Interim Management Statement

Martin Currie Portfolio Investment Trust
Interim management statement
1 February 2008 - 30 April 2008

June 2008

A three-tier strategy for long-term growth

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

Manager's commentary
The world's equity markets were weak for most of the period, but a strong
recovery in April allowed them to finish in positive territory. Rising commodity
prices were a major factor in this, with oil stocks doing particularly well.
In the UK, Shell and BP both produced good results towards the end of the
period. Royal Bank of Scotland and HBOS announced rights issues.
For most of the period, we kept our cash balance at 10%. In April, we reduced
this to 5%, buying Xstrata and Wm Morrison. Earlier, we bought Apple and added
to RBS. We sold JC Penney and Orix.

Recently, the belief that global recession can be avoided seems to have grown.
Indeed, while the Federal Reserve has continued to cut short-term interest
rates, longer-term rates have started to move higher, which generally occurs as
recession fears recede or inflation concerns mount. Certainly, higher commodity
prices appear to be feeding through to consumers' shopping baskets.

Further bad news on credit looks likely, and we expect significant challenges
here for several years ahead. Accordingly, we remain underweight in financials. But we
are encouraged that the banks are starting to address the problems through rights
issues.

Tom Walker

Portfolio

Asset class          31 Jan   30 Apr
Equities              91.3%    94.5%
Cash                  13.6%     5.5%
Borrowings            (4.9%)      -

Equity allocation    31 Jan   30 Apr
United Kingdom        56.0%    58.6%
North America         12.8%    11.7%
Continental Europe     9.7%     9.0%
Pacific Basin          6.0%     5.6%
Japan                  2.8%     2.2%
Private equity        12.7%    12.8%

Top 10 equity holdings (47.7% of total portfolio)
F&C Private Equity Trust 10.3%
BP 6.7%
HSBC 5.8%
BG 4.8%
BHP Billiton 4.6%
GlaxoSmithKline 4.0%
Royal Bank of Scotland 3.3%
Xstrata 3.0%
Royal Dutch Shell 2.7%
British American Tobacco 2.5%

Number of countries 17

Number of holdings 59

Key facts
Net assets £195 million
Share price 129.5p
Net asset value per share 142.3p
Discount/(premium) 9.0%
Net yield 1.9%


Performance*
Discrete performance over 12 months to 30 April
                2008   2007   2006  2005  2004
Share Price      7.5%  11.5%  37.7%  5.1% 31.7%
NAV              7.4%  11.2%  39.0% 11.8% 19.7%
Benchmark       (4.3%) 12.7%  32.4% 10.7% 22.2%

Cumulative performance over periods to 30 April 2008
                One    Three     Six    One   Three     Five
              month   months  months   year   years    years
Share Price    6.1%     4.2%   (5.0%)  7.5%   65.1%   128.6%
NAV            5.9%     5.3%   (5.0%)  7.4%   66.1%   122.3%
Benchmark      6.3%     4.9%   (8.5%) (4.3%)  42.7%    93.1%

*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.

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 30 April 2008.

Capital structure

Ordinary shares 136,716,072

Share buy-backs none

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, no shares were bought back for cancellation.
At the AGM held on 12 May 2008, all resolutions were passed.
Gearing at the end of the period was 0.0% (4.9% as at 31/01/08).
A final dividend for the year to 31 January 2008 of 2.10p per share will be paid
on 20 June 2008 to shareholders on the register as at 23 May 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%
Epic code MNP
Reuters code MNP.L

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

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
2008        124.3p     134.8p       7.8%       2.60p

*Plus special dividend of 1.61p.

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.

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 may be recorded.