Interim Results

To: Stock Exchange                          For immediate release:
                                               29 September 2003



                       MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc
                    Interim results for the six months to 31 July 2003


Chairman's statement
I am pleased to be able to report a significant improvement since I last reported to you
in March; the last six months have seen a recovery in the UK and other major stockmarkets.
Over the six months to 31 July 2003, the company's net asset value per share (NAV) rose by
16.8%, compared with the rise in the FTSE All-Share index of 18.8%. 

On an annual basis, the company's NAV has made up all of the ground lost over the previous
six months. In the 12 months to 31 July 2003, the company's NAV gained 2.4%, against the
0.2% fall in the index.

Earnings per share increased by 17.9% on the comparable period last year, to 1.25p. This
is mainly due to a reduction in expenses and increase in deposit income. The board has
declared an interim dividend of 0.5p per share, which is unchanged from last year's
interim dividend. This will be paid on 31 October 2003 to shareholders on the register at
17 October 2003.

Shareholders have the option to redeem their shares at NAV less applicable costs after the
AGM in 2004. Under its programme of share buybacks, in the six months since 31 January
2003 the company has purchased for cancellation a further 0.5% of those shares outstanding
at that date. This has had the effect both of enhancing the company's NAV and reducing the
volatility of the discount to NAV in the company's share price. The discount stood at 9.3%
at 31 July 2003, compared with 11.3% six months earlier. This narrowing of the discount
has contributed to a share price total return over the period of 21.5%, just ahead of the
21.4% recorded by the index.


Looking forward, confidence is fragile and the international political outlook far from
clear, but interest rates remain low and, globally, there are signs of economic and
corporate recovery.




Manager's report

Following uncertainty among investors in the run-up to the war in Iraq, stockmarkets have
recovered steadily during this period. On a total return basis, the FTSE All-Share index,
our benchmark, rose by 21.4% over the six months and there were similar strong moves in
many world markets; our net asset value (NAV) was up by 18.6%. The NAV lagged the
benchmark slightly, as our investment in Martin Currie Capital Return Trust did not
participate in the market rally. This investment tends not to perform in line with the
market over the short term but has a very good track record over the longer term.
Excluding Martin Currie Capital Return Trust, the total portfolio return was 22.9% over
the six-month period.

Reflecting our more positive view on equity markets, net gearing stood at 12% at the end
of July compared with 4% at the end of January. I added to our holdings in economically
sensitive sectors with Smiths Industries, Continental and Dow Chemical.  I also added a
number of less cyclical stocks that we at Martin Currie considered undervalued. These
include Reckitt Benckiser, Alliance & Leicester, Anglo Irish Bank and AIG.

Driven by aggressive cuts in interest rates and, in some countries, notably in the USA, a
reduction in taxation, the economic recovery has become more robust. In particular,
housing and retail spending have benefited from 'easy' money. Cash now earns very little
interest in the bank so investors have moved back into shares, many of which offer a
dividend yield in excess of interest rates. 

Long-term interest rates have already risen significantly and, in time, short-term rates
will follow.  However, corporate earnings are showing signs of recovery and this should
support share prices when money is no longer as 'easy' as it is now. I believe that the
cyclical recovery is now feeding through and that the newsflow should continue to improve.




For further information, please contact:

Tom Walker or Michael Woodward
Martin Currie Investment Management Ltd     0131 229 5252
[e-mail]/[e-mail]





                       MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
Statement of total return (incorporating the revenue account) for the six months to 31 July


                                                                        2003 (Unaudited)

                                                                    Revenue  Capital   Total
                                                                       £000     £000    £000
(Losses)/gains on investments              - realised                     -  (3,642) (3,642)
                                           - unrealised                   -   35,767  35,767
Currency losses                                                           -    (159)   (159)
Income                                     - franked                  3,454        -   3,454
                                           - unfranked                1,203        -   1,203
Investment management fee                                             (259)    (517)   (776)
Performance Fee                                                           -    (278)   (278)
Other expenses                                                        (164)        -   (164)
                                                                    ________________________
Net return before finance costs and taxation                          4,234   31,171  35,405
Interest payable and similar charges                                  (393)    (786) (1,179)
                                                                    ________________________
Return on ordinary activities before taxation                         3,841   30,385  34,226
Taxation on ordinary activities                                        (85)        -    (85)
                                                                    ________________________
Return on ordinary activities after taxation for the financial        3,756   30,385  34,141
period

Interim dividends in respect of equity shares                       (1,484)        - (1,484)
                                                                    ________________________
Transfer to reserves                                                  2,272   30,385  32,657
                                                                    ________________________
Return per ordinary share                                             1.25p   10.15p  11.40p

An  interim dividend for the period ended 31 July 2003 of 0.50p will be paid on 31 October
2003 to shareholders on the register on 17 October 2003.



