Interim Management Statement

Martin Currie Portfolio Investment Trust plc
Interim Management Statement
For period from 1 August 2007 to 31 October 2007

Profile

Objective - To achieve long-term capital growth by investing in a diversified
portfolio of UK and international stockmarkets.

Benchmark - FTSE All-Share index

Sector - Global growth

Launch - 1999

Portfolio
Asset class         31 Jul         31 Oct
Equities             104.4%        102.6%
Cash                   0.4%          1.5%
Borrowings            (4.8%)        (4.1%)

Equity allocation   31 Jul         31 Oct
United Kingdom        55.8%         54.9%
North America         12.1%         12.0%
Continental Europe     9.5%          8.8%
Pacific Basin          6.7%          6.9%
Japan                  2.0%          2.6%
Private equity        13.9%         14.7%


Top 10 equity holdings (47.7% of total portfolio)
F&C Private Equity Trust            12.5%
BP                                   5.8%
Vodafone                             5.3%
HSBC                                 5.3%
BHP Billiton                         4.3%
GlaxoSmithKline                      3.7%
BG                                   3.2%
Royal Bank of Scotland               2.9%
Anglo American                       2.4%
Royal Dutch Shell                    2.3%

Number of countries                  17
Number of holdings                   58

Key facts
Net assets -                       £214 million
Share price -                       136.3p
Net asset value per share -         149.8p
Discount/(premium) -                  9.0%
Net yield -                           1.8%

Manager's commentary
As the sub-prime crisis unfolded, global markets saw huge volatility in August
before recovering thereafter. Emerging markets outperformed their developed
counterparts. Buoyed by hopes of massive inflows from the Chinese mainland, Hong
Kong's stockmarkets were among the world's leaders. Japan lagged dramatically
and Europe slightly. Thanks to a weak dollar, North America also underperformed.
The UK market recovered from its August lows, but the banking sector remained
beleaguered, with speculation over dividend sustainability and ongoing liquidity
concerns.

The Martin Currie Portfolio enjoyed strong outperformance from all three asset
classes, with our private equity portfolio the star performer. In overseas
equities, we enjoyed notable returns from Asian stocks such as China Mobile, New
World Development and Indonesia's PT Astra. In the UK, our underweight in the
banking sector boosted relative performance. Looking forward, we believe that
global economic growth will remain sound, despite the nervousness that still
abounds.

Tom Walker


Performance*
Discrete performance over 12 months to 31 October

                   2007   2006   2005   2004   2003
Share Price        21.3%  21.0%  21.2%  14.0%  21.5%
NAV                22.8%  20.9%  23.7%  12.8%  16.8%
Benchmark          13.6%  21.7%  19.8%  11.6%  13.6%

Cumulative performance over periods to 31 October 2007

                   One    Three   Six     One    Three   Five
                   month  months  months  year   years   years
Share Price        5.6%   10.5%   13.1%   21.3%  77.9%   146.4%
NAV                6.3%    9.8%   13.1%   22.8%  83.7%   141.9%
Benchmark          4.3%    6.0%    4.6%   13.6%  65.6%   110.0%

*Past performance is not a guide to future returns.

Source: Martin Currie and Fundamental Data. Bid to bid basis with net income
reinvested over the periods shown in sterling terms. These figures do not
include the costs of buying and selling shares in an investment trust. If these
were included, performance figures would be reduced.

Although Martin Currie complies with the Global Investment Performance Standards
(GIPS), the fund returns used in this document are calculated on the net asset
value and therefore fall outside the scope of the GIPS standards.
The risks outlined at the end of this document relating to gearing, emerging
markets and exchange rate movements are particularly relevant to this trust but
should be read in conjunction with all warnings and comments given.
All sources (unless indicated): Martin Currie as at 31 October 2007


Capital structure

Ordinary shares - 142,917,915

Board of directors
Peter Berry (chairman)
Douglas Kinloch Anderson
Ian Bodie
Gillian Nott
David Kidd
Ben Thomson

Manager's biography
Tom Walker spent six years with Edinburgh Fund Managers. Initially covering the
UK and other European markets, he went on to specialise in Asia (ex Japan) and
became head of that team in 1991.

Tom moved to Hong Kong in 1993 with Baring Asset Management (Asia). Focusing on
Greater China, he managed the Greater China Fund Inc and Baring's Hong Kong
Fund. He joined Martin Currie as head of the Pacific Basin team in 1996, and
moved to head the North America team in 1998. He also manages Martin Currie
North American Fund.

Key dates
Year end -               31 January
Annual general meeting - May
Final dividend paid -    June
Interim dividend paid -  October

Management fee and expenses at 31 January 2007
Annual management fee† - 0.5%
Total expense ratio* -   0.9%

†Percentage of net assets.
*Percentage of shareholders' funds. Includes annual management and performance
fees.

Dealing information
Epic code MNP
Reuters code MNP.L

Website
The trust has its own website at www.martincurrieportfolio.com. There you will
find further details about the trust, information on Martin Currie, daily share
prices, and you can access regular webcasts by the manager.

Net asset value and dividend history

As at                    Share      NAV        Discount/    Dividend
31 January               price    per share    (premium)    per share
2000                      89.5p     110.0p       18.6%       1.42p
2001                     101.0p     115.7p       12.7%       1.47p
2002                      80.5p      89.9p       10.5%       1.50p
2003                      57.8p      65.1p       11.2%       1.55p
2004                      79.0p      83.0p        4.8%       1.87p
2005                      85.0p      91.5p        7.1%       1.99p*
2006                     109.0p     116.9p        6.8%       2.20p
2007                     117.3p     127.5p        8.0%       2.40p

*Plus special dividend of 1.61p.

Past performance is not a guide to future returns.

www.martincurrieportfolio.com

Risk factors

Please note that, as the shares in investment trusts are traded on a
stockmarket, the share price will fluctuate in accordance with supply and demand
and may not reflect the underlying net asset value of the shares.
Depending on market conditions and market sentiment, the spread between the
purchase and sale price can be wide. As with all stock exchange investments the
value of investment trust shares purchases will immediately fall by the
difference between the buying and selling prices, the bid-offer spread.
Investment trusts may also borrow money in order to make further investments.
This is known as "gearing" and can enhance shareholder returns in rising markets
but, conversely, can reduce them in falling markets.

Past performance is not a guide to future returns. The value of investments and
the income from them may go down as well as up and is not guaranteed. An
investor may not get back the amount originally invested.

Changes in the rates of exchange may cause the value of investments to go up or
down.

The trust invests in emerging markets which tend to be more volatile than mature
markets and the value of your investment could move sharply up or down. In some
circumstances the underlying investments may become illiquid which may constrain
the investment manager's ability to realise some or all of the portfolio.
The registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so the operational risks of investing are
higher. Political risks and adverse economic circumstances are more likely to
arise putting the value of your investment at risk.

Charges are deducted from income and where income is low, the expenses may
exceed the total income received and the Trust may not pay a dividend and the
capital value would be reduced.

Funds which invest in smaller and/or medium sized companies are specialist funds
and as such are likely to carry higher risks than a more widely invested fund.
Important notice: This information is issued and approved by Martin Currie
Investment Management Ltd in its capacity as investment manager.

It does not in any way constitute investment advice or an invitation or
inducement to invest. This document is for the recipient only and should not be
given or sent to other parties.

Martin Currie Investment Management Ltd, registered in Scotland (no 66107)
Registered office: Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES
Tel: [phone] Fax: [phone] www.martincurrie.com
Authorised and regulated by the Financial Services Authority and a member of the
Investment Management Association.
Please note that calls to the above number will be recorded.