Interim Results

Martin Currie Portfolio Inv Tst PLC 24 September 2001 To: Stock Exchange For immediate release City editors 24 September 2001 Martin Currie Portfolio Investment Trust plc Interim results for the six months to 31 July 2001 At 31 July 2001, the £310 million Martin Currie Portfolio Investment Trust remained ahead of its benchmark, the FTSE All-Share index, since inception in March 1999. However, over the six months to the end of July 2001, the net asset value per share fell by 14.4% compared with a fall of 12.1% by its benchmark. Earnings per share over the six months were up 3.8% to 0.83p. The board has declared an interim dividend of 0.50p payable to shareholders on the register as at 5 October. This amount is unchanged from the payment for the corresponding period last year. Commenting, chairman Peter Berry said: 'The tragic events of 11 September and their aftermath will, clearly, have far-reaching consequences. As we wait to see what the response of the US and its allies will be, it is clear that economic recovery will be delayed well into 2002. But central banks have been cutting interest rates and companies their inventories, so production can be expected to respond briskly to any improvement in demand. We are positioned to take advantage of recovery in global stockmarkets when it comes.' - ends - For further information, please contact: Tom Walker or Michael Woodward Martin Currie Investment Management Ltd 0131 229 5252 twalker@martincurrie.com/mwoodward@martincurrie.com Fiona Harris Quill Communications 0207 618 8905 fiona.h@quillcommunicate.com MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of total return (incorporating the revenue account) for the period ended 31 July 2001 2001 Revenue Capital Total £000 £000 £000 Losses on investments - realised - (17,260) (17,260) - unrealised - (35,080) (35,080) Currency gains - 403 403 Income - Franked 2,836 185 3,021 - Unfranked 1,083 - 1,083 Investment management fee (361) (722) (1,083) Performance bonus - - - Other expenses (382) - (382) Net return before finance costs and taxation 3,176 (52,474) (49,298) Interest payable and similar charges (415) (830) (1,245) Return on ordinary activities before tax 2,761 (53,304) (50,543) Tax on ordinary activities (163) 76 (87) Return on ordinary activities after tax for the 2,598 (53,228) (50,630) financial period Interim dividends in respect of equity shares (1,563) - (1,563) Transfer to reserves 1,035 (53,228) (52,193) Return per ordinary share 0.83p (17.03p) (16.20p) An interim dividend for the period ended 31 July 2001 of 0.50p will be paid on 26 October 2001 to shareholders on the register on 5 October 2001. MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of total return (incorporating the revenue account) for the period ended 31 July 2000 2000 Revenue Capital Total £000 £000 £000 Gains on investments - realised - 8,915 8,915 - unrealised - 18,622 18,622 Currency losses - (500) (500) Income - Franked 2,767 - 2,767 - Unfranked 1,075 - 1,075 Investment management fee (425) (850) (1,275) Performance bonus - (405) (405) Other expenses (371) (51) (422) Net return before finance costs and taxation 3,046 25,731 28,777 Interest payable and similar charges (349) (699) (1,048) Return on ordinary activities before tax 2,697 25,032 27,729 Tax on ordinary activities (171) 117 (54) Return on ordinary activities after tax for the 2,526 25,149 27,675 financial period Interim dividends in respect of equity shares (1,538) - (1,538) Transfer to reserves 988 25,149 26,137 Return per ordinary share 0.80p 8.01p 8.81p MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Audited statement of total return (incorporating the revenue account) for the year ended 31 January 2001 2001 Revenue Capital Total £'000 £'000 £'000 Gains on investments - realised - 9,557 9,557 - unrealised - 10,850 10,850 Currency losses - (184) (184) Income - Franked 5,917 - 5,917 - Unfranked 1,964 - 1,964 Investment management fee (741) (1,482) (2,223) Performance bonus - (906) (906) Other expenses (860) (46) (906) Net return before finance costs and taxation 6,280 17,789 24,069 Interest payable and similar charges (778) (1,556) (2,334) Return on ordinary activities before tax 5,502 16,233 21,735 Tax on ordinary activities (275) 168 (107) Return on ordinary activities after tax for the 5,227 16,401 21,628 financial year Dividends in respect of equity shares (4,570) - (4,570) Transfer to reserves 657 16,401 17,058 Return per ordinary share 1.67p 5.24p 6.91p MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited balance sheet as at 31 July 2001 31 July 2001 31 July 2000 31 January 2001 Unaudited Unaudited Audited £000 £000 £000 £000 £000 £000 Fixed assets Investment at market 347,079 386,393 394,894 value Current assets Debtors 5,522 991 4,966 Cash in bank 8,332 31,561 18,687 13,854 32,552 23,653 Creditors Amounts falling due (25,895) (13,098) (31,227) within one year Net current (liabilities) (12,041) 19,454 (7,574) /assets Total assets less current 335,038 405,847 387,320 liabilities Creditors Amounts falling due after (25,462) (35,000) (25,551) one year Net assets 309,576 370,847 361,769 Capital and reserves Called up ordinary 15,629 15,629 15,629 capital Share premium account 159,208 159,208 159,208 Capital redemption 388 388 388 reserve Special distributable 142,979 142,979 142,979 reserve Capital reserve (11,128) 50,847 42,100 Revenue reserve 2,500 1,796 1,465 Equity shareholders' 309,576 370,847 361,769 funds Net asset value per 99.04p 118.64p 115.74p ordinary share MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited statement of cash flow for the period ended 31 July 2001 31 July 2001 Period to 31 July Period to 31 2000 January 2001 Unaudited Unaudited Audited £000 £000 £000 £000 £000 £000 Operating activities Net dividends and 3,973 3,634 6,934 interest received from investments Underwriting commission - - 24 received Interest received from 419 610 1,146 deposits Investment management fee (1,286) (2,033) (3,466) Cash paid to and on (114) (76) (138) behalf of directors Bank charges (28) (8) (46) Other cash payments (306) (454) (662) Net cash inflow from 2,658 1,673 3,792 operating activities Servicing of finance Interest paid (1,300) (1,021) (2,266) Net cash outflow from (1,300) (1,021) (2,266) servicing of finance Taxation Net tax received - 43 - Tax received - 43 - Capital expenditure and financial investment Payments to acquire (65,902) (101,887) (175,627) investments Receipts from disposal 57,261 111,316 172,943 of investments Exchange differences (40) (500) (43) Net cash (outflow)/inflow (8,681) 8,929 (2,727) from capital expenditure and financial investment Equity dividends paid (3,032) (2,897) (4,460) Net cash (outflow)/inflow (10,355) 6,727 (5,661) before use of liquid resources and financing Financing Issue of ordinary shares - - - Net cash acquired with Scottish Eastern Investment Trust scheme of reconstruction - - - Repurchase of ordinary - (5,638) (5,638) share capital Movement in short-term - 13,429 12,943 borrowings Movement in long term - 5,000 5,000 borrowings Cash inflow from - 12,791 12,305 financing (Decrease)/increase in (10,355) 19,518 6,644 cash for the period

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