Interim Results

MURRAY INTERNATIONAL TRUST PLC
29 July 1999


INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 1999
--------------------------------------------------

The directors announce the unaudited interim results of Murray International
Trust PLC for the half-year to 30 June 1999. Murray International is managed
by Murray Johnstone Limited in Glasgow.  

Background  
----------

World markets rose strongly in the first six months of 1999 with the exception
of Europe which put on only 1% as measured by the FT/S&P Europe ex-UK Index. 
In the UK where the bulk of the company's funds are invested the FTSE 100 rose
by 10.5%. The US continued its long bull run with the FT/S&P rising 18.5%.

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

The increase during the period in the company's net assets fell short of the
rise in world markets. In part this was due to being underweight in the US
(though less so than previously) and Japan, where equity yields are extremely
low, and despite significant on-going reduction in the overweight position in
Europe. The composite FT/S&P World Index (40% UK and 60% World ex-Japan)
showed a total return for the half-year of 12.6% while Murray International
produced a total return with net income reinvested of only 6.5%. Contributing
to the shortfall against the composite benchmark was the defensive positioning
of the fund. In response to the extreme volatility of autumn 1998 the
portfolio was markedly underweight in cyclical stocks across the board and
consequently did not benefit from the worldwide rally in such stocks. 

Dividends
---------

For the current year the board has already recommended that three interim
dividends of 3.45p per share be paid on 27 August and 23 November 1999 and 18
February 2000 to shareholders on the register at the close of business on 25
June 1999, 22 October 1999 and 14 January 2000 respectively.  A final dividend
of at least 5.15p has also been forecast. This will make a total of at least
15.5p for 1999; the same as was paid for 1998, which contained a special
component of 0.8p per share.

For the year ending 31 December 2000 the directors now forecast three interim
dividends of 3.45p each, totalling 10.35p. It is intended that these dividends
will be payable on 18 August, 17 November 2000 and 19 February 2001.

Share Repurchase
----------------

At the Extraordinary General Meeting and Separate Class Meeting of the holders
of 3.9% cumulative preference shares on 26 April 1999, and at the adjourned
Separate Class Meetings of the holders of ordinary and B ordinary shares on 4
May 1999, shareholders approved proposals for the cancellation and repayment
of the 3.9% cumulative preference shares and a share repurchase scheme in
respect of 14.99% of the ordinary and B ordinary shares in issue. The use of
the share repurchase scheme, which will become effective after Court approval
has been received for the cancellation and repayment of the preference shares,
will enhance net asset value per share and is intended to narrow the discount
and increase shareholder value.

In addition the board of directors has decided to participate in the
Association of Investment Trusts' 'its' campaign to broaden the awareness and
understanding of the advantages of investment trusts among investors. A
specific aim of this campaign is to reduce discounts on investment trusts.

Activity
--------

North America accounts for some 26.5% of the equity portfolio. Additions to
the portfolio were General Electric, Intel, Lowes and Time Warner. The UK
continued to look attractive as interest rates fell and economic growth
prospects improved. A further £12 million was invested in UK equities.
Prominent among the purchases made were BP Amoco, Boots, Diageo, NatWest and
Hanson while the major sales in the period were of Glaxo Welcome and First
Group. An additional £8.5 million was invested in Japan, mostly in the second
quarter when the Tokyo market livened up. Some £16 million was withdrawn from
Pacific markets (ex Japan) as markets appeared to have outrun the economic
recovery, and roughly half that amount was taken out of both European and
emerging markets.

Outlook
-------

Economic data continue to imply that the US economy, which as so often is
playing a critical part in the global economic recovery, is not going to run
out of steam for some time yet. Housing starts and corporate capital
expenditure are robust, consumer confidence is high and employment levels
continue to rise. It is unlikely that the predicted 50 basis point rise in
interest rates will markedly change sentiment or slow down the economy to its
trend rate. The US bond market clearly expects more drastic action will be
needed to curb the growth rate. This leaves the Federal Reserve Open Market
Committee with a difficult balancing act. The cost of slowing the rate of
economic growth may yet prove to be a damaging setback for equity prices.

