Final Results

Murray International Trust PLC
27 February 2008



MURRAY INTERNATIONAL TRUST PLC

Preliminary Announcement of Results for the Year to 31 December 2007

The Directors announce the preliminary results of Murray International Trust PLC
for the year ended 31 December 2007.


Highlights

In its 100th year the Trust:

•  produced a Net Asset Value Total Return of 14.9% versus a Benchmark Total
   Return of 8.7%;
•  increased the total proposed dividend payment by 10.5% versus 2006; and
•  remained cautious regarding the UK and US stock markets, but sanguine on Asia
   and Latin America.


Background

The economic factors affecting the decisions of our Manager in 2007 were very
different from those existing in 1907 when the Trust was founded.  Economies and
stock markets are now affected by global events rather than being dominated by
domestic conditions as was the case one hundred years ago.  Globalisation as
witnessed, for example, by increasing trade between nations, has been a force
for good in overall terms but in 2007 we saw evidence of the downside of
globalisation as the problem of sub prime loans in the United States affected
banks throughout the world.  The difficulties spread to a wider range of
financial instruments with any form of structured product coming under
suspicion. In the UK the problems of Northern Rock highlighted the reluctance of
banks to lend to each other, which in turn led to sharp rises in interest rates
in the inter-bank market.  A prolonged period of very low interest rates and lax
lending by banks over the last few years has led to a significant increase in
indebtedness in both public and private sectors in the UK and US.  Tough times
are ahead for these indebted nations and it is clear that the balance of
economic power is shifting to developing nations, such as China, India and
Brazil and those fortunate enough to possess the resources of energy and raw
materials which the rest of the world needs.  Despite the uncertainty, equity
markets performed relatively well but most of the improvement took place in the
first half of the year.  Weakness in Sterling also boosted overseas returns in
our portfolio, the first time this has occurred in many years. Under the
circumstances, the positive double-digit total return surpassed our
expectations.


Performance

The total return on Net Asset Value was 14.9%, significantly ahead of the return
on the benchmark index of 8.7% whilst the share price total return of 10.5%
reflected a slight increase over the year in the level of discount at which the
shares trade in the stock market.  The Investment Manager's Report in the annual
report contains an attribution analysis which shows the factors affecting net
asset performance.  Key positive influences were significant overweights in Asia
ex Japan and Latin America.  The large underweighting in the United States
contributed positively to relative outperformance, while strong stock selection
in the UK enhanced capital returns.


Dividends

I am pleased to report that revenue generation from the Company's portfolio has
again remained strong during the year and we have been able to increase the
level of the three interim dividends that have been paid to 4.3p (2006: 3.8p).
Your Board is now recommending a final dividend of 8.1p (2006: 7.6p) which,
subject to the approval of shareholders at the Annual General Meeting, will be
paid on 16 May 2008 to shareholders on the register on 4 April 2008.  If
approved, the total dividend for the year will amount to 21.0p, an increase of
10.5% from last year (2006: 19p).  B Ordinary shares now receive their
capitalisation issue of B Ordinary shares at the same time as each dividend is
paid.  Accordingly, subject to approval at the AGM on 16 May 2008, B Ordinary
shareholders will be issued with new B Ordinary shares equivalent in Net Asset
Value to the recommended final dividend for the year just ended.


VAT on Management Fees Update

During the year under review the Association of Investment Companies ('AIC')
announced its success in the case against HM Revenue and Customs ('HMRC'), which
sought to remove VAT from the payment of investment trust management fees. The
European Court of Justice has confirmed that investment trust management fees
should be exempt from VAT in the same way as unit trusts and open ended
investment companies and HMRC has recently advised that it does not intend to
appeal this decision. Accordingly, VAT is now no longer charged by the Manager
on management fees and in due course a rebate will be due to the Company in
respect of the VAT paid since 2001.  The timing and quantum of this repayment
together with the status of pre-2001 VAT payments are being discussed with the
Manager and are still to be determined.  The Company will update shareholders in
due course.


Centenary Year

As I have mentioned above, the Company is in its Centenary Year, having been
incorporated originally in December 1907.  We have marked this centenary with
the publication of a booklet tracing the life of the Company since launch and
the key events that have affected it.  Accompanying the Annual Report you will
find a copy of this publication and further copies may be obtained by writing to
the registered office of the Company.  I hope that you find the booklet
interesting and enjoyable.


Annual General Meeting ('AGM')

The AGM has been convened for Tuesday 22 April 2008 at 12.30 p.m. in the
Strathclyde Suite of the Glasgow Royal Concert Hall and the Board looks forward
to meeting shareholders.  As at previous AGMs, there will be a presentation from
the Manager and an opportunity to meet the Directors and Manager and ask
questions.  I would be grateful if you would confirm your attendance by
completing the notice that will accompany the Annual Report and returning it
together with an indication of any particular questions that you would like to
ask.


