Final Results

Murray International Trust PLC
1 February 2001

Murray International Trust PLC

Results for the Year to 31 December 2000

The directors announce the results, subject to final audit, of Murray
International Trust PLC for the year to 31 December 2000.

Highlights

  * Total return on net assets (with net dividends reinvested) of 0.9%
    against -4.3% for the benchmark.

  * Final dividend of 5.55p per share proposed for the year to 31 December
    2000.

  * Three interim dividends, each of 3.45 pence per share, forecast for the
    year to 31 December 2001.

  * Share price total return of 5.4% for the year to 31 December 2000.

  * Aggressive share repurchase programme reduces discount to 12.8% at 31
    December 2000. Renewed authority to be sought at an EGM on 28 February
    2001.

Background

Murray International benefited during the year to 31 December 2000 from being
defensively positioned as technology stocks led world markets lower. The year
was marked by extreme market volatility following the severe correction in
technology-related stocks that started in March and April. US economic data
over the period tended to give mixed signals so that investors faced the
possibility of a hard landing for the economy and higher interest rates.
However, in the autumn a soft landing became the most likely outcome but
subsequent data indicated that the slowdown was much more intense than had
been expected.

Other world markets took their cue from the US and there was some switching
from TMT (technology, media and telecommunications) stocks into more defensive
sectors such as financials and pharmaceuticals. An improving outlook for
interest rates towards the end of the period under review helped mitigate
market setbacks but all regional markets lost ground over the year with the
FTSE World index in sterling showing a negative return of 4.2%. The technology
heavy NASDAQ Composite index fared worst of all and dropped more than 50% from
its March high.

Performance

Murray International produced a total return on assets with net income
reinvested of 0.9% for the year to 31 December 2000 compared with -4.3% for
the company's composite benchmark.* The defensive positioning of the fund
enabled Murray International to contend with the worst of the stock market
falls. However, the main factor behind the year's performance was the
acquisition of the company's largest holding, Robert Fleming, by Chase
Manhattan, which resulted in a £51.1 million uplift in net asset value.

Share buybacks

The company continued to buy back its shares in the market during the year in
order to enhance the net asset value and to achieve a better balance between
buyers and sellers and so reduce the discount to net asset value at which the
shares trade in the market. The discount reduced from 16.4% at the end of 1999
to 12.8% at the end of 2000.

At the last annual general meeting on 17 May 2000, shareholders renewed the
authorisation of the company to buy back up to 14.99% of its own shares in the
market. Since then and up to 30 January 2001 the company has repurchased
14,763,000 shares (13.9% of the issued ordinary share capital) at an average
price of 517.58p per share and this increased the net asset value by 9.7p. As
the buyback programme has been pursued aggressively since the end of the year
under review it became necessary to call an Extraordinary General Meeting of
shareholders on 28 February 2001 for the board to seek further approvals for
continuing the programme. At the Annual General Meeting on 30 April 2001
shareholders will be asked to renew the buyback powers for the following
twelve months.

On the 14 December 2000 it was announced that ST Partners L.P. (a North
American based investor with an 8.4% shareholding) had requisitioned a
resolution at the 2001 AGM for a tender offer of 70% of the company's shares.
On 9 January the Board announced that it believed this resolution was not in
the best interests of the Company and through its advisors had consulted major
investors. As a result, the Board believed that the resolution would not
command widespread support amongst shareholders. The day after that ST
Partners L.P. sold its entire holding of 8,754,000 ordinary shares to the
share buy back programme. ST Partners L.P. has now withdrawn its requisition.

Dividends

The directors are proposing, as forecast, a final dividend of 5.55p per share
for the year 2000, payable on 25 May 2001 to shareholders on the register at
27 April 2001. With the three interim dividends each of 3.45p already paid
this makes a total for the year of 15.9p compared with 15.5p for the previous
year, a 2.6% increase. As a result of the focus on total return and the move
into Japanese equities the earnings of the company do not wholly cover this
payment but the revenue reserve built up from earlier undistributed earnings
is substantial, being equivalent to 2.12 times the current annual dividend
cost. Your board now proposes that three interim dividends of 3.45p per share
be paid for the year to 31 December 2001, payable on 17 August and 16 November
2001 and 18 February 2002.

