Final Results

To:  Stock Exchange                 Embargoed until:
                                    7.00am 2 March 2005



                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc
               Annual results for the 12 months to 31 January 2005


Chairman's statement

Your trust now has a net asset value of £149 million, following the
redemption on 30 June 2004.  It has maintained a balanced spread of investments
across UK and international stocks and private equity.

Performance

After several difficult years, I am delighted to report a second successive year
of rising equity markets.  The company's net asset value (NAV) per share rose by
11.0% in the year to 31 January 2005 and the share price increased by 7.6%.
Over the three years to 31 January 2005, according to AITC statistics, the
company's NAV and share price total return have been, respectively, 9.0% and
13.8%. This compares to the average of the Global Growth investment trust sector
of 3.7% and 5.8%.  Additionally, the average discount of this sector at 31
January 2005 was 11.0%, against 7.7% on that date for the company.

Discount

Your board believes that the discount, as disclosed on the Association of
Investment Trust Companies' (AITC) basis, should be maintained, where possible,
in single figures utilising, as necessary, the company's buyback powers. From 30
June 2004 to 31 January 2005 we have bought back 3,642,941 shares, or 2.2% of
the share capital as at 30 June 2004.

Shareholders will be aware that, in addition to the five-yearly redemption
opportunity, next available in 2009, the company has a 'trigger' whereby, if the
average discount exceeds 7.5% over the 12-week period prior to each financial
year-end, a further redemption opportunity should become available. In the 12
weeks to 31 January 2005, the average discount was 7.2%.  Thus our objective of
stabilising the discount has been achieved, allowing the manager to concentrate
on his primary task, investment performance.

Earnings and dividends

Earnings per share (EPS) have increased sharply for the third year in succession
to stand at 3.18p, 40.1% above the level achieved in 2003/04. As I mentioned in
my interim statement, one of the main reasons for this was that we received an
interim dividend from our holding in Martin Currie Capital Return Trust,
boosting our overall income receipts.

This amount, equivalent to 0.71p per share, was paid to shareholders as a
special interim dividend.

The weighted average number of shares outstanding is used to calculate EPS. In
addition, we are not permitted to retain more than 15% of the income earned from
securities in the year and this minimum dividend is calculated on the actual
number of shares in issue at the dividend payment date.

The board is recommending a final dividend of 1.49p which, together with the
interim dividend of 0.50p, amounts to 1.99p, an increase of 6.4% for the year.
In addition, a further special dividend of 0.90p is recommended which, together
with the earlier special dividend of 0.71p, makes a total dividend for the year
of 3.60p.

The Board

In my interim statement, I announced the appointment of Ian Bodie as a director
of the company. As is required by our articles of association, Ian is standing
for election at this year's Annual General Meeting (AGM) and I commend him to
you. Douglas Kinloch Anderson and I are required to retire from the board by
rotation and we each offer ourselves for re-election. Each director brings
different relevant skills to the board table.

Joe Scott Plummer has been a director of the company since its inception in
1999. He has also been an employee of the company's managers, Martin Currie,
since 1980, latterly as Chairman. He will not offer himself for re-election when
he, too, retires at the AGM. Recognising that the new listing rules will deem
Joe to be 'non-independent' with effect from 1 April, I can nonetheless say
unequivocally that he has brought both independence of mind and of action to the
board's deliberations over the last six years, for which we are most grateful.

Strategy and Outlook

Your board believes that while, as its name implies, shareholders expect the
company to provide them with access to a carefully considered portfolio of
investments, they do not seek simply to track the FTSE All-Share index. However
the board considers that this index remains the most appropriate benchmark for
comparison. Our broad investment split is widely divergent from this entirely UK
index, with approximately 20% of the portfolio invested internationally and 15%
in private equity.

