Final Results

Murray International Trust PLC
05 February 2004



MURRAY INTERNATIONAL TRUST PLC

Results for the Year to 31 December 2003


Highlights

   •Net Asset Value Total return of 25.5% compared with benchmark return of
    19.9%

   •Share Price Total return of 36.5%

   •2003 total dividend and 2004 interim dividends maintained

   •Proposed changes to Management fee and Articles

   •Cautious optimism for the coming year

The Directors announce the results of Murray International Trust PLC, subject to
audit finalisation, for the year ended 31 December 2003.

Background

The year 2003 was particularly eventful. It is not often, thankfully, that war,
mounting terrorist risks and the threat of a serious global epidemic such as
SARS happen simultaneously, accompanied by extreme volatility in equity markets
and major movements in currency markets, especially the dollar. To highlight the
impact of the latter a US investor in the German DAX index would have seen a 65%
gain on his investment, whilst a German investor in the S&P 500 would only have
seen a 6% return! Most Asian currencies showed some strength against the dollar
but were weak against the euro. It seems likely that the dollar would have been
weaker had it not been for intervention in favour of the dollar by Asian
governments, as well as the willingness of these countries to recycle their
balance of payments surpluses into US Treasuries. Whether Asian countries will
be prepared to continue to support the dollar on the scale needed in the future,
remains an open question.

Global equity markets were extremely weak in the early part of the year but
rallied strongly after the eventual outbreak of hostilities in Iraq and it
became clear that the US fiscal and monetary authorities were committed to
engineering economic recovery with policy easing on an almost unprecedented
scale. Geo-political factors will undoubtedly retain a powerful influence on
financial markets. However, it is possible to draw some encouragement from
recent developments in Iran and in Libya.

Performance

The Net Asset Value showed a total return of 25.5%, considerably ahead of the
return on the benchmark index of 19.9%, whilst the share price total return of
36.5% also reflected a substantial, and welcome, reduction over the year in the
level of discount at which the shares trade in the stock market. The key
positive influences however were an underweighting of dollar assets and an
overweighting of euro denominated assets, combined with a significant
overweighting in the Asian and emerging markets.

Circular

Enclosed with the Annual Report will be a Circular providing more details on the
following matters:

Firstly, from 1 December 2003 Investment Trusts can, if their Articles allow,
buy sell and hold shares in Treasury. Although the Board is not committed to use
the new power, if granted, it considers that the Articles of Association should
be updated to permit such dealing through Treasury, as long as this is to the
benefit of Shareholders.

Secondly, the Board has reviewed the present management fee arrangements and has
provisionally agreed new fee arrangements with the Manager, subject to
Shareholder approval at the Annual General Meeting. In summary, the proposals
combine a reduction in the basic management fee from 0.6% to 0.5% per annum
accompanied by the introduction of a performance related fee.

Dividends

The Board believes that, after two years when the level of the Company's income
was felt to be somewhat at risk from dividend reductions, the outlook for
dividends in the year ahead is much improved. The extent to which our dividend
payment is currently uncovered should therefore substantially reduce which is a
necessary pre-condition for the resumption of growth in our dividend pay-out.

The Directors are therefore proposing, as previously forecast, a maintained
final dividend of 5.95p per share for the year ended 31 December 2003, payable
on 21 May 2004 to Shareholders on the register at close of business on 23 April
2004, making a total distribution for the year of 16.3p.

The Board also now proposes that three interim dividends of 3.45p per share be
paid for the year to 31 December 2004, payable on 16 August 2004, 17 November
2004 and 16 February 2005.

B Ordinary Shareholders will receive a capitalisation in B Ordinary shares on 21
May 2004 amounting to 3.8449 B Ordinary shares for every hundred held at the
close of business on 23 April 2004, which is equivalent in Net Asset Value to
the recommended final dividend and three interim dividends for the current year.

