Final Results - Year Ended 31 January 2000

Martin Currie Portfolio Investment Trust PLC 14 March 2000 Martin Currie Portfolio Investment Trust plc First annual results * Net asset value up 8.3% compared with 4.7% for the benchmark The board of Martin Currie Portfolio Investment Trust has today announced the company's results for the period from incorporation to 31 January 2000. In the period from launch, 22 March 1999, the net asset value per share has risen by 8.3% from 101.5p to 110.0p. This compares with a rise of 4.7% in the trust's benchmark, the FTSE All-Share Index. This excellent performance has been achieved mainly by good stock selection in international stockmarkets. The board has declared a final dividend of 0.92p, giving a total of 1.42p per share for the period. This amounts to a time weighted increase of 2.9% over the dividend paid to Scottish Eastern shareholders for the year to 31 January 1999, which is ahead of inflation. Earnings per share were 1.66p, including a number of non-recurring special dividends, allowing us to establish revenue reserves. Sir John Kemp-Welch, the chairman of Martin Currie Portfolio Trust, said: 'I am delighted that the managers have performed so strongly in the trust's first year. We are supporting the managers' achievements with marketing initiatives including the launch of a dedicated website and branded advertising to capitalise on the second wave of the AITC its campaign. Together with the purchase for cancellation of approximately 5.4 million shares, these moves will both enhance shareholder value and improve the way in which we present the trust to existing and potential shareholders. 'I am retiring as chairman at this year's annual general meeting and will be followed by Peter Berry. It has been a great privilege to serve your trust whose board and incoming chairman are committed to ensuring its successful future.' For further information, please contact: Tom Walker Martin Currie Investment Management Ltd 0131 229 5252 tomw@martincurrie.com Fiona Harris Quill Communications 020 7 618 8905 fiona.h@quillcommunicate.com MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Statement of total return (incorporating the revenue account) for the period ended 31 January 2000 2000 (Unaudited) Revenue Capital Total £'000 £'000 £'000 Net gains on investments - realised - 1,294 1,294 - unrealised - 27,925 27,925 Net currency losses - (1,258) (1,258) Income - franked 5,469 - 5,469 - unfranked 1,618 - 1,618 Investment management fee (573) (1,145) (1,718) Performance bonus - (708) (708) Other expenses (682) - (682) ------ ------ ------ Net return before finance costs and 5,832 26,108 31,940 taxation Interest payable and similar charges (263) (527) (790) ------ ------ ------ Return on ordinary activities before 5,569 25,581 31,150 taxation Taxation on ordinary activities (237) 118 (119) ------ ------ ------ Return on ordinary activities after 5,332 25,699 31,031 taxation for the financial period Dividends in respect of equity shares (4,524) (4,524) : 1.42p per share ------ ------ ------ Transfer to reserves 808 25,699 26,507 ------ ------ ------ Return per ordinary share 1.66p 8.02p 9.68p 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 period ending 31 January 2000 of 0.92p per share to be paid on 19 May 2000 to shareholders on the register on 24 March 2000. 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 Unaudited balance sheet as at 31 January 2000 £000 £000 Investment at market value Listed on The Stock Exchange in the UK 259,176 Listed on stock exchanges abroad 101,715 _______ 360,891 Current assets: Debtors 15,965 Cash in bank 13,273 ______ 29,238 Creditors: Amounts falling due within one year 20,861 ______ Net current assets 8,377 _______ Total assets less current liabilities 369,268 Creditors: Amounts falling due after one year 20,000 _______ Total assets attributable to share capital 349,268 _______ Capital and reserves Called-up ordinary capital 15,881 Capital reserve 25,699 Share premium 159,208 Capital redemption reserve 136 Special distributable reserve 147,536 Revenue reserve 808 _______ 349,268 _______ Net asset value per ordinary share 109.96p _______ MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc UNAUDITEDSTATEMENT OF CASH FLOW PERIOD ENDED 31 JANUARY 2000 £000 £000 Operating activities Net dividends and interest 5,377 received from investments Underwriting commission received 27 Interest received from deposits 514 Investment management fee (1,296) Cash paid to and on behalf of directors (51) Bank charges (30) Other cash payments (448) _______ Net cash inflow from operating 4,093 activities Servicing of finance Interest paid (388) _______ Net cash outflow from servicing (388) of finance Capital expenditure and financial investment Payments to acquire investments (167,765) Receipts from disposal of investments 129,482 Exchange differences (573) _______ Net cash outflow from capital (38,856) expenditure and financial investment Equity dividends paid (1,602) Dividends paid ______ Net cash outflow before use of (36,753) liquid resources and financing Financing Net cash acquired with Scottish Eastern Investment Trust scheme 24,180 of reconstruction Repurchase of ordinary share capital (1,385) Movement in short-term borrowings 6,001 Movement in long-term borrowings 20,000 _______ Net cash inflow from financing 48,796 ______ Increase in cash for the period 12,043 ______

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