We want to encourage the manager to back his judgement (within sensible
investment guidelines set by the board and reviewed at every board meeting)
across the portfolio as a whole, while decreasing the fixed costs of management.
With effect from 31 January 2005 we have therefore agreed with the managers a
new base fee of 0.5% of net assets (previously it was 0.6% of gross assets) with
an enhanced performance fee. This is capped at 1% of net assets, equivalent to
an outperformance against the FTSE All-Share index of almost 7%. Any
underperformance would have to be recovered before a performance fee became
payable. There is also an incentive to stay in positive territory in a market in
which the index falls below its baseline at 31 January 2005: the reward for
outperformance with a falling NAV per share is halved. It is intended that these
arrangements will avoid a previous anomaly, ensuring that no performance fee is
paid in any year unless the company has outperformed its benchmark.

These new arrangements reflect in part our view of the overall outlook for
investment. We consider that while indices should rise with economic growth,
there is potential for enhanced returns from correct selection of individual
sectors and stocks and in good timing, both of purchase and sale.  Our objective
is improving returns to shareholders over the medium and longer terms.

Manager's review

World stockmarkets have continued to make good progress over the last year,
albeit they still remain well below the levels at which so many peaked in 2000.
Despite a general trend of rising interest rates during the year, strong
economic growth has allowed companies to improve their performance. Reflecting
some ongoing reluctance by companies to commit to significant new investment,
the increase in corporate earnings has, in many cases, been exceeded by cash
flows. As a result, dividend payments have been a good source of incremental
return for investors. The UK was one of the best performing markets in the world
during the year: the FTSE All-Share index rose by 11.6%, while the FTSE World ex-
UK index rose by only 6.8%. Some of this difference derives from the weakness of
the dollar, which fell by 3.6% against sterling. In sterling terms the US market
rose by only 3.1%. The portfolio had relatively little exposure to the US and I
also hedged the US dollar exposure throughout the year. Nevertheless, this was
clearly a year in which investing overseas detracted from our relative
performance. Our investment in Martin Currie Capital Return Trust (MCCRT) has
continued to pay healthy realisations as well as higher than expected dividends.
I believe this remains a highly attractive asset.

Increasing the focus of the portfolio, I have continued to reduce the number of
stocks held. This process is particularly evident in the UK portfolio.

UK portfolio

The core of our portfolio is invested in a selection of companies quoted in the
UK. We look for companies where positive changes are happening which we believe
have not been recognised by the market.

From its low point in March 2003, the FTSE All-Share index has recovered
strongly. But, so too, have company profits and cash flows, so that the 3%
historic dividend yield on the market is relatively attractive. Economic growth
has been among the best in Europe and interest rates, which rose in the first
half of last year, have been stable since August and will probably remain around
these levels for the next year. There is full employment and so, despite high
levels of consumer debt, consumption should remain solid.  All of this means
that the UK should be a reasonable place for investment over the next year.

The portfolio is made up of companies whose share prices, I believe, should rise
over the next 12 months or so.  While views on the trends in the economy and
market can lead to an emphasis of certain themes or sectors over others in the
portfolio, easily the most important factor is the investment outlook for the
specific company I am buying or selling. Currently, the portfolio has a
significant exposure to resource stocks and construction and building material
companies. For example, during the year, I bought Vedanta, the mining company
with significant zinc reserves, and Cairn Energy, the oil and gas exploration
company with assets in India. I remain positive on the outlook for zinc and oil
prices, the former having lagged other commodities over the last year. In
contrast, I have had only a limited exposure to consumer cyclicals. This sector
includes retailers, leisure and media and entertainment stocks whose marketplace
remains fiercely competitive. So the only exposure to UK retailers is Kingfisher
whose subsidiary, B&Q, despite short term weakness, has an attractive longer
term outlook, I believe. I also hold Wolverhampton and Dudley, the regional
brewer. The attractions of these two stocks outweigh any sectoral aversion.

Overseas portfolio

The Martin Currie team brings its best ideas around the globe which I condense
into a focussed portfolio of about 30 overseas shares.  My focus is on companies
where I can see positive changes, indicating potential growth and strong cash
flow.