                       MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
Statement of total return (incorporating the revenue account) for the six months to 31 July
                                     

                                                                     2002 (Unaudited)

                                                                Revenue   Capital     Total
                                                                   £000      £000      £000

Losses on investments                - realised                       -   (6,424)   (6,424)
                                     - unrealised                     -  (42,498)  (42,498)
Currency losses                                                       -      (65)      (65)
Income                               - franked                    3,531         -     3,531
                                     - unfranked                    853         -       853

Investment management fee                                         (350)     (700)   (1,050)
Other expenses                                                    (240)       (2)     (242)
                                                                  _________________________
Net return before finance costs and taxation                      3,794  (49,689)  (45,895)
Interest payable and similar charges                              (395)     (790)   (1,185)
                                                                  _________________________
Return on ordinary activities before taxation                     3,399  (50,479)  (47,080)
Taxation on ordinary activities                                    (73)         -      (73)
                                                                  _________________________
Return on ordinary activities after taxation for the financial    3,326  (50,479)  (47,153)
period

Interim dividends in respect of equity shares                   (1,558)         -   (1,558)
                                                                  _________________________ 
Transfer to/(from) reserves                                       1,768  (50,479)  (48,711)
                                                                  _________________________
Return per ordinary share                                         1.06p  (16.16p)  (15.10p)



                       MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC
Statement of total return (incorporating the revenue account) for the year ended 31 January

                                                                2003 (Audited)
                                                        
                                                         Revenue   Capital     Total
                                                           £'000     £'000     £'000

Losses on investments                  - realised              -  (26,248)  (26,248)
                                       - unrealised            -  (55,333)  (55,333)
Currency gains                                                 -       224       224
Income                                 - franked           6,038     5,909    11,947
                                       - unfranked         1,731         -     1,731
Investment management fee                                  (677)   (1,354)   (2,031)
Performance fee                                                -     (138)     (138)
Other expenses                                             (562)         -     (562)
                                                           _________________________
Net return before finance costs and taxation               6,530  (76,940)  (70,410)
Interest payable and similar charges                       (796)   (1,592)   (2,388)
                                                           _________________________
Return on ordinary activities before taxation              5,734  (78,532)  (72,798)
Taxation on ordinary activities                            (167)         -     (167)
                                                           _________________________
Return on ordinary activities after taxation for the       5,567  (78,532)  (72,965)
financial year

Dividends in respect of equity shares                    (4,689)         -   (4,689)
                                                           _________________________
Transfer to/(from) reserves                                  878  (78,532)  (77,654)
                                                           _________________________
Return per ordinary share                                  1.80p  (25.40p)  (23.60p)






                     MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC

                                      BALANCE SHEET


                                      31 July 2003      31 July 2002     31 January 2003
                                        Unaudited         Unaudited          Audited
                                      £000     £000     £000     £000     £000     £000

Fixed assets
Investment at market value                    255,724           256,760            206,887


Current assets
Debtors                                1,149             6,245               907
Cash in bank                          14,973            17,832            33,882
                                   _________         _________         _________
                                      16,122            24,077            34,789
Creditors
Amounts falling due within one year (34,633)          (13,636)          (10,642)
                                   _________         _________         _________

Net current (liabilities)/assets             (18,511)            10,441             24,147
                                             _________         _________         _________
Total assets less current                    237,213            267,201            231,034
liabilities

Creditors
Amounts falling due after one year           (10,000)          (35,598)           (35,553)
                                             _________         _________         _________
Net assets                                    227,213           231,603            195,481
                                             _________         _________         _________

Capital and reserves
Called up ordinary capital                     14,935            15,583             15,009
Share premium account                         159,208           159,208            159,208
Capital redemption reserve                      1,082               434              1,008
Special distributable reserve                 134,242           142,346            135,167
Capital reserve                              (86,772)          (89,104)          (117,157)
Revenue reserve                                 4,518             3,136              2,246
                                             _________         _________         _________
Equity shareholders' funds                    227,213           231,603            195,481
                                             _________         _________         _________

Net asset value per ordinary share             76.07p            74.31p             65.12p



                       MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC

                                  STATEMENT OF CASHFLOW


                                       Period to 31 July   Period to 31      Year to 31
                                             2003           July 2002       January 2003
                                           Unaudited        Unaudited         Audited
                                         £000     £000     £000    £000     £000    £000
Operating activities
Net dividends and interest received      3,846             3,762          12,542
from investments
Interest received from deposits            541               259             845
Investment management fee              (1,159)           (1,082)          (2,115)
Cash paid to and on behalf of             (58)              (83)           (139)
directors
Bank charges                              (14)              (11)            (35)
Net taxation recovered/(paid)                6               (2)              70
Other cash payments                      (187)             (943)           (929)
                                    ___________         __________        ________
Net cash inflow from operating                    2,975             1,900          10,239
activities

Servicing of finance
Interest paid                          (1,190)           (1,567)          (2,776)
                                    ___________         __________        ________
Net cash outflow from servicing of              (1,190)           (1,567)          (2,776)
finance

Capital expenditure and financial
investment
Payments to acquire investments        (43,456)          (59,666)
                                                                          (89,584)
Receipts from disposal of investments   26,792            59,302          106,802
                                    ___________         __________        ________
Net cash (outflow)/inflow from capital          (16,664)            (364)          17,218
expenditure and financial investment

Equity dividends paid                           (3,142)           (3,126)          (4,663)
                                               _________          ________        _________
Net cash (outflow)/inflow before use            (18,021)          (3,157)          20,018
of liquid resources and financing

Financing
Repurchase of ordinary shares            (925)             (633)          (7,758)
Movement in short-term borrowings       25,037                 -               -
Movement in long term borrowings       (25,000)                -               -
                                    ___________         __________        ________

Cash outflow from financing                       (888)             (633)          (7,758)
                                               _________          ________        _________

(Decrease)/increase in cash for the             (18,909)          (3,790)          12,260
period
                                               _________          ________        _________