Electronic Communications with Shareholders

At the last AGM shareholders authorised the Company to communicate to its
shareholders electronically.  The Board is keen to reduce the number of Annual
Reports that are required to be printed each year and to reduce the associated
cost and impact upon the environment.  Accordingly, I would urge shareholders to
consider whether they require a paper copy of the Annual Report and other
mailings.  If you do not need paper reports, you may advise the Company's
registrars by completing the form that will accompany the Annual Report and in
conjunction with the registrars, we will arrange for you to receive an e-mail
notification when the Annual Report or other shareholder documents have been
published on the Company's website.  Those shareholders who elect for electronic
communications will also be able to vote electronically on resolutions to be
proposed at future AGMs.  I would like to take this opportunity to reassure you
that we will only use electronic communications to communicate to those
shareholders who positively elect for such a method of communication.  If you
take no further action, you will continue to receive the usual paper copies by
post.


Investment Objectives

The FSA Listing Rules require the Company to make clear to shareholders the
investment policies of the Trust and how it hopes to meet its objective.  We aim
to achieve a total return greater than the Trust's benchmark by investing
predominantly in equities worldwide.  Within this objective the Manager seeks to
increase the Company's revenues to maintain an above average dividend yield.
Further information, including the Company's policies relating to asset
allocation, risk diversification and gearing, as well as a description of the
investment process adopted by the Manager, is included in the Annual Report and
Accounts.


Circular

This year the Directors are proposing to make amendments to the Company's
Articles of Association to reflect changes required as a result of the staged
implementation of the Companies Act 2006.  Accompanying the Annual Report and
Accounts shareholders will receive a circular which incorporates the Notice of
Annual General Meeting and the resolutions to be proposed at that meeting and at
separate Class Meetings of the Ordinary and B Ordinary shareholders.  The
proposed changes to the Articles will be described in greater detail in the
circular.


Outlook

Since the year end we have seen a sharp downward move in markets accompanied by
increasing volatility.  The increased liquidity of the Trust reflecting the
Manager's cautious attitude towards markets, particularly the US and the UK in
the second half of last year, has been of benefit to the Trust, with this
liquidity being enhanced by a cash take-over of our largest holding Atrium.
Corporate profits in the US and UK will remain under pressure as the excessive
levels of debt in these two countries unwind.  However, there may well come a
stage when markets begin to discount current problems and start looking towards
recovery.  The Trust with its high level of liquidity will be in a position to
take advantage of such conditions should they arise.  Meanwhile, we expect
growth rates in Asia and Latin America to remain positive although at somewhat
lower levels than those seen recently.  We are comfortable to remain well
represented in these areas.




J F H Trott
Chairman
26 February 2008





Murray International Trust PLC
Income Statement
For the year ended 31 December 2007



                                        Year ended 31 December 2007           Year ended 31 December 2006
                                       Revenue       Capital        Total    Revenue     Capital       Total
                                         £'000         £'000        £'000      £'000       £'000       £'000
 Gains on investments                        -        68,348       68,348          -      61,182      61,182
 Income                                 26,776             -       26,776     24,566           -      24,566
 Investment management fees              (966)       (2,253)      (3,219)                (2,124)
                                                                               (910)                 (3,034)
 Performance fees                            -       (2,151)      (2,151)          -     (2,565)
                                                                                                     (2,565)
 Currency losses                             -       (3,550)      (3,550)          -     (4,087)     (4,087)
 Other expenses                        (1,251)             -      (1,251)    (1,313)           -     (1,313)
 Net return before finance costs        24,559        60,394       84,953     22,343      52,406      74,749
 and taxation

 Finance costs of borrowing              (609)       (1,422)      (2,031)      (610)     (1,424)     (2,034)
 Return on ordinary activities          23,950        58,972       82,922     21,733      50,982      72,715
 before tax

 Tax on ordinary activities            (5,550)         3,625      (1,925)    (4,603)       3,147     (1,456)
 Return attributable to equity          18,400
 Shareholders                                         62,597       80,997     17,130      54,129      71,259


 Return per Ordinary share                21.2          72.3         93.5       19.8        62.5        82.3
 (pence)                                                
 Return per Ordinary share                21.0          71.4         92.4       19.5        61.8        81.3
 assuming full conversion of the B
 Ordinary shares (pence)



The total column of this statement represents the profit and loss account of the
Company.

A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement.

All revenue and capital items in the above statement derive from continuing
operations.

No operations were acquired or discontinued in the year.

The accompanying notes are an integral part of these financial statements.


Ordinary dividends on equity           14,028           -       14,028        15,623            -       15,623
shares (£'000)

The above dividend information does not form part of the Income Statement.