B ordinary shareholders will receive a capitalisation issue in B ordinary
shares on 25 May 2001 amounting to 2.45113 for every hundred held at the close
of business on 27 April 2001, which is equivalent in net asset value to the
recommended final dividend and the interim dividends for the current year.

Murray Johnstone

On 30 November 2000 Murray Johnstone Ltd merged with Aberdeen Asset Management
PLC. Your board welcomes this positive move and the increase in investment and
marketing resources that this brings to your Company.

Board of directors

As announced with the interim results, Fred Shedden, senior partner of
McGrigor Donald until his retirement from the firm in April 2000, and John
Trott, chairman of The Standard Life Assurance Company, were appointed to the
board on 23 October 2000. Dr Michael Shea, who has been a director since July
1992, will retire from the board at the annual general meeting.

Outlook

There is widespread concern over the extent to which the US economy will slow
down in the early part of 2001. Many companies have recently been reporting a
deteriorating outlook for profit growth and fears were confirmed early in
January 2001 when the Federal Open Market Committee cut US interest rates by
0.5%. Clearly world economic growth will be lower in 2001 than it was in 2000
but both equity and bond markets are already factoring in much of the likely
outcome. There are sufficient areas of doubt to conclude that a defensive
investment posture should be maintained until US economic data confirms that
the economy is returning to close to trend levels.

* Composite benchmark - FT/S*P Actuaries World Index (40% UK + 60% World ex
UK)


By Order of the Board

Murray Johnstone Limited, Secretary

1 February 2001



MURRAY INTERNATIONAL TRUST PLC

STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*)

for the year ended 31 December 2000
                                    Year ended                   Year ended
                              31 December 2000  31 December 1999 (restated)
                       Revenue Capital   Total   Revenue   Capital    Total
                         £'000   £'000   £'000     £'000     £'000    £'000
(Losses) gains on            - (3,738) (3,738)         -    77,143   77,143
investments
Income:
 Income from            20,357       -  20,357    22,940         -   22,940
 investments
 Other income              818       -     818       408         -      408
Investment management  (1,455) (3,397) (4,852)   (1,828)   (2,743)  (4,571)
fees
Currency losses              - (4,950) (4,950)         -   (2,582)  (2,582)
Other expenses         (1,587)     (9) (1,596)   (1,299)     (102)  (1,401)
Net return before
finance
costs and taxation      18,133 (12,094)   6,039    20,221    71,716   91,937
Finance costs of       (2,118) (4,941) (7,059)   (2,452)   (3,678)  (6,130)
borrowing
Return on ordinary
activities
before tax              16,015 (17,035) (1,020)    17,769    68,038   85,807
Tax on ordinary        (1,710)   1,157   (553)   (1,030)       482    (548)
activities
Return on ordinary
activities
after tax for the       14,305 (15,878) (1,573)    16,739    68,520   85,259
financial year
Preference dividends         -       -       -      (37)         -     (37)
Return attributable to
equity
shareholders            14,305 (15,878) (1,573)    16,702    68,520   85,222
Ordinary dividends on  (15,228)       - (15,228)  (17,448)         - (17,448)
equity

shares
Transfer (from) to
reserves (after
aggregate dividends
paid
and proposed of £
15,228,000
(1999 - £17,485,000))    (923) (15,878) (16,801)     (746)    68,520   67,774
Return per ordinary      13.5p (15.0p)  (1.5p)     14.3p     58.6p    72.9p
share
Return per ordinary
share
assuming full            13.3p (14.8p)  (1.5p)     14.1p     57.9p    72.0p
conversion of the B
ordinary shares