The primary risk to world markets lies with the US market. Valuations are
historically stretched. The price/earnings ratio on the S&P 500 index is high
and the earnings yield ratio is ominously close to the level reached in
mid-1987. That does not add up to an imminent end to the bull market but it
argues for caution and the company's overall exposure to equities has been
reduced.

By Order of the Board
Murray Johnstone Limited, Secretary


STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT)OF THE COMPANY
for the six months ended 30 June 1999
                                                                    
                              6 months to              6 months to 
                              30 June 1999            30 June 1998
                        Revenue Capital  Total Revenue Capital   Total
                           £000    £000   £000    £000    £000    £000

Realised gains on sales       -  18,889  18,889      -  22,891  22,891 
Unrealised gains              -  18,294  18,294      -  48,464  48,464  
                        ------------------------------------------------
Gains on investments          -  37,183  37,183      -  71,355  71,355 
Income                   14,544       -  14,544 14,320       -  14,320
Investment management
 fees                      (873) (1,310) (2,183)  (813) (1,220) (2,033)
Currency (losses) gains       -    (246)   (246)     -     254     254 
Other expenses             (511)     41    (470)  (544)      -    (544)
                        ------------------------------------------------
Net return before finance
costs and taxation       13,160  35,668  48,828 12,963  70,389  83,352
Finance costs of
 borrowings              (1,116) (1,674) (2,790)(1,321) (1,988) (3,309)
                        ------------------------------------------------
Return on ordinary
activities before tax    12,044  33,994  46,038 11,642  68,401  80,043 
Tax on ordinary 
 activities              (1,921)    269  (1,652)(2,884)    114  (2,770)
                        ------------------------------------------------

Return on ordinary        
activities after tax     10,123  34,263 44,386   8,758  68,515  77,273
Preference dividends        (29)      -    (29)    (29)      -     (29)
Return attributable to  ------------------------------------------------
 equity shareholders     10,094  34,263 44,357   8,729  68,515  77,244
Ordinary dividends      (12,293)      -(12,293)(11,929)      - (11,929)
                        -----------------------------------------------
Transfer to (from) 
 reserves                (2,199) 34,263 32,064  (3,200) 68,515  65,315 
                        ==============================================

Return per ordinary share  8.5p   28.8p  37.3p    7.4p   57.7p  65.1p 

Return per ordinary share
assuming conversion of the
'B' ordinary shares        8.4p   28.5p  36.9p    7.3p   57.0p  64.3p 

                                          Year to  
                                   31 December 1998
                                 Revenue Capital Total
                                   £000    £000   £000

Realised gains on sales               -  45,608  45,608 
Unrealised losses                     -  11,867  11,867  
                                  ---------------------
Gains on investments                  -  57,475  57,475 
Income                           28,285       -  28,285
Investment management
 fees                            (1,698) (2,547) (4,245)
Currency (losses) gains               -  (5,389) (5,389)
Other expenses                   (1,051)   (127) (1,178)
                                  ----------------------
Net return before finance
costs and taxation               25,536  49,412  74,948
Finance costs of
 borrowings                      (2,416) (3,618) (6,034)
                                  ----------------------
Return on ordinary
activities before tax            23,120  45,794  68,914 
Tax on ordinary 
 activities                      (4,682)    398  (4,284)
                                 -----------------------
Return on ordinary 
activities after tax             18,438  46,192  64,630
Preference dividends                (57)      -     (57)
                                 -----------------------
Return attributable to
equity shareholders              18,381  46,192  64,573
Ordinary dividends              (18,401)      - (18,401)
                                 -----------------------
Transfer to (from) reserves         (20) 46,192  46,172 
                                  ======================

Return per ordinary share        15.5p   38.9p    54.4p 

Return per ordinary share
assuming conversion of the
'B' ordinary shares              15.3p   38.4p    53.7p


                                          6 months to         Year to
                                     30/6/99      30/6/98     31/12/98
                               