Balance Sheet
As at 31 December 2007

                                                      As at                       As at
                                                 31 December 2007           31 December 2006
                                                   £'000         £'000         £'000         £'000
 Non-current assets
 Investments listed at fair value through                      679,577                     655,634
 profit or loss

 Current assets
 Debtors                                           4,376                       3,694
 Cash and short term deposits                     44,687                       3,870
                                                  49,063                       7,564

 Creditors: amounts falling due within one
 year
 Bank loans and debentures                      (18,662)
                                                                                   -
 Other creditors                                 (3,213)                     (8,167)
                                                (21,875)                     (8,167)
 Net current assets/(liabilities)                               27,188                       (603)
 Total assets less current liabilities                         706,765                     655,031

 Creditors: amounts falling due after more
 than one year
 Loans                                          (56,931)                    (72,159)
 Other creditors                                 (3,597)                     (3,604)
                                                              (60,528)                    (75,763)
 Net assets
                                                               646,237                     579,268

 Capital and reserves
 Equity Shareholders' interests:
 Called-up share capital                                        21,926                      21,919
 Share premium account                                              22
                                                                                                22
 Capital redemption reserve                                      8,230                       8,230
 Capital reserve - realised                                    366,239                     298,874
 Capital reserve - unrealised                                  211,796                     216,571
 Revenue reserve                                                38,024                      33,652
 Equity Shareholders' funds                                    646,237                     579,268


 Net Asset Value per Ordinary and B                              736.8                       660.7
 Ordinary share (pence)




Reconciliation of Movements in Shareholders' Funds
For the year ended 31 December 2007


                                     Share        Capital     Capital       Capital
                          Share     premium    redemption     reserve       reserve      Revenue
                        capital     account       reserve  - realised  - unrealised      reserve       Total
                          £'000       £'000         £'000       £'000         £'000        £'000       £'000
Balance at 31                                                                      
December 2006            21,919          22         8,230     298,874       216,571       33,652     579,268
Return on ordinary                                                                        18,400
activities after              -           -             -      67,372       (4,775)                   80,997
taxation
Dividends paid                -           -             -           -             -     (14,028)    (14,028)
Issue of new shares           7           -             -         (7)             -            -           -
Balance at 31                                                                             
December 2007            21,926          22         8,230     366,239       211,796       38,024     646,237


For the year ended 31 December 2006
                                     Share        Capital     Capital       Capital
                          Share     premium    redemption     reserve       reserve      Revenue
                        capital     account       reserve  - realised  - unrealised      reserve       Total
                          £'000       £'000         £'000       £'000         £'000        £'000       £'000
Balance at 31                                                                
December 2005            21,911          23         8,230     286,597       174,727       32,145     523,633
Return on ordinary                                                                       
activities after              -           -             -      12,285        41,844       17,130      71,259
taxation
Dividends paid                -           -             -           -             -     (15,623)    (15,623)
Issue of new shares           8         (1)             -         (8)             -            -         (1)
Balance at 31                                                                             33,652
December 2006            21,919          22         8,230     298,874       216,571                  579,268


The revenue reserve represents the amount of the Company's reserves
distributable by way of dividend.






Cash Flow Statement
For the year ended 31 December 2007

                                                         Year ended                  Year ended
                                                      31 December 2007            31 December 2006
                                                        £'000         £'000         £'000         £'000
Net cash inflow from operating activities                            19,666                      17,879

Returns on investments and servicing of finance
Interest paid                                         (1,998)                     (2,233)
Net cash outflow from servicing of finance                          (1,998)                     (2,233)

Corporation tax paid                                                  (414)                           -

Financial investment
Purchases of investments                            (135,699)                   (100,174)
Sales of investments                                  179,642                     108,267
Net cash inflow from financial investment                            43,943                       8,093

Equity dividends paid                                              (17,317)                    (15,404)
Net cash inflow before financing                                     43,880                       8,335

Financing
Expense of share issue                                      -                         (1)
Loans repaid                                                -                     (7,708)
Loans drawn down                                            -                       7,708
Net cash outflow from financing                                           -                         (1)
Increase in cash                                                     43,880                       8,334




Notes:

1.  No changes to the accounting policies of the Company have been made in the
    year to 31 December 2007.

2.  A summary of the investment changes during the year and a list of the twenty 
    largest investments at 31 December 2007 are attached.

3.  The issued share capital at 31 December 2007 was 86,612,772 Ordinary 
    shares of 25p each and 1,090,350 B Ordinary shares of 25p each.

4   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         86,598,500

    Weighted average number of B Ordinary shares        1,089,525

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

6.  The next date for conversion of the B Ordinary shares to Ordinary shares
    is 30 June 2008. The last date for receipt of certificates with the 
    conversion notice signed on the reverse is 23 June 2008.

