Final Results

PACIFIC HORIZON INVESTMENT TRUST PLC 
7 September 1999


                    RESULTS FOR THE YEAR TO 31 JULY 1999                     
        PRESS ENQUIRIES TO GERALD SMITH UNTIL 5.00PM TEL [phone]        
                           
*  Over the six months to 31 July 1999 net asset value per share up 48.6%.

*  MSCI All Countries Far East ex Japan Free Index up 45.4% in sterling terms 
   over the same period.

*  Good performance from Korean and Singaporean stocks the main reason for out
   performance in the period.

*  For the full year net asset value per share up 54.7% versus MSCI All 
   Countries Far East ex Japan Free Index up 82.6% in sterling terms.

*  Dividend 0.20p down from 0.90p the previous year reflecting a lower level 
   of special dividends received from underlying investments and a lower 
   weighting in Hong Kong.

*  Underperformed during sharp bounce in the markets in the autumn of 1998 
   owing to defensive portfolio at that time.

*  Restructuring and fundamental reforms the key to a substainable recovery in
   Far Eastern markets.  Grounds for cautious optimism on this front, 
   especially in Korea and Singapore.


The following is the unaudited preliminary statement for the year to 31 July
1999 which was approved by the Board on 7 September 1999.  The Board of
Pacific Horizon Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 26 October 1999 the payment of a final
dividend of 0.20p net (31 July 1998 - 0.90p net) per ordinary share for the
year ended 31 July 1999.


                     PACIFIC HORIZON INVESTMENT TRUST PLC                     
                          STATEMENT OF TOTAL RETURN                           
              (unaudited and incorporating the revenue account*)              
      
                                                                              
                       For the year ended 31 July 1999 
                       
                                      Revenue          Capital         Total 
                                       £'000            £'000          £'000

Gains/(losses) on investments            -              12,490         12,490 
Currency losses                          -                (198)          (198)

Income (note 1)                           738             -               738
Investment management fee                (300)            -              (300)
Other administrative expenses            (138)            -              (138)
                                   -------------------------------------------
NET RETURN BEFORE FINANCE COSTS
AND TAXATION                              300           12,292         12,592
Finance costs of borrowings               (14)            -               (14)
                                   -------------------------------------------
RETURN ON ORDINARY ACTIVITIES 
BEFORE TAXATION                           286           12,292         12,578
Tax on ordinary activities                (58)            -               (58)
                                   -------------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                            228           12,292         12,520
Dividend in respect of equity 
shares (note 2)                          (158)            -              (158)
                                   -------------------------------------------
TRANSFER TO/(FROM) RESERVES                70           12,292         12,362
                                   ===========================================
RETURN PER ORDINARY SHARE (note 3)      0.29p           15.59p         15.88p
                                   ===========================================
DIVIDEND PER ORDINARY SHARE             0.20p 
                                   ============


                          STATEMENT OF TOTAL RETURN                           
                     (incorporating the revenue account*)                     
                                                                              
                       For the year ended 31 July 1998 
                       
                                      Revenue          Capital         Total 
                                       £'000            £'000          £'000

Gains/(losses) on investments            -             (24,135)       (24,135)
Currency losses                          -                (338)          (338)

Income (note 1)                         1,629             -             1,629
Investment management fee                (280)            -              (280)
Other administrative expenses            (134)            -              (134)
                                   -------------------------------------------
NET RETURN BEFORE FINANCE COSTS         1,215          (24,473)       (23,258)
AND TAXATION
Finance costs of borrowings              -                -              -
                                   -------------------------------------------
RETURN ON ORDINARY ACTIVITIES 
BEFORE TAXATION                         1,215          (24,473)       (23,258)
Tax on ordinary activities               (327)            -              (327)
                                   -------------------------------------------
RETURN ON ORDINARY ACTIVITIES
AFTER TAXATION                            888          (24,473)       (23,585)
Dividend in respect of equity 
shares                                   (710)            -              (710)
                                   -------------------------------------------
TRANSFER TO/(FROM) RESERVES               178          (24,473)       (24,295)
                                   ===========================================
RETURN PER ORDINARY SHARE (note 3)      1.12p          (31.04p)       (29.92p)
                                   ===========================================
DIVIDEND PER ORDINARY SHARE             0.90p
                                   ============

There was no dilution of the above returns in either year.
                     

