Interim Management Statement

Martin Currie Portfolio Investment Trust Plc

Interim Management Statement


Manager's commentary

After their weak start to the year, equity markets rose strongly from February,
before coming to an abrupt halt in April. The main factor in this was the Greek
debt crisis and its implications for the eurozone (uncertainty over the UK
general election was a relatively minor concern). The oil spill in the Gulf of
Mexico, Australia's new super-tax on mining companies, and the investigation
into Goldman Sachs' investment-banking practices also had a negative impact on
large sectors of the FTSE All-Share index. Nevertheless, for the period as a
whole, the index managed an 8.8% gain. The trust came in a little behind the
index, rising by 7.1%. But over longer periods, performance is comfortably ahead
of benchmark.

Despite the macroeconomic uncertainty, it is important to note that many
companies have little, if any, debt and are benefiting from improving consumer
demand and low levels of inventory in many distribution channels.

Tom Walker


Profile
Objective -  To  achieve long-term capital growth by investing  in  a  diversified
portfolio of UK and international stocks.

Benchmark - FTSE All-Share index

Sector - Global growth

Launch - 1999

Portfolio
Asset class      31 Jan    30 Apr
Equities          94.8%     94.5%
Cash               5.2%      5.5%
Borrowings           -         -

Equity allocation   31 Jan    30 Apr
United Kingdom       57.4%     52.6%
North America        15.9%     18.4%
Continental Europe    8.5%      8.9%
Pacific Basin         7.0%      7.7%
Japan                 2.3%      2.6%
Private equity        8.9%      9.9%

Top 10 equity holdings (47.0% of total portfolio)

F&C Private Equity 8.7%
BP 7.7%
HSBC 7.6%
GlaxoSmithKline 5.2%
British American Tobacco 3.3%
Rio Tinto 3.1%
Xstrata 3.0%
BHP Billiton 3.0%
BG Group 2.8%
Tesco 2.6%

Number of countries 14
Number of holdings 51

Key facts
Net assets - £150.7m
Share price (p) - 123.3
Net asset value per share (p)* - 132.5
Discount (premium)- 7.0%
Estimated net yield - 2.8%

*Following a recent review by the AIC, the NAV stated in our reporting is
inclusive of current year revenue.

Performance

Discrete performance over 12 months to 30 April

                2010   2009   2008   2007   2006

Share          34.6% (25.0%)  7.5%   11.5%  37.7%
Price
NAV            38.5% (31.0%)  7.4%   11.2%  39.0%
Benchmark      36.6% (26.9%) (4.3%)  12.7%  32.4%


Cumulative performance over periods to 30 April 2010

              One      Three      Six    One   Three  Five
            month     months   months   year   years  years

Share       (0.4%)      8.6%    15.2%   34.6%   8.5%  66.6%
Price

NAV         (3.1%)      7.1%    12.8%   38.5%   2.7%  58.7%

Benchmark   (1.4%)      8.8%    12.7%   36.6%  (4.4%) 42.5%


Source: Martin Currie and Morningstar. Bid to bid basis with net income
reinvested over the periods shown in sterling terms. These figures do not
include the costs of buying and selling shares in an investment trust. If these
were included, performance figures would be reduced.

Capital structure

Ordinary shares 113,770,288*

*Source: Martin Currie as at 30 April 2010.

Board of directors

Peter Berry (chairman)
Gillian Nott
David Kidd
Ben Thomson
Douglas Kinloch Anderson (retired on 21 May 2010)
Mike Balfour

Material events and transactions

During the three month period, 3,064,214 shares were bought back for
cancellation.

Gearing at the end of the period remained at 0.0%.

A final dividend of 2.5p per share has been proposed and will be paid on 21 June
2010 to shareholders on the register as at 4 June 2010. This brings the total
dividend for the year to 31 Janaury 2010 to 3.5p.

The AGM was held on 21 May at 12.30pm in Edinburgh and the final dividend was
approved at that meeting. All other resolutions were passed.

Key information

Year end - 31 January
Annual general meeting - May
Final dividend paid - June
Interim dividend paid - October
Annual management fee as at 31 January 2010† 0.5%
Total expense ratio 31 January 2010* 0.9%
Epic code MNP
Reuters code MNP.L
†Percentage of net assets.
*Percentage of shareholders' funds. Includes annual management and performance
fees.

Website
The trust has its own website at www.martincurrieportfolio.com. There you will
find further details about the trust, information on Martin Currie, daily share
prices (and associated risks), and you can access regular webcasts by the
manager.

Net asset value and dividend history

As at          Share     NAV     Discount/  Dividend
31 January     price     per     (premium)  per
                         share              share

2000           89.5p    110.0p      18.6%   1.42p
2001          101.0p    115.7p      12.7%   1.47p
2002           80.5p     89.9p      10.5%   1.50p
2003           57.8p     65.1p      11.2%   1.55p
2004           79.0p     83.0p       4.8%   1.87p
2005           85.0p     91.5p       7.1%   1.99p*
2006          109.0p    116.9p       6.8%   2.20p
2007          117.3p    127.5p       8.0%   2.40p
2008          124.3p    134.8p       7.8%   2.60p
2009           89.8p     93.1p       3.5%   3.50p
2010          113.5p    122.2p       7.1%   3.50p


*Plus special dividend of 1.61p.
Past performance is not a guide to future returns.