Interim Results

MARTIN CURRIE PORTFOLIO INVESTMENT TRUST PLC 7 September 1999 Martin Currie Portfolio Investment Trust plc Interim results for the six months to 31 July 1999 * Net asset value rises 1.2% since listing * Returns affected by one-off discount impact of trust's largest holding * Series of measures taken to improve performance and rating of the trust The board of Martin Currie Portfolio Investment Trust has today announced interim results for the period to 31 July 1999 - the first reporting period since the reconstruction of Scottish Eastern Investment Trust. Earnings per share were 0.88p, and the board has declared an interim dividend of 0.5p per share. Although there is no direct comparison, this represents an increase of 1.5% over the equivalent Scottish Eastern interim dividend last year. Since listing, the net asset value per share has risen by 1.2% from 101.5p to 102.7p. This compares with a rise in the trust's benchmark FTSE All-Share index of 3.6%. The shortfall is largely attributable to the one-off impact of the opening discount on launch of the trust's largest holding, Martin Currie Capital Return Trust. This trust was created to manage the unlisted portfolio previously held within Scottish Eastern. Since launch, the underlying assets have performed satisfactorily, and the discount has narrowed. As Capital Return Trust begins to unlock the value from its holdings, Martin Currie Portfolio should see the double benefit of increasing net assets and a reducing discount. Commenting, the chairman of Martin Currie Portfolio Investment Trust, Sir John Kemp-Welch, said: 'With the support of shareholders, we have created a new trust from the reconstruction of Scottish Eastern. Our shareholders are now overwhelmingly private investors, and we have a clear objective to manage the trust with their needs in mind. We have undertaken a series of measures directed at improving the performance and rating of the trust. 'We introduced the innovative built-in opportunity for shareholders to sell their shares to the trust at net asset value every five years. This should have the effect of narrowing any discount. Following shareholder approval, we now only await consent from the courts before we will be able to buy in shares on an ongoing basis. 'We will be working hard with Martin Currie to promote the benefits of the Martin Currie Portfolio Investment Trust structure to existing and potential investors. To this end, the trust will participate this autumn in the national AITC campaign to raise awareness of investment trusts. 'All these activities are important. But it is performance that is essential. Both the board and the managers are determined to deliver just that.' At 31 July, the trust's gearing was 6%: comprising £10m fixed for five years, and a £10m multi-currency revolving credit facility. Geographical distribution of the invested portfolio at 31 July was: UK 77.3%, (this includes the holding in Capital Return Trust of 10.4%), North America 9.7%, Europe 4.8%, Japan 4.8%, Pacific Basin 2.7% and smaller markets 0.7%. For further information, please contact: Eric McAuslan Martin Currie Investment Management Ltd 0131 479 4603 ericm@martincurrie.com Fiona Harris Biddick Harris PR 0171 539 5757 MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Statement of total return (incorporating the revenue account) for the period ended 31 July 1999 1999 Revenue Capital Total £'000 £'000 £'000 Gains on investments - realised - 1,741 1,741 - unrealised - 1,745 1,745 Currency losses (441) (441) Income - franked 2,957 - 2,957 - unfranked 771 - 771 Investment management fee (243) (487) (730) Other expenses (218) - (218) ----- ----- ----- Net return before finance costs and 3,267 2,558 5,825 taxation Interest payable and similar charges (33) (66) (99) ----- ----- ----- Return on ordinary activities before 3,234 2,492 5,726 tax Tax on ordinary activities (428) 48 (380) ----- ----- ----- Return on ordinary activities after 2,806 2,540 5,346 tax for the financial year Interim dividends in respect of equity (1,602) - (1,602) shares 1999 ----- ----- ----- Transfer to reserves 1,204 2,540 3,744 ----- ----- ----- Return per ordinary share 0.88p 0.79p 1.67p Net asset value per ordinary share 102.7p An interim dividend for the period ended 31 January 2000 of 0.5p will be paid on 6 October 1999 to shareholders on the register on 17 September 1999. MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Unaudited Balance sheet As at 31 July 1999 1999 £000 £000 Investments at market value Listed at market value 350,444 _______ 350,444 Current assets Debtors 2,642 Cash in bank 553 _______ 3,195 Creditors Amounts falling due within one year (14,669) _______ Net current liabilities (11,474) _______ Total assets less current liabilities 338,970 Creditors Amounts falling due after one year (10,000) _______ Net assets 328,970 _______ Capital and reserves Called up ordinary shares 16,018 Share premium 309,208 Capital reserve 2,540 Revenue reserve 1,204 _______ Equity shareholders' funds 328,970 _______ Net asset value per ordinary 102.7p share of 5p MARTIN CURRIE PORTFOLIO INVESTMENT TRUST plc Statement of cash flow for the period ended 31 July 1999 1999 £000 £000 Operating activities Net dividends and interest 2,499 received from investments Interest received from deposits 149 Other cash payments (36) _______ Net cash inflow from operating 2,612 activities Servicing of finance Interest Paid (1) _______ Net cash outflow from servicing (1) of finance Capital expenditure and financial investment Payments to acquire investments (385,614) Receipts from disposal of investments 38,532 Exchange losses (203) _______ Net cash outflow from capital (347,285) expenditure and financial investment _______ Net cash outflow before financing (344,674) Financing Issue of ordinary shares 325,226 Long term borrowings 10,000 Short term borrowings 10,001 _______ Net cash inflow from financing 345,227 _______ Increase in cash for the period 553 _______

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