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




MURRAY INTERNATIONAL TRUST PLC
BALANCE SHEET
as at 31 December 2000
                                             31 December 2000  31 December 1999
                                              £'000     £'000   £'000     £'000
Fixed assets
Investments                                           720,777           783,447
Current assets
Debtors                                       8,343             8,289
Cash and short term deposits                 10,075            29,355
                                             18,418            37,644
Creditors
Amounts falling due within one year          29,983            32,051
Net current (liabilities) assets                     (11,565)             5,593
Total assets less current liabilities                 709,212           789,040
Creditors
Amounts falling due after more than one               108,049           135,418
year
                                                      601,163           653,622
Capital and reserves
Equity shareholders' interest:
Ordinary called up share capital                       26,225            27,982
Share premium                                              23                23
Capital redemption reserve                              3,863             3,566
Capital reserve - realised                            499,555           405,934
Capital reserve - unrealised                           37,824           181,521
Revenue reserve                                        33,673            34,596
                                                      601,163           653,622
Net asset value per ordinary share                     573.1p            584.0p
and B ordinary share




MURRAY INTERNATIONAL TRUST PLC
CASH FLOW STATEMENT

for the year ended 31 December 2000
                                         31 December 2000     31 December 1999
                                       £'000        £'000      £'000     £'000
Operating activities
Investment income received            20,099                  22,524
Deposit interest received                824                     404
Underwriting commission received           8                      20
Investment management fees paid      (4,403)                 (4,178)
Secretarial fees paid                  (100)                   (100)
Cash paid to and on behalf of           (54)                    (49)
directors
Other cash payments                  (1,961)                 (1,912)
Net cash inflow from operating                     14,413               16,709
activities
Returns on investments and
servicing
of finance
Interest paid                        (7,138)                 (5,652)
Preference dividends paid                  -                    (64)
Net cash outflow from returns on
investments and servicing of                      (7,138)              (5,716)
finance
Taxation
UK corporation tax repaid                               -                  226
Financial investment
Purchase of investments            (450,464)               (515,550)
Sale of investments                  507,624                 499,686
Forward contracts                      4,373                       -
Net cash inflow (outflow) from                     61,533             (15,864)

financial investment
Equity dividends paid                            (16,506)             (18,397)
Net cash inflow (outflow) before                   52,302             (23,042)
use of financing
Financing
Loans repaid                       (126,026)                (40,130)
Loans drawn down                      89,157                 101,663
Repurchase of ordinary shares       (35,806)                (39,390)
Cancellation and repayment of              -                 (1,577)

preference shares
Net cash (outflow) inflow from                   (72,675)               20,566
financing
Decrease in cash                                 (20,373)              (2,476)



The results stated above for the year ended 31 December 1999 are abridged from
the full accounts for that year, which received an unqualified report from the
auditors and have been filed with the Registrar of Companies. The results for
the year ended 31 December 1999 have been restated to comply with Financial
Reporting Standard 16 'Current Tax'. The effect of the restatement is as
follows:

                                                   Year ended        Year ended

                                                  31 December       31 December

                                                         2000              1999

                                                        £'000             £'000


Income from listed activities                          (1,145)           (1,892)
                                                                 
Tax on ordinary activities                                  -                 -

imputed tax credits                                     1,145             1,892
                                                                    

                                                            -                 -


A summary of the investment changes during the year and the twenty largest
equity investments at 31 December 2000 are attached.

Returns per share have been based on the average number of ordinary shares in
issue during each year. The number of B ordinary shares at 31 December 1999
has been restated to include the capitalisation issue of 36,176 B ordinary
shares on 22 May 2000.

Net asset value per ordinary and B ordinary share have been calculated after
deducting prior charges at nominal values. The number of B ordinary shares at
31 December 1999 has been restated to include the capitalisation issue of
36,176 B ordinary shares on 22 May 2000.

The next date for conversion of the B ordinary shares to ordinary shares is 30
June 2001. The last date for receipt of certificates with the conversion
notice signed on the reverse is 23 June 2001.

