Final Results

To:Stock Exchange                      For immediate
                                          release:
                                        22 March 2004



                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc
               Annual results for the 12 months to 31 January 2004


  -    Net asset value per share rose by 27.5% in comparison to the benchmark, the
     FTSE All-Share index, which gained 27.0%.
-    A final dividend of 1.37p per share.  This makes a total of 1.87p for the
financial year, an increase of 20.6% on last year.
-    Share price total return of 40.0% as discount narrowed from 11.4% to 4.8%.
-    The outlook for the UK is still promising and this is where we invest the
major part of our portfolio.

Chairman's statement

Performance

The company's net asset value per share (NAV) rose by 27.5% in the year to 31
January 2004, just ahead of the 27.0% gain registered by the benchmark FTSE All-
Share index ("the index"). Over the same period, the share price increased by
36.9%, as the discount to NAV narrowed significantly, from 11.4% to 4.8%.
According to figures produced by The Association of Investment Trust Companies,
the company's share price total return of negative 16.8% over the three years to
31 January 2004 compares with the size-weighted average return for the global
growth sector of negative 24.8%.  Over the 12-month period to 31 January the
"average" return was 34.4%, while the company's return was a positive 40.0%.

Earnings per share increased sharply, for the second year in succession, to
stand 26.1% above the level achieved in 2002/03. The board is thus recommending
a final dividend of 1.37p per share. This makes a total of 1.87p for the year,
an increase of 20.6% on last year. We believe that this level of dividend is
sustainable, but will depend upon our income in future years. Our primary
objective remains growth in capital.

Share price

When the company was launched in March 1999, a right to redeem shares was built
into its Articles of Association. The first opportunity to redeem follows this
year's AGM. As I said in my letter which accompanied the notice of EGM in
November, discounts to NAV and the volatility of these discounts are
unfortunately a feature of many investment trusts and can detract from the Board
and manager's primary task of ensuring an excellent performance of the
investment portfolio and thus returns to shareholders. I am therefore glad that
shareholders approved the Board's proposal that, in addition to the five-yearly
redemption opportunity, we should operate a 'trigger' whereby, if the average
discount exceeds 7.5% over the twelve-week period prior to each financial year
end, a further redemption opportunity should become available. The average
discount in the 12 weeks prior to 31 January 2004 was 7.0% and at the time of
writing this report the discount was 2.4%.






Your board believes that the discount should be maintained, where possible, in
single figures. Our experience since setting this target is that very limited
use of share buybacks, combined with good relative performance, can achieve this
end. In the entire 12 months to 31 January 2004, the company bought back only
0.5% (1,613,235 shares) of the shares outstanding at the beginning of the
financial year. Although the law has recently changed to permit it, we have no
plans to take such shares into treasury and re-issue them at even a reduced
discount.

Thus we expect the share price to reflect more accurately the underlying
investment performance and, as Tom Walker says in his review which follows, we
view the prospects with confidence.


The Board

There have in the past year been significant changes to the Combined Code on
Corporate Governance for all companies, and to the Listing Rules for investment
companies. The Association of Investment Trust Companies has also produced its
own Code specifically for investment trusts. We believe that we comply in all
material respects with these standards.

Since the company's inception your board has had in place a structure of
committees and mechanisms to achieve a rigorous review of the company's affairs
and the performance of the investment managers, and to evaluate the board's own
mix of skills and its performance. I believe the blend of skills and experience
of individual directors has given strength to the board during a testing period
for investors. John Plant, who is resident in the USA, is now CEO of one of the
world's largest automotive equipment manufacturers which has just achieved an
independent listing. He feels he must stand down at the AGM, having served the
company since its foundation in 1999. He has brought a valuable perspective and
has maintained great commitment to the company; we are most grateful to him.


Outlook

The simultaneous rise in global stockmarkets over the last 12 months contrasts
with a somewhat more variable economic picture. Fiscal and monetary stimuli are
supporting the US economy, particularly in an election year, and China
continues, almost single-handedly, to fuel the remarkable surge in demand for,
and prices of, commodities. While there has been some 'irrational exuberance' in
China's stockmarkets, intra-Asian trade has developed strongly since the 1997
collapse, underpinning company performance elsewhere in South-East Asia and the
Japanese economy is improving slowly. Europe continues to stutter, with the
weakness of the dollar exacerbating concerns, but the UK looks more promising
and this is where we invest the major part of our portfolio.

Stockmarkets have moved in distinct phases as economic prospects have shifted.
2002 was a year for defensive stocks, while 2003 saw recovery stocks outperform,
mostly on a re-rating. Now, with equity valuations generally high, it is likely
that earnings growth will dictate market leadership this year. Finding stocks
anywhere in the world with strong profit potential, and careful use of
borrowings to 'gear' on these opportunities, will be the key to outperformance.






Manager's review

The 12 months to 31 January 2004 have seen a dramatic recovery in world
stockmarkets.  The net asset value of your shares rose by 27.5%, compared to a
27.0% rise in the index. We have invested in a broad spread of industries and
geographies, used gearing and currency hedges and selectively bought back the
trust's own shares to achieve this performance.

