Interim Results

MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
7 September 1999


                 Martin Currie Portfolio Investment Trust plc
              Interim results for the six months to 31 July 1999

*    Net asset value rises 1.2% since listing
*    Returns affected by one-off discount impact of trust's largest holding
*    Series of measures taken to improve performance and rating of the trust

The board of Martin Currie Portfolio Investment Trust has today announced
interim results for the period to 31 July 1999 - the first reporting period
since the reconstruction of Scottish Eastern Investment Trust.

Earnings per share were 0.88p, and the board has declared an interim dividend
of 0.5p per share.  Although there is no direct comparison, this represents an
increase of 1.5% over the equivalent Scottish Eastern interim dividend last
year.

Since listing, the net asset value per share has risen by 1.2% from 101.5p to
102.7p. This compares with a rise in the trust's benchmark FTSE All-Share
index of 3.6%. The shortfall is largely attributable to the one-off impact of
the opening discount on launch of the trust's largest holding, Martin Currie
Capital Return Trust. This trust was created to manage the unlisted portfolio
previously held within Scottish Eastern. Since launch, the underlying assets
have performed satisfactorily, and the discount has narrowed. As Capital
Return Trust begins to unlock the value from its holdings, Martin Currie
Portfolio should see the double benefit of increasing net assets and a
reducing discount.

Commenting, the chairman of Martin Currie Portfolio Investment Trust, Sir John
Kemp-Welch, said:

'With the support of shareholders, we have created a new trust from the
reconstruction of Scottish Eastern. Our shareholders are now overwhelmingly
private investors, and we have a clear objective to manage the trust with
their needs in mind. We have undertaken a series of measures directed at
improving the performance and rating of the trust.

'We introduced the innovative built-in opportunity for shareholders to sell
their shares to the trust at net asset value every five years. This should
have the effect of narrowing any discount. Following shareholder approval, we
now only await consent from the courts before we will be able to buy in shares
on an ongoing basis.

'We will be working hard with Martin Currie to promote the benefits of the
Martin Currie Portfolio Investment Trust structure to existing and potential
investors. To this end, the trust will participate this autumn in the national
AITC campaign to raise awareness of investment trusts.

'All these activities are important. But it is performance that is essential.
Both the board and the managers are determined to deliver just that.'

At 31 July, the trust's gearing was 6%: comprising £10m fixed for five years,
and a £10m multi-currency revolving credit facility.

Geographical distribution of the invested portfolio at 31 July was:  UK 77.3%,
(this includes the holding in Capital Return Trust of 10.4%), North America
9.7%, Europe 4.8%, Japan 4.8%, Pacific Basin 2.7% and smaller markets 0.7%.


For further information, please contact:

Eric McAuslan
Martin Currie Investment Management Ltd               0131 479 4603
[e-mail]

Fiona Harris
Biddick Harris PR                                     0171 539 5757




                 MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

        Statement of total return (incorporating the revenue account)
                      for the period  ended 31 July 1999


                                                      1999
                                         Revenue     Capital     Total
                                          £'000       £'000      £'000
Gains on investments - realised               -       1,741      1,741
                     - unrealised             -       1,745      1,745
Currency losses                                        (441)      (441)
Income -  franked                         2,957           -      2,957
       -  unfranked                         771           -        771
Investment management fee                  (243)       (487)      (730)
Other expenses                             (218)          -       (218)
                                          -----       -----      -----
                                                                   
Net return before finance costs and       3,267       2,558      5,825
taxation                                    
Interest payable and similar charges        (33)        (66)       (99)
                                          -----       -----      -----        
                
Return on ordinary activities before      3,234       2,492      5,726
tax 
Tax on ordinary activities                 (428)         48       (380)
                                          -----       -----      -----
                                                                   
Return on ordinary activities after       2,806       2,540      5,346
tax for the financial year                     
                                                                   
Interim dividends in respect of equity   (1,602)          -     (1,602)
shares 1999                               -----       -----      -----
                                                                   
Transfer to reserves                      1,204       2,540      3,744
                                          -----       -----      -----
  
Return per ordinary share                 0.88p       0.79p      1.67p
                                           
Net asset value per ordinary share                              102.7p
                                                                   
                                       
An interim dividend for the period ended 31 January 2000 of 0.5p will be paid
on 6 October 1999 to shareholders on the register on 17 September 1999.
                                       

                MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                         Unaudited Balance sheet
                            As at 31 July 1999
                                       
                                       
                                                    1999
                                             £000          £000
Investments at market value
Listed at market value                                  350,444
                                                        _______
                                                        350,444
                                             
Current assets                               
Debtors                                     2,642          
Cash in bank                                  553          
                                          _______          
                                            3,195          
                                             
Creditors                                    
Amounts falling due within one year       (14,669)
                                          _______          
Net current liabilities                                 (11,474)
                                                        _______
Total assets less current liabilities                   338,970
                                             
Creditors                                    
Amounts falling due after one year                      (10,000)
                                                        _______
Net assets                                              328,970
                                                        _______
Capital and reserves                         
                                             
Called up ordinary shares                                16,018
Share premium                                           309,208
Capital reserve                                           2,540
Revenue reserve                                           1,204
                                                        _______
                                             
Equity shareholders' funds                              328,970
                                                        _______
                                             
Net asset value per ordinary                             102.7p
share of 5p



                 MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc

                          Statement of cash flow
                     for the period ended 31 July 1999
                                       
                                       
                                       
                                                    1999
                                        
                                             £000          £000
Operating activities                    
                                        
Net dividends and interest                  2,499        
received from investments
Interest received from deposits               149        
Other cash payments                           (36)        
                                          _______   
Net cash inflow from operating                            2,612
activities
                                              
Servicing of finance                          
                                              
Interest Paid                                  (1)        
                                          _______   
Net cash outflow from servicing                              (1)
of finance
                                              
Capital expenditure and financial
investment
                                              
Payments to acquire investments          (385,614)                       
Receipts from disposal of investments      38,532        
Exchange losses                              (203)        
                                          _______    
Net cash outflow from capital                          (347,285)
expenditure and financial investment                    _______
                                              
Net cash outflow before financing                      (344,674)
                                              
Financing                                     
                                              
Issue of ordinary shares                  325,226        
Long term borrowings                       10,000        
Short term borrowings                      10,001        
                                          _______    
Net cash inflow from financing                          345,227
                                                        _______
Increase in cash for the period                             553
                                                        _______