The world economy grew vigorously last year, although certain parts of
continental Europe and Japan were exceptions. The outlook for 2005/06 is more of
the same, in my opinion. The European economy still faces the challenge of a
strong currency and tepid consumer demand. Japan is improving, but at a very
slow pace. In contrast, China is on a path of multi-year expansion, which will
be interrupted from time to time when the economy overheats. One of those
interruptions occurred in 2004, still the economy grew by 9.5%!  Inflation and
investment growth rates have fallen to much more acceptable levels, so China
looks good for 2005/06. The US defies conventional economic theory in some
respects. The more it consumes, growing its deficits to record levels, the more
foreigners, including Japan's and China's central banks, are prepared to finance
that excess. I have no reason to suggest that this will change in 2005, though
investors will continue to worry about it.

As in the UK, the portfolio has an emphasis on resource stocks. New additions to
the portfolio in the last year include three North American oil and gas
companies. EOG Resources and Ultra Petroleum are two high growth exploration
companies with significant onshore gas reserves. Global Santa Fe is one of the
largest offshore drilling companies in the world. I expect exploration activity
to be strong over the next few years. Other new investments in the period
included Exelon, the US electricity generator; Arcelor, the European steel
manufacturer; Cintra, the Spanish toll road operator; and Orix, the Japanese
leasing company. Our overseas holdings are diverse by both geography and sector.

Private equity

An investment in private equity is longer term than an investment in the quoted
market place.  Typically, there is a five-year period between making the
investment and selling it. The company's principal private equity investment,
MCCRT, is, in part, a realisation vehicle and has returned significant capital
during the year. It was the one investment in the portfolio that I did not
reduce to fund the redemption last June. It is an attractive environment for
private equity, and MCCRT and other private equity investments have performed
well.  Private equity represents 16.6% of the portfolio.

Outlook

A strong economic backdrop should allow world stockmarkets to rise over the
coming year. Rising interest rates and a slight increase in wage costs in
certain areas may mitigate against the extent of these gains. The portfolio
remains ungeared.




                                    - 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 2005


                                                      Unaudited

                                            Revenue    Capital     Total
                                           £'0  £'0  £'0
                                              00          00         00

Net             - realised                         -    (18,974)   (18,974)
(losses)/gains  - unrealised                       -      19,827     19,827
on investments
Net currency                                       -          71         71
gains
Income          - franked                      6,584      13,528     20,112
                - unfranked                    1,451          64      1,515
Investment management fee                      (360)       (721)    (1,081)
Performance fee                                    -       (243)      (243)
Other expenses                                 (484)           -      (484)
                                             _______     _______    _______
Net return before finance costs and            7,191      13,552     20,743
taxation

Interest payable and similar charges           (274)       (550)      (824)
                                             _______     _______    _______
Return on ordinary activities before           6,917      13,002     19,919
taxation

Taxation on ordinary activities                 (43)           -       (43)
                                             _______     _______    _______
Return on ordinary activities after            6,874      13,002     19,876
taxation

Dividends in respect of equity shares        (5,829)           -    (5,829)
                                             _______     _______    _______
Transfer to reserves                           1,045      13,002     14,047
                                             _______     _______    _______
Return per ordinary share                      3.18p       6.01p      9.19p



*  The  revenue column of this statement is the profit and loss account  of  the
company.  All  revenue  and  capital items in the above  statement  derive  from
continuing operations. No operations were acquired or discontinued in the year.

The  financial  information contained within this preliminary announcement  does
not  constitute  the  company's statutory financial  statements  as  defined  in
section  240  of the Companies Act 1985 for the years ended 31 January  2005  or
2004,  but  is  derived  from those financial statements.   Statutory  financial
statements for 2004 have been delivered to the Registrar of Companies and  those
for 2005 will be delivered following the company's Annual General Meeting.

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 2005 of 2.39p per share, of which 0.90p  is  'special'
(2004: 1.37p) to be paid on 10 June 2005 to shareholders on the register  on  20
May 2005.



