Final Results - Year Ended 31 December 1999

Murray International Trust PLC
10 February 2000

MURRAY INTERNATIONAL TRUST PLC
------------------------------
PRELIMINARY RESULTS FOR YEAR ENDED 31 DECEMBER 1999
---------------------------------------------------


The directors have pleasure in announcing the results, subject to final audit,
of the Murray International Trust PLC for the year to 31 December 1999. Murray
International is managed by Murray Johnstone Limited in Glasgow. 

Highlights
----------

- Investment policy clarified  to  prioritise Total Return

- New benchmark adopted to reflect increased exposure to Japan 

- Total return on assets with net income reinvested of 15.5% for year

- Final dividend of not less than 5.15p per share forecast for 2000

An in-depth review of shareholder requirements was conducted at the end of
1999. This indicated a preference for the priority of the investment strategy
to be the total return on the fund while retaining an above average yield. To
meet this requirement it was clear that the company would have to build and
maintain an exposure to Japan that was more in line with that country's
weighting in the FTSE World Index.

Background
----------

Strong rises in the final quarter ensured that all world equity markets fared
extremely well in 1999. Japan led the way with a rise of around 80% closely
followed by emerging markets but even Europe, which lagged the other regions,
closed the year almost 20% to the good. In the US the thirst for technology
stocks kept the Standard & Poor 500 Index from showing a loss on the year and
actually pushed the index to its fifth consecutive year of rising by more than
20%. In the UK much of the strength came from the stellar performance of small
capitalisation stocks which returned more than twice as much as the FTSE 100. 

Performance 
-----------

Murray International produced a total return on assets with net income
reinvested of 15.5% for the year to 31 December 1999 compared with 22.6% for
the company's composite benchmark that excluded Japan. The fund's relative
performance was adversely affected by the higher income bias to the portfolio,
particularly in the UK and Europe, and the defensive position taken up during
the world liquidity crisis late in 1998. This meant that there was very little
exposure to technology stocks that dominated markets in the final quarter of
the year.  In addition stock selection in some geographical regions was
disappointing.  Subsequent to the appointment of Leslie Robb as Chief
Investment Officer at Murray Johnstone, significant changes were made in 1999
to aspects of the investment management process, and to risk control
procedures.

Share Repurchases
-----------------

In May shareholders approved the cancellation of the Preference shares of the
company and authorised the repurchase of ordinary shares. The repurchase
scheme is aimed at enhancing net asset value and reducing the discount at
which the shares are traded in the stock market. Between the date on which the
scheme was approved by the Court, 17 August 1999, to date, 9,272,345 (7.71% of
the issued share capital) were repurchased and cancelled. The average price at
which the shares were bought back was 467p and the scheme has enhanced the net
asset value per share by 3.76p or 0.81%.


Benchmark
---------

As announced recently to the Stock Exchange, the Board and the manager believe
that shareholders desire to see a greater emphasis on total return. This would
not be possible without a more meaningful proportion of the portfolio being
invested in Japan. The level of exposure to that market is now 14%.
Consequently, it is now appropriate that the portfolio performance be measured
against a composite index that includes Japan because of the implications for
risk control and tracking error. The board has approved a new benchmark for
the company and the portfolio will now be measured against the FTSE World
Index (40% UK and 60% World ex UK), a composite index that is better suited to
the current portfolio mix.

Reflecting the change in asset allocation, as from the current financial year
the company intends to charge 70% of investment management fees and finance
costs to capital.  Previously 60% of such costs were charged to capital and
the remainder to the revenue account.

Gearing
-------

To take advantage of the low level of interest rates in Japan the manager is
arranging an additional ten-year loan facility denominated in Japanese Yen to
finance portfolio investment. Total borrowing will not exceed 30% of the net
assets of the company. 

Dividends 
---------

The directors are proposing a final dividend of 5.15p per share for the year
1999. With the three interim dividends each of 3.45p already paid this makes a
total for the year of 15.5p. The same total was paid for 1998 but in that year
there was a special component of 0.8p a share to compensate shareholders for
the absence of a tax credit on the interim that had been paid as a foreign
income dividend. This therefore represents an increase of 5.4 per cent on the
base dividend for 1998 of 14.7p.

As a result of the focus on total return and the move into Japanese equities
the earnings of the company are unlikely to cover this payment but the revenue
reserve built up from earlier undistributed earnings is more than adequate,
being equivalent to 1.2 times the current annual dividend cost.

Your board has already forecast that three interim dividends of 3.45p per
share will be paid for the year 2000 and now forecast a final dividend of not
less than 5.15p payable on 25 May 2001, making a total of 15.5p. 

