Final Results

MURRAY INTERNATIONAL TRUST PLC

Preliminary results for the Year to 31 December 2004


Highlights

-    Net Asset Value total return of 14.1% compared with benchmark return of
     9.4%

-    Share Price total return of 17.3%

-    Increase of 2.9% in  2005 interim dividends

The Directors announce the preliminary results of Murray International Trust PLC
for the year ended 31 December 2004.

Background
It  was  a measure of the degree to which equity valuations had fallen from  the
market  peak at the end of 1999 that, despite higher interest rates, rising  oil
prices  and  continuing violence in the Middle East, share prices moved  further
ahead  in  the year under review.  Bond markets also achieved positive  returns.
Global  equity markets were relatively flat in the early part of  the  year  but
good  earnings growth and positive sentiment produced a strong performance  from
August onwards.  In local currency terms regional performances were very tightly
bunched  but ongoing dollar weakness significantly reduced US market returns  in
sterling terms.  The future direction of the US dollar will undoubtedly continue
to exert a powerful influence over financial returns worldwide.

Performance
The  total return on Net Asset Value was 14.1%, considerably ahead of the return
on  the  benchmark index of 9.4%, whilst the Share Price total return  of  17.3%
reflected a slight reduction over the year in the level of discount at which the
shares  trade  in  the  stock  market.  The  key  positive  influences  were  an
overweighting  of euro-denominated assets, a significant overweighting  in  Asia
and  Emerging Markets and good stock selection across all regions. For the third
consecutive  year,  a  large underweighting to dollar  assets  also  contributed
positively to relative outperformance.

Dividends
The  Board is conscious that the dividend paid to shareholders has been flat for
the  last  few  years.   Falling yields on fixed interest  securities  and  cash
together  with  the belief within parts of the corporate sector  worldwide  that
share  buy backs were somehow a substitute for dividend increases had led  to  a
flattening  out in the revenue of the Company.  The dividend has not been  fully
covered by earnings for the last few years but it has been  maintained by  using
the  ample  revenue  reserves  for part of the payment.   Although  meeting  our
corporate  objective of providing a high yield to shareholders,  no  growth  has
been seen in the dividend since 2001.

It was reported last year that some money had been switched from bonds to higher
yielding  equities  as  there  was  evidence that  companies  were  starting  to
recognise once again the importance to shareholders of rising income.

The benefits of these changes became clear in 2004 with income rising from 13.3p
per  Ordinary  share  in 2003 to 15.8p per Ordinary share.  Thus  the  shortfall
between  the  earnings and the proposed dividend was considerably  reduced.  The
Board with the help of the Manager has carefully examined the income level to be
expected in the current year. It seems likely that a continuation of the  rising
trend  of income will be maintained. Therefore the Board believes that there  is
now scope to increase the dividends to be paid to Shareholders in 2005.

The  proposal  to be put  to Shareholders at the AGM will reflect these  thoughts.
In respect of 2004, the Board is recommending a maintained final dividend of  5.95p
per share payable on 20 May 2005 to shareholders on the register at the close of
business  on 22 April 2005 making a total distribution for the year of 16.3p.The
Board also proposes that three interim dividends of 3.55p per Ordinary share, an
increase of 2.9%, be paid for the year to 31 December 2005, payable on 15 August
2005, 16 November 2005 and 15 February 2006.  It is also intended that the final
dividend for the year to 31 December 2005 will be at least maintained.

B Ordinary shareholders will receive a capitalisation in B Ordinary shares on 20
May  2005 amounting to 3.55886 B Ordinary shares for every hundred held  at  the
close  of  business on 22 April 2005, which is equivalent in Net Asset Value  to
the recommended final dividend and three interim dividends for the current year.

Resolutions
Last  year  two  special resolutions were passed at the AGM.  The  first  allows
shares  to  be  bought back not only for cancellation but also  to  be  kept  in
Treasury.  It was emphasised that these powers would only be used if it  was  in
the interest of shareholders to do so.  No use was made of these powers in 2004.
With  the  discount of the share price to underlying assets remaining in  single
figures  throughout  the year a buy back programme would  have  been  of  little
benefit to existing shareholders.

