Interim Management Statement

Martin Currie Portfolio Investment Trust plc
A three-tier strategy for long-term growth
Interim management statement - 1 August - 31 October 2009

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 Jul  31 Oct
Equities        96.5%   94.1%
Cash             3.5%    5.9%
Borrowings         -       -

Equity allocation     31 Jul   31 Oct
United Kingdom         57.8%    57.4%
North America          14.0%    14.5%
Continental Europe     10.1%    11.1%
Pacific Basin           7.9%     7.0%
Japan                   2.2%     2.2%
Private equity          8.1%     7.9%

Top 10 equity holdings (48.8% of total portfolio)
BP  8.4%
HSBC  8.4%
F&C Private Equity Trust  7.0%
GlaxoSmithKline  5.9%
BHP Billiton  4.3%
British American Tobacco  3.4%
Royal Dutch Shell  3.1%
BG  2.9%
Xstrata  2.7%
Tesco 2.7%

Number of countries  14
Number of holdings  53

Key facts
Net assets - £135.9m
Share price - 107.0p
Net asset value per share* - 115.7p
Discount (premium) 7.5%
Estimated net yield 3.3%

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

Manager's commentary
The strong run in global equities that began in March continued for most of the
period, although many markets fell back slightly in October. Higher-risk areas,
such as banks and economically sensitive stocks weakened the most. Largely
because of our exposure to companies in the latter category, which also lagged
over the three month period to the end of October, the fund underperformed,
posting a return of 8.9% against a rise in the benchmark of 10.7%.
It is likely that the improving economic newsflow of recent months has led to a
disproportionate rise in equity markets and that this has made investors nervous
about the potential for a pullback. Acknowledging this possibility, I have
raised a little cash, focusing on the higher-risk areas of the portfolio. I
reduced our Asian investments, in PT Astra International and New World
Development, and sold out of South African miner Anglo American. I also switched
our investment in Scottish & Southern Energy into Centrica, which is better
positioned for the current gas-price environment.
Tom Walker


Performance
Discrete performance over 12 months to 31 October

             2009       2008        2007        2006       2005
Share        19.7%    (30.4%)       21.3%       21.0%      21.2%
Price
NAV          21.3%    (33.6%)       22.8%       20.9%      23.7%
Benchmark    23.5%    (34.4%)       13.6%       21.7%      19.8%


Cumulative performance over periods to 31 October 2009

             one month    three months     six months   one year   three years   five years
Share price     (5.1%)            6.1%          16.9%      19.7%          1.0%        48.1%
NAV             (2.8%)            8.9%          22.7%      21.3%         (1.1%)       47.9%
Benchmark       (1.8%)           10.7%          21.2%      23.5%         (7.9%)       34.2%

Capital structure
Ordinary shares 119,118,630*

*Source: Martin Currie as at 31 October 2009.

Board of directors
Peter Berry (chairman)
Douglas Kinloch Anderson
Ian Bodie (retired on 30 September 2009)
Gillian Nott
David Kidd
Ben Thomson

Material events and transactions
During the three month period, 2,308,093 shares were bought back for
cancellation.

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

The interim dividend of 1.0p per share was paid on 28 October 2009 to
shareholders on the register as at 9 October 2010.

Ian Bodie retired on 30 September 2009.

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 2009† - 0.5%
Total expense ratio 31 January 2009* - 0.8%
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          price     per    (premium)    per share
January               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


Risk factors

All sources (unless indicated): Martin Currie as at 31 October 2009.

Please note that, as the shares in investment trusts are traded on a
stockmarket, the share price will fluctuate in accordance with supply and demand
and may not reflect the underlying net asset value of the shares.
Depending on market conditions and market sentiment, the spread between the
purchase and sale price can be wide. As with all stock exchange investments the
value of investment trust shares purchases will immediately fall by the
difference between the buying and selling prices, the bid-offer spread.
Investment trusts may also borrow money in order to make further investments.
This is known as `gearing' and can enhance shareholder returns in rising markets
but, conversely, can reduce them in falling markets.

The value of investments and the income from them may go down as well as up and
is not guaranteed. An investor may not get back the amount originally invested.
Changes in the rates of exchange may cause the value of investments to go up or
down.

The Trust invests in emerging markets which tend to be more volatile than mature
markets and the value of your investment could move sharply up or down. In some
circumstances the underlying investments may become illiquid which may constrain
the investment manager's ability to realise some or all of the portfolio. The
registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so the operational risks of investing are
higher. Political risks and adverse economic circumstances are more likely to
arise putting the value of your investment at risk.

Charges are deducted from income and where income is low, the expenses may
exceed the total income received and the Trust may not pay a dividend and the
capital value would be reduced.

Funds which invest in smaller and/or medium sized companies are specialist funds
and as such are likely to carry higher risks than a more widely invested fund.

Important notice: This information is issued and approved by Martin Currie
Investment Management Ltd in its capacity as investment manager. It does not in
any way constitute investment advice or an invitation or inducement to invest.