Interim Results

Murray International Trust PLC
1 August 2000


MURRAY INTERNATIONAL TRUST PLC
------------------------------
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000
-----------------------------------------------------

The Directors of Murray International Trust PLC have pleasure in reporting the
unaudited results of the company for the six months ended 30 June 2000.


Highlights
----------

- Net asset value total return of 8.2% compared with return of 0.6% from the  
  benchmark

- After taking account of Flemings uplift, the portfolio has still 
  outperformed the benchmark

- Total forecast dividend for the year of 15.9p per share, a 2.6% increase


Background
----------

World markets corrected sharply in January as the euphoria that had powered
share prices higher towards the close of 1999 quickly dissipated. The new year
brought a sharp reversal in the major indices though investors' love affair
with technology continued and valuations on TMT (technology, media and
telecoms) soared to unprecedented levels. The chickens came home to roost in
mid-March when the NASDAQ peaked and then retreated sharply with TMT stocks
worldwide tracking it down. Initially there was some rotation back to 'old
economy' stocks but this fizzled out and markets were weak across the board in
April. Since then volatility has been high and by 30 June the best that
markets in general could do was to struggle back to around the levels at the
start of the year. 

Europe was the best supported market with returns of 4% on average as measured
by the FTSE Europe ex-UK Index, with North America unchanged while Japan and
the UK reacted most to the NASDAQ setback and finished the half-year down
between 4 to 5% as did the Pacific ex-Japan region where sentiment was
worsened by the fears of higher US dollar interest rates. The turmoil in
equity markets brought some relief to world bond markets which had their best
spell for a couple of years.


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

Although underweight in the US and overweight in Japan the portfolio
performance over the six months vindicated the defensive positioning that has
been followed since 1998. The net asset value per share return with net income
reinvested for the six months to 30 June 2000 was 8.2% and the share price
total return with net dividends reinvested was 12.1% compared with a return of
only 0.6% on the composite benchmark. As reported to shareholders with the
last annual accounts the company has adopted, from 1 January 2000, a benchmark
composed of 40% of the FTSE World-UK and 60% of the FTSE World-ex UK indices.

The company's net asset value per share was  boosted by approximately 7%
during the period by the agreed takeover bid for Robert Fleming from Chase
Manhattan. Fleming has long been a major holding in the portfolio. Bought in
the mid 1930s for £48,500 (around £1.1 million at today's purchasing power)
its latest valuation of £82 million is more than double the level of the start
of the year. The net asset value per share also benefited from continuation of
the programme of buying back and cancelling Murray International's own shares.
During the half year the company bought back 5,028,000 of its shares at an
average price of 484.5p and this contributed 4.7p per share to the net asset
value as at 30 June 2000.  Since 30 June 2000 a further 475,000 ordinary
shares have been bought back.

Activity
--------

The primary focus of investment activity during the period was to build and
maintain a strong position in Japan as part of the new policy of concentrating
on total return. Over £62 million was invested in the country with growth
stocks predominating in the portfolio. Broadly these new positions were
financed from sales in the US, the UK and Europe and overall there was net
disinvestment of around £8 million over the period. The company's Yen
borrowings have largely been hedged to increase the exposure and guard against
sterling weakness.

The dip, and subsequent partial recovery, in TMT stocks enabled a reduction in
their exposure in the US and Japan and a corresponding increase in Europe and
the UK where Murray International had been very underweight the sector.

Dividends
---------

For the current year the board has already recommended that three interim
dividends of 3.45p per share be paid in August and November 2000 and February
2001. A final dividend of at least 5.15p, payable in May 2001, was forecast at
the time of the last annual accounts. The board now feels that in view of the
improving performance the dividend for the current year should be increased,
and it therefore forecasts a final dividend of 5.55p per share. This will make
a total of 15.9p for 2000, 2.6% more than for 1999.

Board Appointments
------------------

Fred Shedden and John Trott will be appointed non-executive Directors of
Murray International Trust PLC with effect from 23 October 2000.

Fred Shedden (56) formerly senior partner of McGrigor Donald from 1993 until
his retirement from the firm in April 2000 is an independent director of Burn
Stewart Distillers plc, iomart plc, Martin Currie Japan Investment Trust plc
and a member of The Scottish Further Education Funding Council.  