The Board

As a consequence of the sad death, last year, of the Rt Hon Viscount Younger of
Leckie, the Board has carried out a search for a new Director. The Board was
very pleased to welcome Lady Balfour of Burleigh to the Board on 30 September
2003. Janet has a wide range of knowledge and experience. She is a writer and
consultant and is also on the Board of a number of Companies, including two
investment trusts.

Outlook

After a substantial recovery in global stockmarkets in 2003, there is a clear
need to meet market expectations of growth and profits. At the time of writing,
the signs seem reasonably good, as data is strong and various leading
indicators, such as surveys of investment intentions, hiring plans and
confidence generally, continue to improve. There are however, valid concerns
over the sustainability of the growth dynamic, particularly in the United
States. The issues here centre on the highly unusual starting point for this
economic cycle where the scale of current imbalances suggest a need for higher
domestic savings, a tightening of fiscal policy and a weaker dollar. The clear
implication of the balance of payments and budget deficits is that the current
means of delivering economic growth is unsustainable and a weaker dollar is only
part of the solution.

Nonetheless monetary and fiscal policies around the world will remain biased
towards economic growth and these are not currently constrained by too many
signs of inflationary pressure. It seems reasonable therefore to expect positive
returns from equity markets, albeit at a more subdued level than this past year,
with a preference for areas where there are fewer imbalances and therefore fewer
potential impediments to growth.




Murray International Trust PLC
Statement of Total Return (unaudited)
(incorporating the Revenue Account of the Company*)
For the year ended 31 December 2003

                                Year ended                   Year ended
                             31 December 2003            31 December 2002
                       Revenue   Capital    Total   Revenue   Capital     Total
                         £'000     £'000    £'000     £'000     £'000     £'000

Gains/(losses) on            -    68,823   68,823         -   (92,403)  (92,403)
investments
Income from             16,278         -   16,278    17,310         -    17,310
investments
Other income               515         -      515       208         -       208
Investment management     (852)   (1,994)  (2,846)   (1,033)   (2,410)   (3,443)
fees
Currency losses              -    (1,321)  (1,321)        -    (4,847)   (4,847)
Other expenses            (995)        -     (995)   (1,226)        -    (1,226)
                      -------- ---------   -------   ------- --------   -------
Net return before
finance costs
and taxation            14,946    65,508   80,454    15,259   (99,660)  (84,401)
Finance costs of          (946)   (2,208)  (3,154)   (1,067)   (2,490)   (3,557)
borrowing
                       -------- ---------   -------   ------- --------   -------

Return on ordinary
activities
before tax              14,000    63,300   77,300    14,192  (102,150)  (87,958)
Tax on ordinary         (2,493)    1,918     (575)   (2,141)    1,444      (697)
activities
                       -------- ---------   -------   -------  --------  -------
Return attributable to
equity
Shareholders            11,507    65,218    76,725   12,051  (100,706)  (88,655)
Ordinary dividends on  (14,081)        -   (14,081) (14,052)        -   (14,052)
equity shares
                       -------- ---------   -------  -------   --------  -------
Transfer (from)/to      (2,574)   65,218    62,644   (2,001) (100,706) (102,707)
reserves
                       -------- ---------   -------   -------  --------  -------
Return per ordinary       13.3      75.5      88.8     13.8    (115.5)  (101.7)
share (pence)
                       -------- ---------   -------   -------  --------  -------
Return per ordinary
share
Assuming full
conversion of the
B ordinary shares         13.1      74.5      87.6     13.6    (114.0)  (100.4)
(pence)
                       -------- ---------   -------   -------  --------  -------


* The revenue column of this statement is the profit and loss account of the
company.