                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

      Statement of total return (incorporating the revenue account) for the
                           year ended 31 January 2004


                                                       Audited

                                            Revenue    Capital     Total
                                           £'0  £'00 £'0
                                              00          0          00

Net gains on    - realised                         -       1,599      1,599
investments
                - unrealised                       -      49,770     49,770
Net currency                                       -       (218)      (218)
losses
Income          - franked                      6,802       4,071     10,873
                - unfranked                    1,809          14      1,823
Investment management fee                      (528)     (1,055)    (1,583)
Performance fee                                    -       (454)      (454)
Other expenses                                 (416)           -      (416)
                                             _______     _______    _______
Net return before finance costs and            7,667      53,727     61,394
taxation

Interest payable and similar charges           (795)     (1,590)    (2,385)
                                             _______     _______    _______
Return on ordinary activities before           6,872      52,137     59,009
taxation

Taxation on ordinary activities                 (82)           -       (82)
                                             _______     _______    _______
Return on ordinary activities after            6,790      52,137     58,927
taxation

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







                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                                  BALANCE SHEET


                             As at 31 January     As at 31 January
                                   2005                 2004
                               (Unaudited)           (Audited)
                           £00  £00  £00  £0
                                   0          0          0        00
Investments at market
value
Listed on The Stock                     118,787              209,348
Exchange in UK
Listed on stock exchanges                30,592               55,990
abroad
Unlisted at directors'                        -                  140
valuation
                                        _______              _______

                                        149,379              265,478

Current assets
Debtors                        1,395                 4,489
Cash at bank                   2,636                24,376
                             _______               _______
                               4,031                28,865
Creditors
Amounts falling due within   (4,521)              (46,529)
one year
                             _______               _______
Net current liabilities                   (490)             (17,664)

                                        _______              _______
Net assets                              148,889              247,814
                                        _______              _______

Capital and reserves
Called-up ordinary capital                8,082               14,928
Share premium account                         -              159,208
Capital redemption reserve                7,935                1,089
Special distributable                   180,382              134,146
reserve
Realised capital reserve               (61,700)             (54,875)
Unrealised capital reserve                9,682             (10,145)
Revenue reserve                           4,508                3,463
                                        _______              _______
Equity shareholders' funds              148,889              247,814
                                        _______              _______

Net asset value per                       92.1p                83.0p
ordinary share









                  MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                             STATEMENT OF CASH FLOW


                                     Year to             Year to
                                 31 January 2005     31 January 2004
                                   (Unaudited)          (Audited)
                                £0  £0  £0  £0
                                      00        00     00           00

Operating activities
Net dividends and interest        20,713              11,846
received from investments
Underwriting commission                2                  54
received
Interest received from               715                 891
deposits
Investment management fee        (1,503)             (2,228)
Cash paid to and on behalf of      (122)               (117)
Directors
Bank charges                        (42)                (21)
Net taxation paid                   (30)                (66)
Other cash payments                (202)               (428)
                                 _______             _______
Net cash inflow from operating              19,531               9,931
activities

Servicing of finance
Interest paid                    (1,221)             (2,397)
                                 _______             _______
Net cash outflow from                      (1,221)             (2,397)
servicing of finance

Capital expenditure and
financial investment
Payments to acquire             (155,932            (71,361)
investments                            )
Receipts from disposal of        276,237              59,980
investments
                                 _______             _______
Net cash inflow/(outflow) for              120,305            (11,381)
capital expenditure and
financial investment

Equity dividends paid                      (6,056)             (4,635)
                                           _______             _______

Net cash inflow/ (outflow)                 132,559             (8,482)
before financing

Financing
Net movement in borrowings      (41,421)                   -
Repurchase of ordinary share    (112,972             (1,024)
capital                                )
                                 _______             _______
Net cash outflow from                     (154,393             (1,024)
financing                                        )
                                           _______             _______
Decrease in cash                          (21,834)             (9,506)
                                           _______             _______