The  second resolution passed at last year's AGM introduced a new fee  structure
incorporating  a  reduced basic fee to the Manager but adding a performance  fee
provided  the  performance  met  certain criteria.   An  overall  cap  was  also
introduced.  The strong outperformance of the Company against its  benchmark  in
2004  meant  that  the  Manager met the level required to  receive  the  maximum
performance fee and accordingly this is provided for in the accounts.

Board
No  changes took place in Board membership during 2004 but Sir Raymond Johnstone
has  indicated his intention to retire at the conclusion of the forthcoming AGM.
Sir Raymond has been a director of the Company for 15 years and his wise counsel
has  been  of  great  benefit  throughout that period.   His  contribution  will
certainly  be  missed and the Board would like to thank him  on  behalf  of  all
shareholders and wish him a very happy retirement.  An executive search  Company
has been instructed to help to identify a successor.

Outlook
A  major concern is that recent economic growth in the developed world has  only
been  achieved by large increases in Government and personal indebtedness.   The
fiscal  and  trade  positions of a number of countries particularly  the  United
States but also including the United Kingdom have deteriorated to such an extent
that  measures will have to be taken to correct the position.  Lower  currencies
and  lower growth look as though they will have to play a part in this  process.
Lower growth is also likely in Europe if the euro strengthens further.  However,
a  number  of countries in the emerging world such as India and China  have  now
grown  sufficiently to see domestic consumption taking over from exports to  the
developed world as an important driver of growth.  The Manager has taken note of
the changes and has taken action to purchase shares likely to benefit from these
changes.   We  will  continue  to  emphasise high  quality,  financially  strong
companies  in  the high growth international markets within the risk  constraint
which a Company such as ours must continue to impose.



Murray International Trust PLC
Statement of Total Return (unaudited)
(incorporating the Revenue Account of the Company*)
For the year ended 31 December 2004

                                   Year ended                  Year ended
                                31 December 2004            31 December 2003
                            Revenue  Capital     Total     Revenue   Capital     Total
                              £'000    £'000     £'000       £'000     £'000     £'000

Gains on investments              -   45,394    45,394           -    68,823    68,823


Income from investments      19,088        -    19,088      16,278         -    16,278

Other income                    278        -       278         515         -       515
Investment management fees     (690)  (1,610)   (2,300)       (852)   (2,846)   (1,994)
Performance fees                  -   (1,925)   (1,925)          -         -         -
Currency losses                   -   (4,039)   (4,039)          -    (1,321)   (1,321)
Other expenses               (1,184)       -    (1,184)       (995)        -      (995)
                            _______  ________   _______       ______   _______   ______

Net return before finance
costs
and taxation                 17,492   37,820    55,312      14,946    65,508    80,454


Finance costs of borrowing     (774)  (2,214)   (2,988)       (946)   (2,208)   (3,154)
                               _____ ________   _______      ______   _______   ______

Return on ordinary
activities
before tax                   16,718   35,606    52,324       14,000   63,300    77,300



Tax on ordinary activities   (3,070)   2,264      (806)      (2,493)   1,918      (575)
                             _______ ________   _______      ______   _______    ______

Return attributable to
equity
Shareholders                 13,648   37,870    51,518       11,507   65,218    76,725


Ordinary dividends on       (14,090)       -   (14,090)     (14,081)       -   (14,081)
equity shares                _______ ________  _______      ______   _______   ______

Transfer (from)/to reserves   (442)   37,870    37,428       (2,574)  65,218    62,644
                             _______ ________  _______       ______  _______    ______

Return per Ordinary share      15.8     43.8      59.6         13.3     75.5      88.8
(pence)
                            _______ ________   _______       ______  _______     ______