'B' ordinary shareholders will receive a capitalisation issue in 'B' ordinary
share on 22 May 2000 based on their holding at the close of business on 25
April 2000 and equivalent in net asset value to the recommended final dividend
and the interim dividends for the current year.  As a share repurchase scheme
is in progress the number of shares to be received by each 'B' ordinary
shareholder will be announced by 11 April 2000.


Directors
---------

David Benson became a director of the company on 25 October 1999.  He is
chairman of Charter European Trust and brings to the board many years
experience in the investment industry. On 31 December 1999, Blaise Hardman
resigned from the board after serving for more than eleven years. 
 Outlook
-------

The continued growth of the US economy despite higher interest rates and  the
historically high equity valuations, particularly of stocks seen to have
exposure to various facets of technology, are a continuing worry. European
growth is rising despite, but partly because of, the weak single currency.
Higher interest rates and the strength of Sterling are likely to inhibit any
market advance in the UK. It is now possible that Japan will return to real
growth in 2000 and this will help keep Asian economies moving forward. 

However, it is well to bear in mind that other than, possibly, Japan no market
will escape the consequences of a major correction in US markets. Murray
International will be kept in defensive mode for the foreseeable future.




 
MURRAY INTERNATIONAL TRUST PLC
STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT*)OF THE COMPANY
for the year ended 31 December 1999                    
                                   1999                   1998        
                        Revenue Capital  Total Revenue Capital   Total
                           £000    £000   £000    £000    £000    £000

Gains on investments          -  77,143 77,143       -  57,475   57,475
Income                   25,240       - 25,240  28,285       -   28,285
Investment management 
 fees                    (1,828) (2,743)(4,571) (1,698) (2,547)  (4,245)
Currency losses               -  (2,582)(2,582)      -  (5,389)  (5,389)
Other expenses           (1,299)   (102)(1,401) (1,051)   (127)  (1,178)

Net return before finance------------------------------------------------
costs and taxation       22,113  71,716  93,829  25,536  49,412  74,948 

Finance costs of 
 borrowings              (2,452) (3,678) (6,130) (2,416) (3,618) (6,034)

Return on ordinary       -----------------------------------------------
activities before tax    19,661  68,038  87,699  23,120  45,794  68,914 

Tax on ordinary 
activities               (2,922)    482  (2,440) (4,682)    398  (4,284)

Return on ordinary activities
after tax for the        -----------------------------------------------
financial year           16,739  68,520  85,259  18,438  46,192   64,630 

Preference dividends        (37)      -    (37)    (57)      -      (57)

Return attributable to   ------------------------------------------------
equity shareholders       16,702  68,520 85,222  18,381  46,192   64,573 

Ordinary dividends       (17,448)      -(17,448)(18,401)     -  (18,401)

Transfer to reserves 
(after aggregate dividends
paid and proposed of
£17,485,000,             -----------------------------------------------
1998-£18,458,000)           (746) 68,520 67,774     (20) 46,192   46,172 
                         ===============================================

* 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 1999

                                     1999      1999      1998     1998       
                                     £000      £000      £000     £000        


Fixed assets
Investments                                 783,447            692,924

Current assets
Debtors                             8,289               3,912         
Cash and short term deposits       29,355              33,252         
                                   ------              ------
                                   37,644              37,164

Creditors 
Amounts falling due within 
 one year                          32,051              23,211
                                   ------              ------

Net current assets                            5,593             13,953
                                            -------            -------
Total assets less current 
 liabilities                                789,040            706,877

Creditors
Amounts falling due after more
than one year                               135,418             80,020
                                            -------            -------
                                            653,622            626,857
                                            =======            =======

Capital and reserves 
Non-equity shareholders' 
 interests: 
preference capital                                -              1,469    
Equity shareholders'
 interests:
ordinary capital                   27,982             30,067
share premium                          23                 23
capital redemption reserve          3,566                  -
realised capital gains            405,934            372,949
unrealised capital gains          181,521            187,007
revenue reserve                    34,596             35,342
                                  -------            -------
                                           653,622            625,388
                                           -------            -------
                                           653,622            626,857
                                           =======            =======

MURRAY INTERNATIONAL TRUST PLC
                                                                
                                   1999                   1998        
                        Revenue Capital  Total Revenue Capital   Total
                           £000    £000   £000    £000    £000    £000
                                                           

  
Return per ordinary share 14.3p  58.6p  72.9p   15.5p  38.9p    54.4p 

Return per ordinary share 
assuming conversion of 
the B ordinary shares     14.1p  57.9p  72.0p   15.3p  38.4p    53.7p 

Dividend per ordinary share             15.5p                  15.5p

Equity shareholders' interest      £653,622,000           £625,388,000

Net asset value per ordinary and B
  ordinary share                       584.0p                 519.8p



1.  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 1998 has been restated to include  
    the capitalisation issue of 45,632 B ordinary shares on 
    24 May 1999.