The assets of the trust include a core portfolio of UK shares and a focussed
selection of overseas shares. The trust also has a commitment to private equity,
principally through its investment in Martin Currie Capital Return Trust
(MCCRT), a quoted fund-of-funds investment trust.

UK shares

The largest proportion of our portfolio is invested in a balanced selection of
companies quoted in the UK.  We look for companies where positive changes are
happening which we believe have not yet been recognised by the market.   Take
the revenue growth and margin improvements being enjoyed by UK housebuilder
Persimmon Holdings, for example. The market has felt for some months that these
were about to collapse. They continue to improve.  Another example is Man Group.
It specialises in alternative investment strategies, sometimes known as hedge
funds, does it well and is growing very strongly.  We believe that these
vehicles are still in the early stages of development, and so Man Group's
valuation should discount many more years of growth than it does. Meanwhile, we
believe that commodity prices are going to continue rising for longer than many
people think.  The large UK-based metal and mining companies, BHP, Anglo
American, Rio Tinto and Xstrata, all of which we have held during the year, have
done very well.

The UK market has been led in the last year by recovery stocks like Cable and
Wireless and Colt Telecom.  Because of their fundamentals, I have not bought
into many of these stocks. However, we have also seen strong performances from
sectors where earnings have continued to grow well. Construction and basic
industries have been areas where tight supply and robust demand have kept
earnings buoyant.  There have also been stocks where management has got it right
and results have remained good - despite the struggle felt by many competitors.
Retailer Next, which we held for much of the year, is one example.  Our UK
portfolio rose strongly.

Overseas shares

While we do focus predominantly on the UK, it would be naive to think that UK
companies are the best in the world; or that the UK economy is.  Why then should
we restrict ourselves to investing only in the UK?  For this reason, we bring
our best ideas around the globe together in a focussed portfolio of overseas
shares.  These may be companies that are more attractive than their UK
counterparts.

For example, we hold North American energy stock, Encana.  Natural gas is in
short supply in North America and, while BP and Encana have vast natural gas
reserves there, 90% of Encana's reserves are in natural gas, against only 50% of
BP's.  Equally, UK-quoted Wolseley distributes construction materials in Europe
and North America.  It has done very well and we rate its management highly.
Operating in a similar sector, but based in Thailand is Siam Cement. Thailand's
economy is growing at twice the rate of mature western economies.  That backdrop
has allowed Siam Cement to do even better.

Over the reporting period, the shares that we hold in overseas markets have
performed particularly well, rising by 40.7%.  Especially strong have been a
number of Asian stocks, but European companies have also provided good returns.
With the benefit of our hedging of the US dollar, our investments in the US have
also done well.






Private equity

An investment in private equity is longer term than one in a quoted stock.
Typically, there is a five-year period between making the investment and selling
it.  During that period the investment's valuation moves in a steadier fashion
than the prices of quoted shares.  This explains why, in a year when the index
leapt 27.0%, our principal private equity investment, MCCRT, has done less well,
rising by 13.6%.  But this has barely detracted from its excellent long-term
record. I expect steady appreciation over coming months as MCCRT continues to
sell its underlying investments.  Private equity is certainly an asset class to
which this trust will remain committed and this is an attractive stage in the
cycle as corporate activity is picking up so dramatically.

Outlook

A year ago, the war with Iraq was imminent and confidence in the economic
recovery was fragile. Investors in equities, having just ended a year in which
the index fell by 31.0%, had lost confidence.

Now, despite the end of the ground war in Iraq, winning the peace is not as
advanced as many would have hoped.  Security against terrorism remains an issue
that will not go away for many years.  There are some signs that we are coming
to terms with this fact.

I am more confident in the state of the world economy now.  Concerns remain over
debts, the weakness of the dollar and, related to that, the escalation in the US
trade deficit. But the stimulus from fiscal and monetary policy seems likely to
stay in place for most of this year.  Two very important economies, China and
the US, have considerable positive momentum. Meanwhile, the UK looks good, and
Europe should improve shortly.

Of course, much of this good news has been reflected in the 27.0% stockmarket
gain that we have just enjoyed.  But I do believe that growth in earnings will
surprise positively in many areas this year.  With bonds still unattractive and
interest rates and inflation still close to historic lows, I believe we can
continue to make money in equities in the year ahead.