John Trott (62) is currently chairman of The Standard Life Assurance Company
and of The Brunner Investment Trust plc.

Outlook
-------
The March/April shake-out in world technology markets may have run its course
but it is clear that investors will now prove much more discriminating in
terms of what constitutes real profit potential within the sector.
Increasingly investors will come to appreciate that the 'old' and 'new'
economies are interdependent and that valuation differentials will be less
extreme than in the past year.

There is a risk that recent signs of slowing growth in the US will prove
illusory. On balance a soft landing is looking most likely but is by no means
assured as yet. The Fed may well have to go for another cumulative full point
rise in rates before the economy is reined in and this on its own could prompt
a retreat by equities worldwide. More crucial to the outlook will be the
unwinding of current global economic imbalances. Too swift a levelling out is
unlikely to benefit investor sentiment.

Best prospects appear to be in Europe now that growth is taking off and the
Euro has begun to strengthen. In Japan there are signs of growth but the
recovery is painfully slow. Emerging markets look in fine economic shape but
investor confidence in them will be undermined by any rise in US dollar
interest rates. Economic growth in the UK should continue at a modest pace and
the manufacturing sector will benefit now that sterling is on the slide though
there must also be a risk of imported inflation should the currency fall back
too far or too fast. 


MURRAY INTERNATIONAL TRUST PLC
STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)OF THE COMPANY
for the six months ended 30 June 2000 (unaudited)
                                                        Restated    
                              6 months to              6 months to 
                              30 June 2000            30 June 1999
                        Revenue Capital  Total Revenue Capital   Total
                           £000    £000   £000    £000    £000    £000

Realised gains on sales       -  34,702  34,702      -  18,889  18,889 
Unrealised gains (losses)     -   9,084   9,084      -  18,294  18,294  
                        ------------------------------------------------
Gains on investments          -  43,786  43,786      -  37,183  37,183 
Income       
 Income from investments 11,642       -  11,642 13,118       -  13,118
 Other income               339       -     339    177       -     177
Investment management
 fees                      (714) (1,665) (2,379)  (873) (1,310) (2,183)
Currency losses               -  (2,226) (2,226)     -    (246)   (246)
Other expenses             (717)     (8)   (725)  (511)     41    (470)
                        ------------------------------------------------
Net return before finance
costs and taxation       10,550  39,887  50,437 11,911  35,668  47,579
Finance costs of
 borrowings              (1,238) (2,890) (4,128)(1,116) (1,674) (2,790)
                        ------------------------------------------------
Return on ordinary
activities before tax     9,312  36,997  46,309 10,795  33,994  44,789 
Tax on ordinary 
 activities                (995)    596    (399)  (672)    269    (403)
                        ------------------------------------------------

Return on ordinary        
activities after tax      8,317  37,593 45,910  10,123  34,263  44,386
Preference dividends          -       -      -     (29)      -     (29)
                        ------------------------------------------------
Return attributable to
equity shareholders       8,317  37,593 45,910  10,094  34,263  44,357
Ordinary dividends      (10,724)      -(10,724)(12,293)      - (12,293)
                        -----------------------------------------------
Transfer (from) to       (2,407) 37,593 35,186  (2,199) 34,263  32,064 
 reserves               ==============================================

Return per ordinary share  7.8p   35.1p  42.9p    8.5p   28.8p  37.3p 

Return per ordinary share
assuming conversion of the
'B' ordinary shares        7.7p   34.7p  42.4p    8.4p   28.5p  36.9p 


                                          Restated
                                          Year to                 
                                     31 December 1999         
                                  Revenue Capital  Total 
                                    £000    £000   £000    

