Interim Management Statement

Martin Currie Portfolio Investment Trust plc
                  Interim management statement - 19th June 2007
                For Period from 1 February 2007 to 30 April 2007


Profile
Objective To achieve long-term capital growth by investing in a diversified
portfolio of UK and international stock markets.
Benchmark FTSE All-Share index
Sector Global growth
Launch 1999
Portfolio
Asset class 31 Jan 30 Apr
Equities 104.6% 103.7%
Cash 0.7% 1.2%
Borrowings (5.3%) (4.9%)
Equity allocation 31 Jan 30 Apr
United Kingdom 64.2% 58.2%
North America 10.2% 12.5%
Continental Europe 5.8% 7.8%
Pacific Basin 4.7% 5.5%
Japan 2.5% 2.7%
Private equity 12.7% 13.3%
Top 10 equity holdings (46.9% of total portfolio)
F&C Private Equity Trust 10.9%
BP 5.8%
HSBC 5.6%
Vodafone 5.4%
GlaxoSmithkline 4.7%
Royal Bank of Scotland 3.9%
BHP Billiton 2.9%
BG 2.9%
Barclays 2.5%
Anglo American 2.3%
Number of countries 16
Number of holdings 57
Key facts
Net assets £193 million
Share price 122.8p
Net asset value per share 134.8p
Discount/(premium) 8.9%
Net yield 1.8%

Manager's commentary
Review
Precipitated by concerns in China, late February saw a sudden but short-lived
collapse in investors' confidence and in stock markets around the world. Apart
from that, most stock markets have made progress through the period under
review. Equities resumed their rise in March and April - with the exception of
Japan, where doubts about growth persist. The UK economy continues to grow
strongly, at 2.8% in the first calendar quarter of 2007. With inflation
breaching the 3% ceiling, interest rates were likely to rise further - and they
have. This expectation has kept sterling strong, and it broke briefly through
the $2/£1 level. Economic news is broadly positive in the UK. Retail sales
remain strong, and inflationary pressure now seems to be abating. The main cause
for concern is the banking sector's reference to consumer credit deterioration.
This is a US problem as much as a UK problem. It would be hard to imagine the
credit position becoming even more benign, so we are not surprised by some
deterioration. This is part of the reason that we are underweight in banks.
Outlook - Certain stocks …
We continue to feel that the outlook for global equities is positive, and are
particularly encouraged by strong corporate results recently. With only a few
exceptions, these are demonstrating good top-line growth, margin improvement
and, in the main, still-sound credit quality. Meanwhile, M&A activity remains
strong, and a stimulant to overall growth in equity markets worldwide. Of course
picking the right stocks will be the key. But we remain confident about the
future.
Tom Walker

Performance*
Discrete performance over 12 months to 30 April
2007 2006 2005 2004 2003
Share price 11.5% 37.7% 5.1% 31.7% (17.4%)
NAV 11.2% 39.0% 11.8% 19.7% (18.5%)
Benchmark 12.7% 32.4% 10.7% 22.2% (22.0%)
Cumulative performance over periods to 30 April 2007
One Three Six One Three Five
month months months year years years
Share price 2.3% 4.7% 7.2% 11.5% 61.4% 75.5%
NAV 2.3% 5.3% 8.6% 11.2% 72.9% 68.7%
Benchmark 2.4% 5.7% 8.6% 12.7% 65.1% 57.3%


Capital structure at 30 April 2007
Ordinary shares 143,487,886
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 to 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 stock
market, 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: calls to the above number will be recorded.