Return per Ordinary share
Assuming full conversion of
the B Ordinary shares (pence)  15.6     43.2     58.8         13.1      74.5      87.6
                            _______  ________  _______       ______   _______    ______
                                                                                                     * 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 2004
                                         As at                     As at
                                    31 December 2004         31 December 2003
                                     £'000     £'000            £'000     £'000

Fixed assets
Investments                                  509,137                    455,872

Current assets
Debtors                               3,348                  3,085
Cash and short term deposits          9,591                 22,177
                                    _______                _______
                                     12,939                 25,262

Creditors
Amounts falling due within one      (26,576)               (34,367)
year
                                    _______                 _______
Net current liabilities                      (13,637)                  (9,105)
                                              _______                  _______
Total assets less current                    495,500                  446,767
liabilities

Creditors
Amounts falling due after more               (86,680)                 (75,375)
than one year
                                              _______                 _______
Net Assets                                    408,820                 371,392
                                              _______                 _______

Capital and reserves
Equity shareholders' interests:
Called up share capital                        21,901                 21,890
Share premium account                              23                     23
Capital redemption reserve                      8,230                  8,230
Capital reserve - realised                    284,112                286,358
Capital reserve - unrealised                   68,474                 28,369
Revenue reserve                                26,080                 26,522
                                              _______                _______
Total equity Shareholders' funds              408,820                371,392
                                              _______                _______
Net asset value per Ordinary
and B Ordinary share (pence)                    466.7                  424.2
                                              _______                _______




Murray International Trust PLC
Cash Flow Statement (unaudited)
For the year ended 31 December 2004

                                         Year ended           Year ended
                                      31 December 2004     31 December 2003
                                     £'000      £'000      £'000      £'000
                                                                                                     Net cash flow from
operating        15,234                12,522
activities
Servicing of finance                (3,063)               (3,139)
Financial investments               (3,207)               19,996
Equity dividends paid              (14,083)              (14,079)
                                    _______               _______
(Decrease)/Increase in cash         (5,119)               15,300
                                    _______               _______

Reconciliation of net cash flow to movement in net debt

(Decrease)/Increase in cash          (5,119)              15,300
Loans drawn down                    (11,545)                   -
Loans repaid                         11,545                    -
                                     _______             _______
Change in net debt resulting from    (5,119)              15,300
cash flows

Currency losses                                 (4,039)               (1,321)
                                                _______               _______
Movement in net debt                            (9,158)               13,979

Net debt at 1 January                          (68,186)              (82,165)
                                                _______              _______
Net debt at 31 December                        (77,344)              (68,186)
                                                _______              _______

Reconciliation of operating profit to net cash flow from operating
activities

Net return before finance costs and     17,492            14,946
taxation
Management fee charged to capital       (1,610)           (1,994)
Performance fee charged to capital      (1,925)                -
Tax on investment income                  (859)             (544)
Changes in working capital and other     2,136               114
non-cash items
                                                _______             _______
Net cash flow from operating                     15,234              12,522
activities                                      _______            _______



Notes:

1.  A  summary of the investment changes during the year and a list of the  twenty
    largest investments at 31 December 2004 are attached.

2.  The  issued  share capital at 31 December 2004 was 86,491,605 Ordinary  shares
    of 25p each and, 1,112,717 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       86,452,318

    Weighted average number of B Ordinary shares      1,134,885


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  2005. The last date for receipt of certificates with the  conversion
    notice signed on the reverse is 23 June 2005.

6.  If  approved: (1) the proposed final dividend of 5.95p per share will be  paid
    on  20 May 2005 to holders of Ordinary shares on the register at the close  of
    business  on  22  April 2005; (2) in respect of the year  ending  31  December
    2005,  three  interim dividends of 3.55p per share on the Ordinary  shares  of
    the  company  in  issue on 24 June 2005 will be paid on  15  August  2005,  16
    November  2005,  and  15 February 2006 to the persons who,  at  the  close  of
    business  on  22 July 2005, 21 October 2005, and 20 January 2006 respectively,
    are the holders of such shares; and (3) definitive certificates in respect  of
    the  B  ordinary  capitalisation issue will be posted on  20  May  2005  to  B
    Ordinary  shareholders on the register at the close of business  on  22  April
    2005.

