Interim Management Statement

Martin Currie Portfolio Investment Trust

A three-tier strategy for long-term growth

Interim management statement
1 August 2008 - 31 October 2008

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             96.7%      96.7%
Cash                  3.3%       3.3%
Borrowings              -          -

Equity allocation   31 Jul     31 Oct
United Kingdom       59.1%      59.6%
North America        11.9%      14.0%
Continental Europe    8.4%       7.4%
Pacific Basin         5.3%       5.5%
Japan                 2.2%       2.0%
Private equity       13.2%      11.5%

Top 10 equity holdings (51.3% of total portfolio)
F&C Private Equity Trust 9.5%
BP 8.1%
HSBC 7.3%
GlaxoSmith Kline 6.2%
BG 5.2%
BHP Billiton 3.9%
British American Tobacco 3.3%
Royal Dutch Shell 3.2%
Tesco 2.4%
Morrisons 2.2%

Number of countries 16
Number of holdings 57

Key facts

Net assets £131.4 million

Share price 92.5p

Net asset value per share† 99.6p

Discount/(premium) 7.1%

Estimated net yield 2.8%

†Following a recent review by the AIC, the NAV stated in our income reporting is
inclusive of current year revenue.

Manager's commentary
This was a dire period for global equity markets, with the MSCI World index down
13.6%. The UK was particularly weak, falling 19.7%. The fund underperformed its
benchmark.

The list of banks that have gone to the wall grew longer. To shore up confidence
in the banking system, central bankers and politicians took steps to provide
liquidity and ease the regulatory burden. With economic data deteriorating
further, many regions are staring at the prospects of recession in the next few
quarters. But share prices have now fallen a very long way (the FTSE All-Share
is down 34% in the past year) and much bad news has been discounted.
Credit spreads, which are still extended, have narrowed slightly. This process,
helped by central bank stimulus, needs to continue. Until the banking system is
functioning, risk aversion will remain high and it will be hard for markets to
stage a convincing recovery.

Tom Walker

Performance*
Discrete performance over 12 months to 31 October
                    2008    2007    2006    2005    2004
Share Price      (30.4%)   21.3%   21.0%   21.2%   14.0%
NAV              (33.6%)   22.8%   20.9%   23.7%   12.8%
Benchmark        (34.4%)   13.6%   21.7%   19.8%   11.6%

Cumulative performance over periods to 31 October 2008
                   One    Three     Six    One    Three    Five
                 month   months  months   year    years   years
Share Price    (12.2%)  (21.9%) (26.8%) (30.4%)    2.1%   41.1%
NAV            (15.5%)  (23.2%) (30.1%) (33.6%)   (1.4%)  37.5%
Benchmark      (11.9%)  (19.7%) (28.2%) (34.4%)   (9.3%)  21.3%

*Source: Martin Currie and Fundamental Data. All figures shown in sterling
terms. NAV performance figures are calculated on a bid to bid basis and exclude
Current Period Revenue. 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. Past performance is not a guide to future returns.
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 2008.


Capital structure
Ordinary shares 135,132,877
Share buy-backs 672,067

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

Material events and transactions
During the three month period, 672,067 shares were bought back for cancellation.
Gearing at the end of the period remained at 0.0%.
An interim dividend of 1.00p per share was paid on 28 October 2008 to
shareholders on the register as at 3 October 2008.

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

Annual management fee at 31 January 2008† 0.8%
Total expense ratio at 31 January 2008* 1.8%

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

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
2008            124.3p     134.8p       7.8%        2.60p

*Plus special dividend of 1.61p.

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.

Past performance is not a guide to future returns.

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.