Realised gains on sales                -  83,328  83,328      
Unrealised gains (losses)              -  (6,185) (6,185)    
                                 -----------------------
Gains on investments                   -  77,143  77,143   
Income       
 Income from investments          22,939       -  22,939 
 Other income                        409       -     409    
Investment management
 fees                             (1,828) (2,743) (4,571)  
Currency losses                        -  (2,582) (2,582)   
Other expenses                    (1,299)   (102) (1,401) 
                                ------------------------
Net return before finance
costs and taxation                20,221  71,716  91,937 
Finance costs of
 borrowings                       (2,452) (3,678) (6,130)
                                ------------------------
Return on ordinary
activities before tax             17,769  68,038  85,807 
Tax on ordinary 
 activities                       (1,030)    482    (548)  
                                ------------------------
Return on ordinary        
activities after tax              16,739  68,520  85,259  
Preference dividends                 (37)      -     (37) 
                                -------------------------
Return attributable to
equity shareholders               16,702  68,520  85,222 
Ordinary dividends               (17,448)      - (17,448)
                                -------------------------
Transfer from reserves              (746) 68,520  67,774 
                                =========================

Return per ordinary share          14.3p   58.6p  72.9p    

Return per ordinary share
assuming conversion of the
'B' ordinary shares                14.1p   57.9p  72.0p    



MURRAY INTERNATIONAL TRUST PLC
BALANCE SHEET 
As at 30 June 2000 (unaudited)
                                 
                                  30.6.00    30.6.99    31.12.99       
                                     £000       £000        £000     

Fixed assets
Investments                       821,109    767,453     783,447
 
Current assets
Debtors                            10,791     28,286       8,289   
Cash and short term deposits       17,376     10,850      29,355
                                  -------    -------     -------
                                   28,167     39,136      37,644
Creditors 
Amounts falling due within 
 one year                          30,678     68,406      32,051
                                  -------    -------     -------
Net current (liabilities) assets   (2,511)   (29,270)      5,593
                                  -------    -------     -------
Total assets less current 
 liabilities                      818,598    738,183     789,040

Creditors
Amounts falling due after more
than one year                     154,322     79,262     135,418
                                  -------    -------     -------
                                  664,276    658,921     653,622
                                  =======    =======     =======

Capital and reserves 
Non-equity shareholders' 
 interest: 
 preference capital                     -      1,469           -
                                  -------    -------     -------
Equity shareholders'
 interest:
 ordinary called up share capital  26,734     30,079      27,982
 share premium                         23         23          23
 capital redemption reserve         4,823          -       3,566
 realised capital gains           413,186    386,741     405,934
 unrealised capital gains         187,321    207,466     181,521
 revenue reserve                   32,189     33,143      34,596
                                  -------    -------     -------
                                  664,276    657,452     653,622              
                                   -------    -------     -------
                                  664,276    658,921     653,622
                                  =======    =======     =======

Net asset value per ordinary                          
and 'B' ordinary share            621.2p     546.4p      584.0p



MURRAY INTERNATIONAL TRUST PLC
                                          6 months to         Year to
                                     30/6/00      30/6/99     31/12/99        
                                                                              
EQUITY SHAREHOLDERS' INTEREST   £664,276,000  £657,452,000  £653,622,000

NET ASSET VALUE PER ORDINARY SHARE
AND 'B' ORDINARY SHARE               621.2p       546.4p        584.0p


Note 1

The number of 'B' ordinary shares converted into ordinary shares on 30 June
2000 was 150,459.  The allotted ordinary share capital as of 30 June 2000 was:

                                          £000
105,651,841  Ordinary shares of 25p      26,413
  1,284,959  'B' Ordinary shares of 25p     321


Note 2                                                                       
                                          6 months to   6 months to   Year to
                                            30/6/00       30/6/99     31/12/99
Dividends on ordinary shares                 £000           £000        £000
  
 Interims of                      
 - 3.45p payable 18.8.00 (1999 - 3.45p)      3,640         4,097       4,098
 - 3.45p payable 17.11.00 (1999 - 3.45p)     3,640         4,098       3,850
 - 3.45p payable 19.2.01 (1999 - 3.45p)      3,640         4,098       3,808
 Final dividend (1999 - 5.15p)                   -             -       5,692

Over accrual of previous year's proposed
 final dividend due to share buybacks         (196)            -           -  
                                            ------        ------      ------
                                            10,724        12,293      17,448
                                            ======        ======      ======

Note 3

A summary of investment changes during the period and twenty largest equity
investments at 30 June 2000 are attached.


