Interim Management Statement

Martin Currie Portfolio Investment Trust plc - 27 May 2009

A three-tier strategy for long-term growth

Interim management statement - 1 February - 30 April 2009

Manager's commentary

This period was a tale of stark contrasts, but one that ended brightly for
equities. February brought further news of economic misery and depressed stocks
to match but March saw a strong market rally, which strengthened further in
April. While `defensive' stocks were the place to be at the beginning of the
year, cyclicals have been leading the rebound in the spring. The fund rose by
6%, fractionally lagging the benchmark (6.1%).

On the whole, the economic newsflow is still not great, but there is a
perception that such data is `less bad' than it was, and investors are starting
to anticipate positive change. For example, on the day when the US announced
that its GDP was down 6% for the first quarter, the market rose sharply as
investors decided that things could only improve. In China, stimulus packages
appear to be having the desired effect on that country's economy. And there are
encouraging signs that the world's credit markets are starting to operate more
effectively, although we remain concerned about the credit cycle.

In the short term, the direction of the equities market is impossible to
predict. Although the rally is quite advanced, the valuation of shares worldwide
is still on the low side. Accordingly, stockmarkets have room to move higher
still before valuation points become stretched.

Tom Walker

Profile

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

Benchmark
FTSE All-Share index

Sector
Global growth

Launch
1999

Portfolio
Asset class         31 Jan    30 Apr
Equities             95.6%     95.6%
Cash                  4.4%      4.4%
Borrowings              -        -

Equity allocation   31 Jan    30 Apr
United Kingdom       59.7%     58.0%
North America        16.2%     17.0%
Continental Europe    8.6%      8.8%
Pacific Basin         6.2%      7.2%
Japan                 2.9%      2.4%
Private equity        6.4%      6.5%


Top 10 equity holdings (46.2% of total portfolio)
BP 8.0%
HSBC 6.7%
F&C Private Equity Trust 5.8%
GlaxoSmithKline 5.6%
BG 4.7%
BHP Billiton 4.2%
British American Tobacco 3.3%
Royal Dutch Shell 3.1%
Tesco 2.5%
Anheuser-Busch InBev 2.3%

Number of countries 14
Number of holdings 54

Key facts
Net assets £127.6m
Share price 94.8p
Net asset value per share* 99.7p
Discount/(premium) 5.0%
Net yield 2.7%

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

Performance
Discrete performance over 12 months to 30 April

                2009    2008     2007     2006     2005
Share Price   (25.0%)   7.5%    11.5%     37.7%    5.1%
NAV           (31.0%)   7.4%    11.2%     39.0%   11.8%
Benchmark     (26.9%)  (4.3%)   12.7%     32.4%   10.7%

Cumulative performance over periods to 30 April 2009

                 One    Three    Six        One    Three    Five
                 month  months   months     year   years    years
Share Price       6.5%    5.6%     2.4%   (25.0%) (10.1%)   30.1%
NAV               9.7%    6.0%    (1.2%)  (31.0%) (17.5%)   28.2%
Benchmark         9.9%    6.1%     1.9%   (26.9%) (21.2%)   15.5%

Net asset value and dividend history

As at 31 January

        Share        NAV          Discount/    Dividend
        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
2009   89.8p          93.1p            3.5%        3.50p

*Plus special dividend of 1.61p


Capital structure
Ordinary shares 132,890,343*

*Source: Martin Currie as at 30 April 2009.

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, 1,100,115 shares were bought back for
cancellation.

Gearing at the end of the period remained at 0.0%.

A final dividend of 2.5p per share has been proposed and will be paid on 19 June
2009 to shareholders on the register as at 22 May 2009. This brings the total
dividend for the year to 31 January 2009 to 3.5p, an increase of 34.6% over last
year.

The AGM was held on 20 May at 12.30pm in Edinburgh and the final dividend was
approved at that meeting. All other resolutions were passed.

Martin Currie Portfolio Investment trust has a redemption every five years. The
redemption date has now passed with 8% (10,630,376) of the shareholders
redeeming.

Key information
Year end - 31 January
Annual general meeting - May
Final dividend paid - June
Interim dividend paid - October
Annual management fee as at 31 January 2009† - 0.8%
Total expense ratio 31 January 2009* - 0.8%
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 associated risks), and you can access regular webcasts by the
manager.