If approved: (1) the proposed final dividend of 5.55p per share will be paid
on 25 May 2001 to holders of ordinary shares on the register at the close of
business on 27 April 2001; (2) in respect of the year ending 31 December 2001,
three interim dividends of 3.45p per share on the ordinary shares of the
company in issue on 29 June 2001 will be paid on 17 August 2001, 16 November
2001, and 18 February 2002 to the persons who, at the close of business on 20
July 2001, 19 October 2001, and 11 January 2002 respectively, are the holders
of such shares; and (3) definitive certificates in respect of the B ordinary
capitalisation issue will be posted on 25 May 2001 to B ordinary shareholders
on the register at the close of business on 27 April 2001.

The annual general meeting will be held on 30 April 2001.


Copies of this announcement will be available to the public at the registered
office of the Company, 7 West Nile Street, Glasgow G1 2PX.


MURRAY JOHNSTONE LIMITED

SECRETARY


1 February 2001



MURRAY INTERNATIONAL TRUST PLC
SUMMARY OF INVESTMENT CHANGES
DURING THE YEAR
                          Valuation               Appreciation        Valuation
                        31 December Transactions (depreciation) 31 December 2000
                               1999
                     £'000         %        £'000         £'000   £'000       %
                     
Equities
United Kingdom       299,479      37.0     (80,908)        35,520 254,091   35.3
Americas             168,951      20.8     (27,686)       (9,039) 132,226   18.4
Europe & Africa      131,672      16.2     (22,724)         2,744 111,692   15.6
Japan                28,198       3.5       65,012      (21,954) 71,256      9.9
Middle East, Far     31,963       3.9        5,160       (8,346) 28,777      4.0
East & Australasia
                     660,263      81.4     (61,146)       (1,075) 598,042   83.2
Fixed income
United Kingdom       89,686      11.1      (5,030)       (1,705) 82,951     11.5
Europe & Africa      32,850       4.1        7,241       (1,006) 39,085      5.4
Americas              648         0.1            2            49    699      0.1
                     123,184      15.3        2,213       (2,662) 122,735   17.0
Other net assets     27,038       3.3     (27,377)       (1,226) (1,565)   (0.2)
(liabilities)
Total Assets         810,485     100.0     (86,310)       (4,963) 719,212  100.0

Summary of Net Assets                                           Value
                                                                 £000         %
Equities                                                       598,042      99.5
Fixed Income                                                   122,735      20.4
Other Net Assets                                               (1,565)     (0.3)
Borrowings and prior                                           (118,049)  (19.6)
capital
Equity shareholders'                                           601,163     100.0
interest


MURRAY INTERNATIONAL TRUST PLC
TWENTY LARGEST INVESTMENTS
as at 31 December 2000
                                          Investment     Valuation    % of
    Investment                            Area               £'000    Total
                                                                     Assets
    Vodafone Group                        UK                24,550     3.4
  * BP Amoco                              UK                21,257     3.0
    John Menzies                          UK                21,198     2.9
    Glaxo Smithkline                      UK                18,338     2.5
    HSBC Holdings                         UK & Hong Kong    14,315     2.0
  * CGNU                                  UK                12,024     1.7
  * Lloyds TSB                            UK                 9,836     1.4
    AstraZeneca                           UK                 9,345     1.3
    Shell Transport & Trading             UK                 8,822     1.2
    Atrium Underwriting                   UK                 8,510     1.2
    General Electric Co America           USD                7,697     1.1
  * Royal Bank of Scotland                UK                 6,824     0.9
    Petrobras ADR                         Brazil             6,167     0.9
  * Daily Mail & General Trust            UK                 5,934     0.8
    Germany 6% 04/07/07                   Germany            5,774     0.8
    British Telecommunications            UK                 5,720     0.8
  * Abbey National                        UK                 5,696     0.8
    Total Fina                            France             5,424     0.8
  * Bank of Scotland                      UK                 5,176     0.7
  * Pearson                               UK                 5,124     0.7
                                                           207,731    28.9
NOTES:
    At the year-end the company also held a March based Future based on the
    FTSE 100
    Index with a valuation of £5.716
    million
    * Holding comprises equity and fixed income
    securities.