Final Results

Pacific Horizon Investment Tst PLC 6 September 2001 PACIFIC HORIZON INVESTMENT TRUST PLC Results for the year to 31 July 2001 6 September 2001 Salient points Net asset value per share declined by 13.6% to 47.83p in the year to 31 July 2001, compared with the loss of 28.7% in the MSCI All Countries Far East ex Japan Free Index in sterling terms. In the six months to 31 July 2001 the net asset value per share fell by 10.6% compared to a fall of 19.2% in the index. Net revenue for the year under review rose by 190% compared with the previous year and earnings per share were 0.64p compared with 0.22p. The Board is recommending a dividend of 0.45p per share. Attractive investment opportunities have emerged in the stockmarkets of the region. Despite some near term uncertainties, we believe that the outlook for investment in the Asia Pacific region is improving. Pacific Horizon Investment Trust PLC (Pacific Horizon) aims to achieve capital growth through investment in the stockmarkets of the Asia-Pacific region (excluding Japan). The Company has total assets of £37.7 million. An ISA and Share Plan are available. Pacific Horizon is managed by Baillie Gifford & Co., the leading independent Edinburgh based fund management group with £22 billion under management and advice. - ends - For further information please contact: Gerald Smith, Manager Pacific Horizon Investment Trust PLC 0131 222 4000 Mike Lord, Director Broadgate Marketing 020 7726 6111 Baillie Gifford & Co. is regulated by IMRO. The following is the unaudited preliminary statement for the year to 31 July 2001 which was approved by the Board on 5 September 2001. The Directors of Pacific Horizon Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 23 October 2001 the payment of a final dividend of 0.45p net (31 July 2000 - 0.20p net) per ordinary share for the year ended 31 July 2001. PACIFIC HORIZON INVESTMENT TRUST PLC STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) for the year ended for the year ended 31 July 2001 31 July 2000 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains - (5,958) (5,958) - 9,229 9,229 on investments Currency losses - (121) (121) - (560) (560) Income (note 1) 1,378 - 1,378 1,183 - 1,183 Investment (392) - (392) (438) - (438) management fee Other (184) - (184) (201) - (201) administrative expenses Net return 802 (6,079) (5,277) 544 8,669 9,213 before finance costs and taxation Finance costs (108) - (108) (325) - (325) of borrowings Return on 694 (6,079) (5,385) 219 8,669 8,888 ordinary activities before taxation Tax on ordinary (187) - (187) (44) - (44) activities Return on 507 (6,079) (5,572) 175 8,669 8,844 ordinary activities after taxation Dividend in (355) - (355) (158) - (158) respect of equity shares Transfer 152 (6,079) (5,927) 17 8,669 8,686 to/(from) reserves Return per 0.64p (7.71p) (7.07p) 0.22p 11.00p 11.22p ordinary share (note 3) Dividend per 0.45p 0.20p ordinary share (note 2) 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. PACIFIC HORIZON INVESTMENT TRUST PLC SUMMARISED BALANCE SHEET at 31 July 2001 (unaudited) 31 July 2001 31 July 2000 £'000 £'000 NET ASSETS Fixed asset investments 37,476 49,173 Net liquid assets 237 476 Total assets (before deduction of bank loans) 37,713 49,649 Bank loans (note 4) - (6,009) 37,713 43,640 CAPITAL AND RESERVES Called-up share capital 7,884 7,884 Capital reserves 28,932 35,011 Revenue reserve 897 745 EQUITY SHAREHOLDERS' FUNDS 37,713 43,640 NET ASSET VALUE PER ORDINARY SHARE 47.83p 55.35p There was no dilution of net asset value at either date (note 5) Ordinary shares in issue 78,841,864 78,841,864 Warrants in issue 15,763,976 15,763,976 DISTRIBUTION OF ASSETS at 31 July 2001 (unaudited) 31 July 31 July 2001 2000 % % Equities: Hong Kong and China 48.6 59.6 Korea 13.7 8.4 Taiwan 11.5 7.4 Singapore 8.3 9.6 Malaysia 5.3 4.3 Philippines 3.3 1.3 Indonesia 2.7 1.6 Thailand 2.4 2.7 Other 3.6 4.1 Total equities 99.4 99.0 Net liquid assets 0.6 1.0 Total assets (total assets less current liabilities before 100.0 100.0 deduction of bank loan) PACIFIC HORIZON INVESTMENT TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) for the year for the year ended ended 31 July 2001 31 July 2000 £'000 £'000 £'000 £'000 NET CASH INFLOW FROM OPERATING ACTIVITIES 750 511 NET CASH OUTFLOW FROM SERVICING OF FINANCE (112) (334) TOTAL TAX RECLAIMED - 137 FINANCIAL INVESTMENT Acquisitions of investments (28,792) (44,860) Disposals of investments 33,839 43,051 Realised currency profit 76 117 NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL INVESTMENT 5,123 (1,692) EQUITY DIVIDEND PAID (158) (158) NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 5,603 (1,536) FINANCING Loans repaid (6,206) (12,701) Loans drawn down - 14,863 NET CASH (OUTFLOW)/INFLOW FROM FINANCING (6,206) 2,162 (DECREASE)/INCREASE IN CASH (603) 626 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS/(DEBT) (Decrease)/increase in cash in the year (603) 626 Cash used to repay/(received from) bank loan 6,206 (2,162) Exchange movement (197) (677) MOVEMENT IN NET FUNDS/(DEBT) IN THE YEAR 5,406 (2,213) NET DEBT AT 1 AUGUST (4,630) (2,417) NET FUNDS/(DEBT) AT 31 JULY 776 (4,630) PACIFIC HORIZON INVESTMENT TRUST PLC NOTES 31 July 2001 31 July 2000 £'000 £'000 1. Income Income from investments and interest receivable 1,378 1,181 Other income Nil 2 2. The total cost of the dividend for the year is £355,000 (31 July 2000 - £ 158,000). If approved, the final dividend of 0.45p per ordinary share will be paid on 26 October 2001 to shareholders on the register at the close of business on 5 October 2001. 3. Return per ordinary share Revenue return 507 175 Capital return (6,079) 8,669 Return per ordinary share is based on the above totals for revenue and capital and on 78,841,864 (31 July 2000 - 78,841,864) ordinary shares, being the number of ordinary shares in issue throughout each year. There was no dilution of the above returns in either year. 4. A one year £10 million multi-currency loan has been arranged with The Royal Bank of Scotland plc. At 31 July 2001 there were no outstanding drawings (31 July 2000 - US$9 million). 5. The diluted net asset value per ordinary share has been calculated in accordance with FRS14 'Earnings per share'. The calculation determines the potential number of dilutive shares which would be issued on the exercise of warrants by reference to the share price (fair value) at the year end. Under this method there was no dilution to the net asset value at either date. The fully diluted net asset value per ordinary share has been calculated on the assumption that the 15,763,976 warrants in issue at 31 July 2000 and 2001 were fully exercised at each date. Under this method there was no dilution to the net asset value at either date. The outstanding warrants are exercisable at 56p on 30 June 2002, which is the final subscription date. 6. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 July 2001. The financial information for 2000 is derived from the statutory accounts for 2000 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2000 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 2001 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.

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