Murray International Trust PLC
Balance Sheet (unaudited)
As at 31 December 2003

                                      As at              As at
                                 31 December 2003   31 December 2002
                                  £'000     £'000    £'000     £'000

Fixed assets
Investments                               455,872            406,040

Current assets
Debtors                           3,085              4,374
Cash and short term deposits     22,177              4,298
                                --------            -------
                                 25,262              8,672
Creditors
Amounts falling due within one   34,367             18,239
year
                                --------            -------
Net current liabilities                    (9,105)            (9,567)
                                          -------            -------
Total assets less current                 446,767            396,473
liabilities
Creditors
Amounts falling due after more             75,375             87,725
than one year
                                          -------            -------
Net Assets                                371,392            308,748
                                          -------            -------

Capital and reserves
Equity shareholders' interests:
Called up share capital                    21,890             21,876
Share premium account                          23                 23
Capital redemption reserve                  8,230              8,230
Capital reserve - realised                286,358            300,788
Capital reserve - unrealised               28,369            (51,265)
Revenue reserve                            26,522             29,096
                                          -------            -------
Total equity Shareholders'                371,392            308,748
funds
                                          -------            -------
Net asset value per ordinary
and B ordinary share (pence)                424.2              352.8


Murray International Trust PLC
Cash Flow Statement (unaudited)
For the year ended 31 December 2003

                                   Year ended           Year ended
                                31 December 2003     31 December 2002
                                  £'000     £'000      £'000     £'000

Operating activities
Investment income received       15,961               17,594
Deposit interest received           514                  193
Underwriting commission               3                   17
received
Investment management fees       (2,800)              (3,698)
paid
Secretarial fees paid               (98)                (106)
Cash paid to and on behalf of       (51)                 (55)
directors
Other cash movements             (1,007)              (1,013)
                                 -------             --------
Net cash inflow from operating             12,522               12,932
activities
Returns on investments and servicing of finance
Interest paid                              (3,138)              (3,582)
Financial investment
Purchase of investments         (86,370)            (101,289)
Sale of investments             106,366              146,178
                                 -------             --------
Net cash inflow from financial             19,996               44,889
investment
Equity dividends paid                     (14,079)             (14,244)
                                           -------              -------
Net cash inflow before                     15,301               39,995
financing
Financing
Loans repaid                          -              (78,000)
Loans drawn down                      -               60,000
Repurchase of ordinary shares        (1)              (8,021)
                                  -------             --------
Net cash outflow from                          (1)             (26,021)
financing
                                           -------              -------
Increase in cash                           15,300               13,974
                                           -------              -------

Notes:

1. A summary of the investment changes during the year and a list of the twenty
largest investments at 31 December 2003 are attached.

2. The issued share capital at 31 December 2003 was 86,412,599 ordinary shares
of 25p each and 1,147,599 B ordinary shares of 25p each.

3. Returns per share have been based on the following weighted average number of
ordinary shares in issue during each year.

 Weighted average number of Ordinary shares  86,391,963
 Weighted average number of Ordinary shares
 assuming full conversion of the B Ordinary shares 87,539,611

4. The net asset value per ordinary and B ordinary share has been calculated
after deducting prior charges at nominal values.

5. The next date for conversion of the B ordinary shares to ordinary shares is
30 June 2004. The last date for receipt of certificates with the conversion 
notice signed on the reverse is 23 June 2004.

6. If approved: (1) the proposed final dividend of 5.95p per share will be paid
on 24 May 2004 to holders of ordinary shares on the register at the close of
business on 23 April 2004; (2) in respect of the year ending 31 December 2004, 
three interim dividends of 3.45p per share on the ordinary shares of the company 
in issue on 25 June 2004 will be paid on 16 August 2004, 17 November 2004, and
16 February 2005 to the persons who, at the close of business on 23
July 2004, 22 October 2004, and 21 January 2004 respectively, are the holders of
such shares; and (3) definitive certificates in respect of the B ordinary
capitalisation issue will be posted on 21 May 2004 to B ordinary shareholders on 
the register at the close of business on 23 April 2004.

7. The financial information contained within this Preliminary Announcement does
not constitute the company's statutory financial statements as defined in 
Section 240 of the Companies Act 1985. The statutory financial statements for 
the year ended 31 December 2002 have been delivered to the Registrar of 
Companies and contained an audit report which was unqualified and did not 
constitute statements under Sections 237(2) or (3) of the Companies Act 1985.