7.  If approved: (1) the proposed final dividend of 8.1p per share will be paid 
    on 16 May 2008 to holders of Ordinary shares on the register at the close
    of business on 4 April 2008; and (2) definitive certificates in respect of 
    the B Ordinary capitalisation issue will be posted on 16 May 2008 to B 
    Ordinary Shareholders on the register at the close of business on 4 April 
    2008.

8.  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 2006 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.

    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, 40 Princes Street, Edinburgh EH2 2BY.

9.  The Annual General Meeting will be held on 22 April 2008 at The Glasgow
    Royal Concert Hall, Glasgow.


ABERDEEN ASSET MANAGEMENT PLC
SECRETARY




26 February 2008



MURRAY INTERNATIONAL TRUST PLC
SUMMARY OF INVESTMENT CHANGES


                                   Valuation                              Appreciation/       Valuation
                               31 December 2006          Transactions    (depreciation)    31 December 2007
                                  £'000           %             £'000             £'000      £'000           %
Equities
United Kingdom                  151,209        23.1          (45,820)            14,456    119,845        16.5
North America                    46,259         7.0             7,427             1,372     55,058         7.6
Europe ex UK                    101,050        15.4           (2,276)            12,196    110,970        15.3
Japan                            77,883        11.9              (28)           (9,718)     68,137         9.4
Asia Pacific ex Japan           117,725        18.0          (24,020)            28,108    121,813        16.8
Latin America                    73,873        11.3             1,142            21,754     96,769        13.4
                                567,999        86.7          (63,575)            68,168    572,592        79.0
Fixed income
United Kingdom                   57,512         8.0            10,245             (635)     67,122         9.3
North America                    11,617         1.8             7,891               312     19,820         2.7
Europe ex UK                      4,765         0.7                26               445      5,236         0.7
Asia Pacific ex Japan             7,553         1.2             1,127               128      8,808         1.2
Latin America                     6,188         0.9             (119)              (70)      5,999         0.8

                                 87,635        13.4            19,170               180    106,985        14.7

Other net (liabilities)/          (603)       (0.1)            46,569             (116)     45,850         6.3
assets*
Total assets**                  655,031       100.0             2,164            68,232    725,427       100.0



* Figure for 2007 excludes bank loan of £18,662,000 which was shown as a current
liability.

** Total Assets less current liabilities (before deducting prior charges).


                                             Valuation
                                         31 December 2007
                                            £'000               %
Equities                                  572,592            88.6
Fixed income                              106,985            16.6
Other net assets                           45,850             7.1
Prior charges                            (75,593)          (11.7)
Other long term liabilities               (3,597)           (0.6)
Equity Shareholders' funds                646,237           100.0




Twenty Largest Investments
As at 31 December 2007


                                                                         Valuation         Total
                                                                              2007        assets
Company                                               Country                £'000             %

1 (2)     Petrobras ADR*                              Brazil                36,822           5.1
2 (3)     Resolution Life                             UK                    22,784           3.1
3 (4)     Tenaris ADR                                 Mexico                17,928           2.5
4 (5)     British American Tobacco*                   UK & Malaysia         17,534           2.4
5 (-)     PTT Exploration                             Thailand              13,370           1.8
6 (18)     Souza Cruz                                 Brazil                12,923           1.8
7 (8)     Aeroportuario del Sureste ADS               Mexico                12,276           1.7
8 (-)     Total Fina                                  France                11,046           1.5
9 (-)     ENI                                         Italy                 10,750           1.5
10 (-)     E.ON                                       Germany               10,687           1.5

Top ten investments                                                        166,120          22.9

11 (-)    Swire Pacific B                             Hong Kong             10,643           1.5
12 (11)    Vodafone Group                             UK                    10,517           1.4
13 (20)    Weir Group                                 UK                    10,119           1.4
14 (-)     Wing Hang Bank                             Hong Kong              9,777           1.3
15 (-)    Intesa Sanpaolo                             Italy                  9,528           1.3
16 (-)    Altria Group                                USA                    9,105           1.3
17 (-)    Unilever Indonesia                          Indonesia              9,026           1.2
18 (-)    Reynolds American                           USA                    8,933           1.2
19 (-)    Centrica                                    UK                     8,610           1.2
20 (-)     Zurich Financial Services                  Switzerland            8,404           1.2

Top twenty investments                                                     260,782          35.9

* Holding comprises equity and fixed income securities or holdings in more than one country.

The value of the 20 largest investments represents 35.9% (2006 - 32.8%) of total assets. The
figures in brackets denote the position at the previous year end. (-) denotes not previously in
20 largest investments.



                      This information is provided by RNS
            The company news service from the London Stock Exchange