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 2003 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 3 May 2005.

ABERDEEN ASSET MANAGEMENT PLC
SECRETARY

1 March 2005

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             Appreciati   Valuation
                                                      on
                       31 December 2003  Transactions (depreciation)    31 December 2004
                       £'000        %           £'000         £'000     £'000       %

Equities
United Kingdom        145,035     31.6       (13,203)        11,720   143,552     29.0

Americas               74,638     16.3         3,222         10,061    87,921     17.8
Europe & Africa        72,310     15.8         1,583         11,760    85,653     17.2
Japan                  34,440      7.5          (499)         4,790    38,731      7.8
Middle East, Far East  45,111      9.8         6,080          4,631    55,822     11.3
& Australasia
                      _______    ______       _______        _______   _______   ______

                      371,534     81.0        (2,817)        42,962   411,679     83.1

                      _______    ______       _______        _______   _______   ______

Fixed income
United Kingdom        45,656     10.0         15,192          1,026    61,874     12.5
Europe & Africa       38,682      8.4        (16,330)         3,127    25,479      5.2
Americas                   -        -          4,858            287     5,145      1.0
Middle East, Far East      -        -          6,968         (2,008)    4,960      1.0
& Australasia
                      _______   ______        _______        _______   _______   ______

                      84,338     18.4         10,688          2,432    97,458     19.7
                      _______   ______        _______        _______   _______   ______

Other net current      2,884      0.6        (10,354)        (6,167)  (13,637)    (2.8)
assets/(liabilities)  _______   ______        _______        _______   _______   ______

Total Assets *       458,756    100.0         (2,483)        39,227   495,500    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
                                                              2004
                                                         £'000      %

Equities                                                 411,679  100.7

Fixed Income                                              97,458   23.8
Other Net Liabilities                                    (13,637)  (3.3)
Borrowings and prior capital                             (86,680  (21.2)
                                                         _______  ______

Equity shareholders'                                     408,820  100.0
interest                                                 _______  ______






Investment Portfolio
As at 31 December 2004
                                                 Fixed              Total
                                      Equity  Interest    Total    Assets
Investment                             £'000     £'000    £'000       (%)

Atrium Underwriting (UK)              18,038         -   18,038       3.6
March 2005 S & P Future (USA)         15,804         -   15,804       3.2
GlaxoSmithKline (UK)                  10,937         -   10,937       2.2
Vodafone Group (UK)                    9,040     1,492   10,532       2.1
Petrobras ADR (Brazil)                 7,537         -    7,537       1.5
Resolution Life (UK)                   7,500         -    7,500       1.5
British American Tobacco (UK &         7,125         -    7,125       1.4
Malaysia)
Barclays (UK)                          5,362     1,588    6,950       1.4
Shell Transport & Trading (UK &        6,659         -    6,659       1.4
Netherlands)
BP (UK)                                6,604         -    6,604       1.4
HSBC Holdings (UK)                     4,184     1,918    6,102       1.2
Tenaris ADR (Mexico)                   5,387         -    5,387       1.1
GUS (UK)                               3,566     1,816    5,382       1.1
Aviva (UK)                             5,263         -    5,263       1.1
The Royal Bank of Scotland (UK)        5,256         -    5,256       1.0
British Telecom (UK)                   4,872         -    4,872       1.0
RAS (Italy)                            4,746         -    4,746       1.0
AstraZeneca (UK)                       4,723         -    4,723       0.9
HBOS (UK)                                  -     4,533    4,533       0.9
ICICI (India)                          4,458         -    4,458       0.8
                                                        _______   _______
Top Twenty Investments                                  148,408      29.9
                                                        _______   _______