Directorate Change

Pacific Horizon Investment Tst PLC
28 October 2003

                      Pacific Horizon Investment Trust PLC

                             Retirement of Director

The Board of Directors announces the retirement of Peter Griffiths from the
Board with effect from 28 October 2003. The Board thanks him for his past
services and wishes him well for the future.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries


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