This preliminary announcement has been prepared on the same basis as the prior
year's statutory financial statements.

The annual results will be circulated to shareholders in the form of an Annual
Report, copies of which will be available at the Company's registered office, 
123 St Vincent Street, Glasgow.

8. The Annual General Meeting will be held on 29 April 2004.

ABERDEEN ASSET MANAGEMENT PLC

SECRETARY

5 February 2004

Copies of this announcement will be available to the public at the registered
office of the Company, 123 St Vincent Street, Glasgow G2 5EA.


MURRAY INTERNATIONAL TRUST PLC
SUMMARY OF INVESTMENT CHANGES


                    Valuation                      Appreciation      Valuation
                  31 December    Transactions   (depreciation)     31 December
                      2002                                             2003
                £'000       %           £'000           £'000     £'000       %
Equities
United Kingdom 126,088    31.8         (2,090)         21,037   145,035    31.6
Americas        64,061    16.2           (186)         10,763    74,638    16.3
Europe & Africa 57,043    14.4           (221)         15,488    72,310    15.8
Japan           31,773     8.0           (296)          2,963    34,440     7.5
Middle East, 
Far East &      23,914     6.0          6,716          14,481    45,111     9.8
Australasia
               ------- -------      ---------      ----------   ------- -------
               302,879    76.4          3,923          64,732   371,534    81.0
               ------- -------      ---------      ----------   ------- -------
Fixed income
United Kingdom  64,142    16.2        (17,313)         (1,173)   45,656    10.0
Europe & Africa 39,019     9.8         (5,601)          5,264    38,682     8.4
               ------- -------      ---------      ----------   ------- -------
               103,161    26.0        (22,914)          4,091    84,338    18.4
               ------- -------      ---------      ----------   ------- -------
Other net 
assets         (9,567)   (2.4)        14,133          (1,682)    2,884     0.6
               ------- -------      ---------      ----------   ------- -------
Total Assets*  396,473   100.0         (4,858)         67,141   458,756   100.0
               ------- -------      ---------      ----------   ------- -------

* Represents total assets less current liabilities after excluding short-term
  loans of Yen 2,300,000,000 (£11,989,000) at 31 December 2003

                                                           Valuation
Summary of Net Assets                                    31 December
-----------------------                                      2003

                                                         £000       %
Equities                                               371,534   100.1
Fixed Income                                            84,338    22.7
Other Net Assets                                         2,884     0.7
Borrowings and prior capital                           (87,364)  (23.5)
                                                       ------- -------
Equity shareholders' interest                          371,392   100.0
                                                       ------- -------

Investment Portfolio
As at 31 December 2003
                                                                 Total
                                               Valuation         Assets
Investment                                        £'000            (%)
                                                ---------    -----------
Atrium Underwriting (UK)                         18,546            4.0
GlaxoSmithKline (UK)                             11,456            2.5
BP (UK)                                          11,325            2.5
Shell Transport & Trading (UK)                   10,624            2.3
March 2004 S & P Future (USA)                    10,392            2.3
Vodafone Group (UK) **                           10,366            2.2
Royal Bank of Scotland (UK)                       7,242            1.6
AstraZeneca (UK)                                  6,700            1.5
Petrochina (China)                                6,422            1.4
Barclays (UK) **                                  6,093            1.3
Abbey National (UK) **                            6,022            1.3
HSBC Holdings (UK) **                             5,970            1.3
Petrobras ADR (Brazil)                            5,956            1.3
British American Tobacco (UK)**                   5,743            1.2
GUS (UK) **                                       4,725            1.0
Volvo (Ab) Ser B **                               4,522            1.0
Aviva                                             4,108            0.9
Sainsbury (J)                                     3,941            0.9
Tenaris ADR (Mexico)                              3,918            0.9
United Health Group (USA)                         3,736            0.8
                                                ---------    -----------
Top Twenty Investments                          147,807           32.2
                                                ---------    -----------
**Holding comprises equity and fixed income securities






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