                                                                        
                                                                        
Net asset value per ordinary                65.12p                89.88p
share
                                                                        
                                                                        



Statement of cashflow
                              Year to 31 January    Year to 31 January
                                     2003                  2002
                                   Unaudited              Audited

                              £000       £000            £000   £000
Operating activities                                                    
Net dividends and interest   12,515                     6,756 
received from investments
Underwriting commission      27                             - 
received
Interest received from       845                          735 
deposits
Investment management fee    (2,115)                  (2,558) 
Cash paid to and on behalf   (139)                      (162) 
of directors
Bank charges                 (35)                        (53) 
Net taxation recovered       70                            22 
Other cash payments          (929)                      (660) 
                                                              
Net cash inflow from                    10,239                4,080
operating activities
                                                              
Servicing of finance                                          
Interest paid                  (2,776)                (2,196) 
                                                              
Net cash outflow from                   (2,776)               (2,196)
servicing of finance
                                                              
Capital expenditure and                                       
financial investment
Payments to acquire           (89,584)              (119,964) 
investments
Receipts from disposal of      106,802                128,088 
investments
                                                              
Net cash inflow from                    17,218                8,124
capital expenditure and
financial investment
                                                              
Equity dividends paid                   (4,663)               (4,595)
                                                              
Net cash inflow before                  20,018                5,413
financing
                                                              
Financing                                                     
Repurchase of ordinary         (7,758)                      - 
shares
Movement in short-term               -               (12,478) 
borrowings
Movement in long term                -                 10,000 
borrowings
                                                              
                                                              
Cash outflow from financing             (7,758)               (2,478)
                                                              
                                                              
Increase in cash for the                12,260                2,935
year