*The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.

                            SUMMARY OF NET ASSETS                             
                               AT 31 JULY 1999 
                                 (unaudited)                                  
                                                                             
==============================================================================
                                          31 July 1999          31 July 1998
                                             £'000                 £'000   
==============================================================================

Investments at market value                  37,269                19,042
Net liquid assets                               855                 3,549
                                         --------------        --------------
TOTAL ASSETS                                 38,124                22,591
Bank loan (note 4)                           (3,170)                    -
                                         --------------        --------------
EQUITY SHAREHOLDERS' FUNDS                   34,954                22,591
                                         ==============        ==============

NET ASSET VALUE PER ORDINARY SHARE           44.33p                28.65p

Ordinary shares in issue                   78,841,864            78,841,160

Diluted net asset value per ordinary         44.33p                28.65p
share (note 5)


                            DISTRIBUTION OF ASSETS  
                               AT 31 JULY 1999                                

==============================================================================
                                          31 July 1999          31 July 1998
                                               %                     %
==============================================================================

Equities: Hong Kong                          24.1                  40.7
          China                               3.8                   3.8
          Singapore                          19.7                   9.8
          Korea                              18.6                   7.7
          Taiwan                              8.4                   5.1
          Malaysia                            6.7                   4.0
          Thailand                            3.6                   0.2
          Philippines                         2.4                   5.7
          Indonesia                           2.3                   2.3
          Other                               8.2                   5.0
                                         -------------         --------------
Total equities (including 
convertible and preference stocks)           97.8                  84.3 
Net liquid assets                             2.2                  15.7
                                         -------------         --------------
Total assets (before deduction of           100.0                 100.0 
bank loan)                               =============         ==============
                                         

                                    NOTES
==============================================================================
                                          31 July 1999          31 July 1998
                                             £'000                 £'000
==============================================================================

1. INCOME
   Income from investments
   and interest receivable                     738                 1,629    
   Other income                                NIL                   NIL


2. If approved, the final dividend of 0.20p per ordinary share will be paid on
   29 October 1999 to shareholders on the register at the close of business on
   8 October 1999.


3. RETURN PER ORDINARY SHARE
   Revenue return                              228                   888
   Capital return                           12,292               (24,473)

   Return per ordinary share is based on the above totals for revenue and 
   capital and on 78,841,220 (1998 - 78,841,160) ordinary shares, being the 
   weighted average number of ordinary shares in issue during the year.  
   There was no dilution of the above returns in either year.


4. A one year £4 million multi-currency loan has been arranged with The Royal 
   Bank of Scotland plc.  At 31 July 1999 there were outstanding drawings of 
   Yen 400 million and US$1,650,000 (31 July 1998 - Nil).


5. There was no dilution to net asset value at either date.  The number of 
   outstanding warrants, which are exercisable at 56p, at 31 July 1999 was 
   15,763,976 (31 July 1998 - 15,764,680).


6. The financial information set out above does not constitute the Company's 
   statutory accounts for the year ended 31 July 1999.  The financial 
   information for 1998 is derived from the statutory accounts for 1998 which 
   have been delivered to the Registrar of Companies.  The auditors have 
   reported on the 1998 accounts, their report was unqualified and did not 
   contain a statement under section 237(2) or (3) of the Companies Act 1985. 
   The statutory accounts for 1999 will be finalised on the basis of the 
   financial information presented in this preliminary announcement and will 
   be delivered to the Registrar of Companies following the Company's Annual 
   General Meeting.


Managers & Secretaries
Baillie Gifford & Co
1 Rutland Court
EDINBURGH
EH3 8EY

Registered Office
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