Circ re. extending life of co

Pacific Horizon Investment Tst PLC
11 September 2006


Pacific Horizon Investment Trust PLC (the 'Company')


Circular with proposals to extend the life of the Company and extend the
geographical scope of the Company's investment objective together with the
Notice of Annual General Meeting (the 'Circular')


The Company has today issued a circular to its shareholders giving notice of
this year's annual general meeting of the Company (the 'AGM'), which is to take
place at 11.00 a.m. on Tuesday, 24 October 2006 at the offices of Baillie
Gifford & Co., Calton Square, 1 Greenside Row, Edinburgh EH1 3AN.

In addition to the ordinary business of the AGM, two items of special business
will also be considered at the AGM as follows:
     
•    a proposal to extend the life of the Company for a further period of five 
     years, until the AGM on 2011 or 30 November 2011, whichever is the earlier 
     (the 'Continuation Proposal'); and

•    a proposal to extend the geographical scope of the Company's investment 
     objective to permit investment in the markets of the Indian sub-continent 
     (the 'Investment Proposal').

The continuation Proposal and the Investment Proposal are referred to in this
announcement as the 'Proposals'.
     
(a)  The Continuation Proposal

At an extraordinary general meeting of the Company, held on 27 May 2002,
shareholders voted to extend the life of the Company until May 2007, by
postponing until 27 May 2007 the Directors' obligation under the Company's
articles of association (the 'Articles') to convene a general meeting at which a
resolution is proposed to wind up the Company voluntarily.  However, the
Articles also provide that the life of the Company can be extended for further
periods, provided that each proposed extension of the Company's life is
recommended by the Directors, is for a period not exceeding seven years and is
approved by ordinary resolution of the Company.

Having regard to the investment prospects for the Asia-Pacific region, the
Directors believe that it is desirable to extend the Company's life and
recommend that the extension should be for a further period of five years.
Accordingly, the Directors are seeking shareholder approval at the AGM to
postpone until the date of the annual general meeting of the Company to be held
in 2011 or 30 November 2011, whichever is the earlier, the obligation on them to
call an extraordinary general meeting at which the Company would be wound up.

If the Continuation Proposal is not approved, the Directors will, in accordance
with the Articles, convene an extraordinary general meeting to be held on or
around 27 May 2007 at which a resolution will be proposed to wind up the Company
voluntarily.
     
(b)  The Investment Proposal

The Company's investment policy is to invest in the stockmarkets of the
Asia-Pacific region (excluding Japan) in order to achieve capital growth.  The
Company does not currently invest in the markets of the Indian sub-continent.
The Directors are of the opinion that these markets are not in the Asia-Pacific
region and that an investment in the Indian sub-continent would therefore fall
outside the Company's current investment policy.  A change in the Company's
investment policy would therefore be required in order for the Company to be
permitted to make investments in the Indian sub-continent.  Such a change would
require to be approved by the Company in general meeting, in accordance with the
Listing Rules.

Whilst it is not envisaged that the Company will immediately invest in the
Indian sub-continent, the Directors believe that the opportunities that may
present themselves in the medium term in this region make it beneficial to have
the flexibility to include the Indian sub-continent in the investment remit of
the Company and are therefore seeking to extend the geographical scope of the
Company's investment objective at the AGM.  It is not currently the Directors'
intention that investment in the Indian sub-continent will make up a material
part of the portfolio.

Further details of the Proposals (including the risk factors relevant to an
investment in the Company) are set out in the Circular.

Copies of the Circular have been submitted to the UK Listing Authority, and will
shortly be available for inspection at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel. no. (0)20 7676 1000

Copies of the Circular will be available at the offices of Baillie Gifford &
Co., Calton Square, 1 Greenside Row, Edinburgh EH1 3AN, until 25 November 2006.

Baillie Gifford & Co
Company Secretaries
11 September 2006


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