EQUITY SHAREHOLDERS' INTEREST   £657,452,000  £644,531,000  £625,388,000

NET ASSET VALUE PER ORDINARY SHARE
AND 'B' ORDINARY SHARE               546.4p       535.7p        519.8p


Note 1

The number of 'B' ordinary shares converted into ordinary shares on 30 June
1999 was 147,548.  The allotted ordinary share capital is now:-

                                          £000
118,916,727  Ordinary shares of 25p      29,729
  1,399,242  'B' Ordinary shares of 25p     350

Note 2
                                                                       
                                           6 months to          Year to
                                       30/6/99     30/6/98      31/12/98
Dividends on ordinary shares             £000       £000         £000
  
 Interims of                      
 - 3.45p payable 27.8.99 (1998 - 3.35p)  4,097       3,977        3,976
 - 3.45p payable 23.11.99 (1998 - 3.35p) 4,098       3,976        3,976
 - 3.45p payable 18.2.00 (1998 - 3.35p)  4,098       3,976        3,976
 Final dividend (1998 - 5.45p)               -           -        6,473
                                        ------      ------       ------
                                        12,293      11,929       18,401
                                        ======      ======       ======

Note 3

A summary of investment changes during the period and ten largest equity
investments at 30 June 1999 are attached.

Note 4

The revenue columns of the statement of total return are the profit and loss
account of the company.

Note 5

The results for the period to 31 December 1998 are abridged from the full
accounts for that year, which received an unqualified report from the auditors
and have been filed with the Registrar of Companies.

By order of the Board
MURRAY JOHNSTONE LIMITED, SECRETARY


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.


SUMMARY OF INVESTMENT CHANGES DURING THE PERIOD
                                          Appreciation
                      Valuation     Trans-  (deprec-    Valuation
                       31/12/98    actions   iation)     30/6/99
                     £000      %     £000     £000     £000     %
Equities          
United Kingdom      287,415  45.9   13,270    5,052  305,737  46.4 
Americas            107,555  17.2   37,690   20,902  166,147  25.3 
Europe              147,960  23.7   (7,641)  (6,761) 133,558  20.3 
Far East&Australasia 48,680   7.8  (11,486)  10,923   48,117   7.3 
                    ------- ------  ------   ------  ------- ------
                    591,610  94.6   31,833   30,116  653,559  99.3 
                    ------- ------  ------   ------  ------- ------
Fixed Income  
United Kingdom       97,871  15.6   10,283   (3,787) 104,367  15.9 
Europe                    -     -    5,437    2,148    7,585   1.2 
Americas              3,443   0.6    1,289   (2,790)   1,942   0.3 
                    -------  -----  -------  ------  -------  -----
                    101,314  16.2   17,009   (4,429) 113,894  17.4 
                    -------  -----  -------  ------  -------  -----
Other net assets
 (liabilities)       23,953   3.8  (50,934)  10,533  (16,448) (2.5)
Borrowings & prior
 capital            (91,489)(14.6)  (2,777)     713  (93,553)(14.2)
                    -------  -----  ------   ------- -------- ------
Equity
shareholders'
interests           625,388  100.0  (4,869)  36,933  657,452 100.0 
                    =======  ======  =====   ======  ======= ======


TEN LARGEST EQUITY INVESTMENTS AS AT 30 JUNE 1999

                                   Investment       Valuation        % of
Investments                        area                £000          fund 

Robert Fleming Holdings*           UK                 33,940         5.2
BP Amoco                           UK                 24,002         3.7
British Telecommunications         UK                 15,141         2.3
Atrium Underwriting                UK                 13,432         2.0
Lloyds TSB                         UK                 12,900         2.0
HSBC Holdings                      UK                 12,583         1.9
Shell Transport & Trading          UK                 10,693         1.6
Glaxo Wellcome                     UK                 10,578         1.6
Smithkline Beecham                 UK                 10,313         1.6
Rank Group 8.25% Conv Pref         UK                  9,180         1.4
                                                     -------       -----
                                                     152,762        23.3
                                                     =======       =====

* Unlisted investments included at director's latest valuation