Exercise of Warrants

Pacific Horizon Investment Tst PLC
2 July 2002



PACIFIC HORIZON INVESTMENT TRUST PLC (the 'Company')


Exercise of Warrants


The Company today announces that, following the final date for the exercise of
the Company's issued Warrants (the 'Final Subscription Date'), holders of
Warrants have subscribed for 45,138 New Ordinary Shares of 10p each representing
0.06 per cent. of the Company's issued ordinary share capital.

Application has been made for all of the New Ordinary Shares to be admitted to
the Official List of the UK Listing Authority and to trading on the London Stock
Exchange.  It is expected that dealings in the New Ordinary Shares will commence
at 08.00 am on Monday, 8 July 2002.

The number of issued Ordinary Shares in the Company following the issue of the
abovementioned New Ordinary Shares is 76,487,002 Ordinary Shares of 10p each.


Baillie Gifford & Co
Managers and Secretaries
2 July 2002


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