2.  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 1998 has been 
    restated to include the capitalisation issue of 45,632 
    B ordinary shares on 24 May 1999.

3.  Dividends on ordinary shares
                          
                                           1999             1998
                                           £000             £000

    Interim of 10.35p (1998 - 10.05p)    11,756           11,928
    Proposed final of 5.15p
    (1998 - 5.45p)                        5,692            6,473
                                         ------           ------
                                         17,448           18,401
                                         ======           ======

The results stated above for the year ended 31 December 1998 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.  

A summary of the investment changes during the year and the twenty largest
equity investments at 31 December 1999 are attached.

The next date for conversion of the B Ordinary shares to Ordinary shares is 30
June 2000. The last date for receipt of certificates with the Conversion
Notice signed on the reverse is 23 June 2000.

If approved, (1) the proposed final dividend of 5.15p per share will be paid
on 22 May 2000 to holders of Ordinary shares on the register at the close of
business on 25 April 2000, (2) in respect of the year ending 31 December 2000,
three interim dividends of 3.45p per share on the Ordinary shares of the
Company in issue on 29 June 2000 will be paid on 18 August 2000, 17 November
2000, and 19 February 2001 respectively to the persons who at the close of
business on 21 July 2000, 20 October 2000, and 12 January 2001 respectively,
are the holders of such shares, and (3) definitive certificates in respect of
the B Ordinary capitalisation issue will be posted on 22 May 2000 to B
Ordinary shareholders on the register at the close of business on 25 April
2000.

The Annual General Meeting will be held on 16 May 2000.

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

MURRAY JOHNSTONE LIMITED

SECRETARY


10 February 2000



MURRAY INTERNATIONAL TRUST PLC
SUMMARY OF INVESTMENT CHANGES DURING THE YEAR

                                               Apprec
                                               iation  Valuation at
                     Valuation at    Trans    (deprec   31 December
                   31 December 1998  actions   iation)      1999
Equities              £000      %     £000     £000     £000      %
 United Kingdom     287,415   45.9   (9,579)  21,643  299,479   45.9
 Americas           107,555   17.2   20,495   40,901  168,951   25.8 
 Europe & Africa    147,960   23.7  (20,297)   4,009  131,672   20.1 
 Far East &
  Australasia        48,680    7.8  (12,290)  23,771   60,161    9.2 
                    -------  ------  ------  -------  -------  ------
                    591,610   94.6  (21,671)  90,324  660,263  101.0 
                    -------  ------ -------  -------  -------  ------ 
 Fixed Income
 United Kingdom      97,871   15.6    3,596  (11,781)  89,686   13.7 
 Americas             3,443    0.6   (2,748)     (47)     648    0.1 
 Europe                   -      -   34,203   (1,353)  32,850    5.1  
                    -------  ------  ------  -------  -------  ------
                    101,314   16.2   35,051  (13,181) 123,184   18.9 
                    -------  ------  ------  -------  -------  ------

Other net assets     23,953    3.8      357    2,728   27,038    4.1 
Borrowings and 
 Prior capital      (91,489) (14.6) (59,955)  (5,419)(156,863) (24.0)
                    -------  ------  ------  -------  -------  ------
Equity shareholders'
  interest          625,388  100.0  (46,218)  74,452  653,622   100.0 
                    =======  ======  ======  =======  =======  ======




MURRAY INTERNATIONAL TRUST PLC
TWENTY LARGEST EQUITY INVESTMENTS AS AT 31 DECEMBER 1999

                                                                   
                                      Investment    Valuation    % of 
Investments                           area             £000      fund 

Robert Fleming Holdings*               UK              37,162    5.7
BP Amoco                               UK              21,422    3.2
Vodafone AirTouch                      UK              18,252    2.8
British Telecommunications             UK              17,400    2.7
HSBC Holdings                          UK              12,945    2.0
Glaxo Wellcome                         UK              10,500    1.6
Microsoft                              USA             10,139    1.6
General Electric Co America            USA             10,128    1.5
Atrium Underwriting                    UK               9,348    1.4
Marconi                                UK               9,312    1.4
SmithKline Beecham                     UK               8,927    1.4
Shell Transport & Trading              UK               8,373    1.3
Lloyds TSB                             UK               8,365    1.3
Exxon Mobil Corporation                USA              8,055    1.2
Cisco Systems                          USA              7,442    1.1
AstraZeneca                            UK               7,110    1.1
Banque National de Paris               France           6,866    1.1
Barclays                               UK               6,237    1.0
Petro Brasileiro Petrobas ADR          Brazil           6,174    0.9
Banca Popolare di Milano               Italy            5,897    0.9

                                             Totals   230,054   35.2

Note:

All investments are in ordinary shares unless otherwise stated.


* Unlisted investment at latest directors' valuation