                                    - ends -

For further information, please contact:

Tom Walker/Mike Woodward                     0131 229 5252

Martin Currie Investment Management Ltd
[e-mail]/[e-mail]






                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
Statement of total return (incorporating the revenue account) for the year ended
                                   31 January



                                                2004 (Unaudited)
                                         Revenue        Capital           Total
                                            £000           £000            £000
Gains on investments   -                       -          1,599           1,599
                       realised
                       -                       -         49,770          49,770
                       unrealise
                       d
Currency losses                                -          (218)           (218)
Income                 - franked           6,802          4,071          10,873
                       -                   1,809             14           1,823
                       unfranked
Investment management fee                  (528)        (1,055)         (1,583)
Performance fee                                -          (454)           (454)
Other expenses                             (416)              -           (416)
                                         _______        _______         _______
Net return before finance costs            7,667         53,727          61,394
and taxation
Interest payable and similar               (795)        (1,590)         (2,385)
charges
                                         _______        _______         _______
Return on ordinary activities              6,872         52,137          59,009
before taxation
Taxation on ordinary activities             (82)              -            (82)
                                         _______        _______         _______
Return on ordinary activities              6,790         52,137          58,927
after taxation

Dividend in respect of equity            (5,573)              -         (5,573)
shares
                                         _______        _______         _______
Transfer to reserves                       1,217         52,137          53,354
                                         _______        _______         _______
Return per ordinary share                  2.27p         17.44p          19.71p




Subject to approval at the forthcoming Annual General Meeting, the directors
have declared a final dividend on the ordinary shares of the company for the
year ending 31 January 2004 of 1.37p per share (2003: 1.05p) to be paid on 11
June 2004 to shareholders on the register on 21 May 2004. These are not full
statutory accounts in terms of Section 240 of the Companies Act 1985.  The full
audited accounts for the year to 31 January 2003, which were unqualified, have
been lodged with the Registrar of Companies. The annual results will be
circulated to shareholders in the form of an annual report, copies of which will
be available at the company's registered office, Saltire Court, 20 Castle
Terrace, Edinburgh EH1 2ES.

















                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
Statement of total return (incorporating the revenue account) for the year ended
                                   31 January



                                                 2003 (Audited)
                                         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           6,530        (76,940)        (70,410)
and taxation
Interest payable and similar              (796)         (1,592)         (2,388)
charges
                                        _______         _______         _______
Return on ordinary activities             5,734        (78,532)        (72,798)
before taxation
Taxation on ordinary activities           (167)               -           (167)
                                        _______         _______         _______
Return on ordinary activities             5,567        (78,532)        (72,965)
after taxation

Dividend in respect of equity           (4,689)               -         (4,689)
shares
                                        _______         _______         _______
Transfer to/(from) reserves                 878        (78,532)        (77,654)
                                        _______         _______         _______
Return per ordinary share                 1.80p        (25.40p)        (23.60p)






















                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                                  BALANCE SHEET


                                                 As at 31        As at 31 Jan
                                               January 2004     2003 (Audited)
                                               (Unaudited)
                                           £000       £000      £000       £000
Investments at market value

Listed on The Stock                                209,348              171,559
Exchange in the UK
Listed on stock exchanges                           55,990               35,328
abroad
Unlisted at directors'                                 140                    -
valuation
                                                    ______               ______
                                                   265,478              206,887

Current assets
Debtors                                   4,489                  907
Cash at bank                             24,376               33,882
                                          _____                _____
                                         28,865               34,789
Creditors
Amounts falling due within             (46,529)             (10,642)
one year
                                          _____                _____

Net current                                       (17,664)               24,147
(liabilities)/assets
                                                    ______               ______
Total assets less current                          247,814              231,034
liabilities

Creditors
Amounts falling due after                                -             (35,553)
one year
                                                    ______               ______
Net assets                                         247,814              195,481
                                                    ______               ______

Capital and reserves
Called up ordinary capital                          14,928               15,009
Share premium account                              159,208              159,208
Capital redemption reserve                           1,089                1,008
Special distributable                              134,146              135,167
reserve
Realised capital reserve                          (54,875)             (57,242)
Unrealised capital reserve                        (10,145)             (59,915)
Revenue reserve                                      3,463                2,246
                                                    ______               ______
Equity shareholders' funds                         247,814              195,481
                                                    ______               ______

Net asset value per                                 83.00p               65.12p
ordinary share







                 MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                            STATEMENT OF CASH FLOW
                                           Year ended         Year ended 31
                                           31 January         January 2003
                                              2004               Audited
                                            Unaudited

                                            £000       £000      £000      £000
Operating activities
Net dividends and interest received       11,846               12,515
from investments
Underwriting commission received              54                   27
Interest received from deposits              891                  845
Investment management fee                (2,228)              (2,115)
Cash paid to and on behalf of              (117)                (139)
directors
Bank charges                                (21)                 (35)
Net taxation (paid)/recovered               (66)                   70
Other cash payments                        (428)                (929)

Net cash inflow from operating                        9,931              10,239
activities

Servicing of finance
Interest paid                            (2,397)              (2,776)

Net cash outflow from                               (2,397)             (2,776)
servicing of finance

Capital expenditure and
financial investment
Payments to acquire                     (71,361)             (89,584)
investments
Receipts from disposal of                 59,980              106,802
investments

Net cash (outflow)/inflow from
capital expenditure and                            (11,381)              17,218
financial investment

Equity dividends paid                               (4,635)             (4,663)

Net cash (outflow)/inflow                           (8,482)              20,018
before financing

Financing
Repurchase of ordinary share             (1,024)              (7,758)
capital


Net cash outflow from                               (1,024)             (7,758)
financing

(Decrease)/increase in cash                         (9,506)              12,260
for the period