Note 4

The revenue column of the statement of total return is the profit and loss
account of the company.


Note 5

The results for the period to 31 December 1999 are abridged from the full
accounts for that year (amended for the prior year adjustment below), which
received an unqualified report from the auditors and have been filed with the
Registrar of Companies.

Note 6

The results of the periods ended 30 June 1999 and 31 December 1999 have been
restated to comply with Financial Reporting Standard 16 'Current Tax'.  The
effect of the restatement is as follows:

                                        Six months to         Year to 
                                        30 June 1999     31 December 1999
                                            £'000             £'000

Income from listed dividends               (1,249)           (1,892)
Tax on ordinary activities
-imputed tax credits                        1,249             1,892
                                            -----             -----
                                                -                 -
                                            =====             =====



By order of the Board

MURRAY JOHNSTONE LIMITED, SECRETARY

1 August 2000

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


MURRAY INTERNATIONAL TRUST PLC
SUMMARY OF INVESTMENT CHANGES DURING THE PERIOD

                                          Appreciation
                      Valuation     Trans-  (deprec-    Valuation
                       31/12/99    actions   iation)     30/6/00
                     £000      %     £000     £000     £000     %
Equities          
United Kingdom      299,479  45.9  (26,864)  34,458  307,073  46.2 
Americas            168,951  25.8  (31,071)  12,258  150,138  22.6 
Europe & Africa     131,672  20.1  (20,871)   3,177  113,978  17.2 
Japan                28,198   4.3   62,345    1,590   92,133  13.9
Middle East, Far
 East & Australasia  31,963   4.9    8,252   (1,576)  38,639   5.8 
                    ------- ------  ------   ------  ------- ------
                    660,263 101.0   (8,209)  49,907  701,961 105.7 
                    ------- ------  ------   ------  ------- ------
Fixed income  
United Kingdom       89,686  13.7   (5,161)  (3,224)  81,301  12.2 
Europe & Africa      32,850   5.1    3,966      341   37,157   5.6 
Americas                648   0.1        -       42      690   0.1 
                    -------  -----  -------  ------  -------  -----
                    123,184  18.9   (1,195)  (2,841) 119,148  17.9 
                    -------  -----  -------  ------  -------  -----
Other net assets     27,038   4.1  (17,268)  (1,185)   8,585   1.3 
Borrowings & prior
 capital           (156,863)(24.0)  (4,234)  (4,321)(165,418)(24.9)
                    -------  -----  ------   ------- -------- ------
Equity
shareholders'
interests           653,622  100.0 (30,906)  41,560  664,276 100.0 
                    =======  ======  =====   ======  ======= ======


MURRAY INTERNATIONAL TRUST PLC

TWENTY LARGEST EQUITY INVESTMENTS AS AT 30 JUNE 2000


                                   Investment       Valuation       % of
Investments                        area                £000         fund 

Robert Fleming Holdings*           UK                 82,091        12.3
Vodafone AirTouch                  UK                 22,421         3.4
BP Amoco                           UK                 18,703         2.8
HSBC Holdings                      UK                  9,822         1.5
Glaxo Wellcome                     UK                  9,635         1.4
AstraZeneca                        UK                  8,542         1.3
British Telecommunications         UK                  8,540         1.3
General Electric Co America        US                  8,402         1.3
Petrobras ADR                      Brazil              8,027         1.2
Shell Transport & Trading          UK                  7,721         1.2
Cisco Systems                      US                  7,092         1.1
SmithKline Beecham                 UK                  6,920         1.0
Atrium Underwriting                UK                  6,799         1.0
Lloyds TSB                         UK                  6,739         1.0
Exxon Mobil Corporation            US                  6,338         0.9
Microsoft                          US                  5,811         0.9
Intel Corporation                  US                  5,650         0.9
Total Fina                         France              5,552         0.8
Murray Japan Growth                Japan               5,399         0.8
BNP Paribas                        France              5,235         0.8
                                                     -------       -----
                                                     245,439        36.9
                                                     =======       =====



All investments are in ordinary shares unless otherwise stated.

* Unlisted investment included at director's latest valuation