Final Results

Pacific Horizon Investment Tst PLC
03 September 2003


                      PACIFIC HORIZON INVESTMENT TRUST PLC

                      Results for the year to 31 July 2003


Pacific Horizon Investment Trust PLC outperformed its comparative index over the
year to 31 July 2003 by 4.5 percentage points. Net asset value per share rose
by 5.4%, while the MSCI All Country Far East Free ex Japan Index stated in
sterling terms gained 0.9%. The Company benefited from the selective use of
gearing and the strength of Chinese economic growth.


•    Positive results from gearing. From January to May, the deployment of short 
     term borrowing boosted performance following a period of general market 
     weakness. The prospect of war in Iraq, world economic uncertainty, and the 
     outbreak of Severe Acute Respiratory Syndrome (SARS) meant that many stocks 
     were undervalued.

•    Chinese economy. The Company benefited from the continued expansion of the 
     Chinese economy and its impact on the economies and markets of the region. 
     Focus was on those companies that are directly exposed to Chinese demand 
     rather than Chinese producers and manufacturers which suffer from the 
     highly competitive Chinese domestic environment.

•    Dividend maintained. During the second half there was a 19.2% increase in 
     net asset value per share compared to an 18.2% increase in the comparative 
     index. Earnings per share for the year rose by 1.5% to 0.67p and an 
     unchanged dividend of 0.45p is being proposed.

•    Outlook. The continued rapid expansion of the Chinese economy leads the 
     Managers to view the outlook favourably for many growth stocks in the Asia 
     Pacific region.


3 September 2003



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 £40.8 million.  An ISA and
Share Plan are available.  Pacific Horizon is managed by Baillie Gifford & Co.,
the independent Edinburgh based fund management group with over £24 billion
under management and advice.

                                    - ends -




For further information please contact:

Robert O'Riordan, Investment Trust Liaison Manager
Baillie Gifford & Co.                                              0131 474 3267

Mike Lord, Director
Broadgate Marketing                                                020 7726 6111


Baillie Gifford & Co. is authorised and  regulated by the Financial Services
Authority.




The following is the unaudited preliminary statement for the year to 31 July
2003 which was approved by the Board on 2 September 2003.  The Directors of
Pacific Horizon Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 28 October 2003 the payment of a final
dividend of 0.45p net (31 July 2002 - 0.45p net) per ordinary share for the year
ended 31 July 2003.



                      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 2003                      31 July 2002
                                    Revenue    Capital      Total       Revenue   Capital      Total
                                      £'000      £'000      £'000         £'000     £'000      £'000

Gains on investments                      -      2,102      2,102             -     1,025      1,025
Currency (losses)/gains                   -       (200)      (200)            -       571        571

Income (note 2)                       1,263          -      1,263         1,442         -      1,442
Investment management fee              (359)         -       (359)         (396)        -      (396)
Other administrative expenses          (177)         -       (177)         (228)        -      (228)

Net return before finance costs
and taxation                             727     1,902      2,629           818     1,596      2,414
Finance costs of borrowings             (24)         -        (24)         (128)        -      (128)

Return on ordinary activities
before taxation                         703      1,902      2,605           690     1,596      2,286
Tax on ordinary activities             (189)         -       (189)         (186)        -      (186)

Return on ordinary activities
after taxation                          514      1,902      2,416           504     1,596      2,100
Dividend in respect of equity
shares                                 (344)         -       (344)         (342)        -      (342)

Transfer to reserves                    170      1,902      2,072           162     1,596      1,758
Return per ordinary share
(note 3)                               0.67p      2.49p      3.16p         0.66p     2.07p     2.73p

Dividend per ordinary share (note 4)   0.45p                               0.45p



* The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in this statement derive from continuing
operations.




                      PACIFIC HORIZON INVESTMENT TRUST PLC
                            SUMMARISED BALANCE SHEET
                                at 31 July 2003
                                  (unaudited)

                                                                         31 July 2003            31 July 2002
                                                                                £'000                   £'000

NET ASSETS
Fixed asset investments                                                        40,670                  38,551
Net liquid assets                                                                 131                     178
Total assets                                                                   40,801                  38,729

CAPITAL AND RESERVES
Called-up share capital                                                         7,649                   7,649
Capital reserves                                                               31,923                  30,021
Revenue reserve                                                                 1,229                   1,059
EQUITY SHAREHOLDERS' FUNDS                                                     40,801                  38,729

NET ASSET VALUE PER ORDINARY SHARE                                               53.34p                50.63p

Ordinary shares in issue (note 6)                                            76,487,002            76,487,002




                            DISTRIBUTION OF ASSETS
                                at 31 July 2003
                                  (unaudited)

                                                                         31 July 2003          31 July 2002
                                                                                    %                     %

Equities*:      Hong Kong and China                                              33.6                  30.0
                Korea                                                            15.9                  20.8
                Malaysia                                                         12.6                  15.9
                Singapore                                                        11.6                   9.1
                Indonesia                                                         8.8                   3.0
                Taiwan                                                            8.2                  13.6
                Thailand                                                          6.2                   4.9
                Philippines                                                       2.8                   2.2
Total equities                                                                   99.7                  99.5
Net liquid assets                                                                 0.3                   0.5
Total assets                                                                    100.0                 100.0



* Equities includes warrants.




                         PACIFIC HORIZON INVESTMENT TRUST PLC
                            SUMMARISED CASH FLOW STATEMENT
                                      (unaudited)

                                                                 For the year ended      For the year ended
                                                                    31 July 2003            31 July 2002
                                                                 £'000       £'000       £'000       £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                      602                     763

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                     (24)                   (128)

TOTAL TAX PAID                                                                (130)                    (82)

FINANCIAL INVESTMENT
Acquisitions of investments                                    (25,198)                (36,633)
Disposals of investments                                        25,179                  36,566
Realised currency loss                                            (171)                   (161)

NET CASH OUTFLOW FROM FINANCIAL INVESTMENT                                    (190)                   (228)

EQUITY DIVIDEND PAID                                                          (344)                   (353)

NET CASH OUTFLOW BEFORE FINANCING                                              (86)                    (28)

FINANCING
Shares purchased for cancellation                                    -                    (767)
Issue of ordinary shares                                             -                      25
Loans drawn down                                                 3,603                  15,084
Loans repaid                                                    (3,632)                (14,352)

NET CASH OUTFLOW FROM FINANCING                                                (29)                    (10)

DECREASE IN CASH                                                              (115)                    (38)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
Decrease in cash in the year                                                  (115)                    (38)
Cash outflow/(inflow) from movement in bank loans                               29                    (732)
Exchange movement                                                              (29)                    732

MOVEMENT IN NET FUNDS IN THE YEAR                                             (115)                    (38)

NET FUNDS AT 1 AUGUST                                                          738                     776

NET FUNDS AT 31 JULY                                                           623                     738




                         PACIFIC HORIZON INVESTMENT TRUST PLC

                                       NOTES

1.   The financial statements for the year to 31 July 2003 have been prepared on 
     the basis of the accounting policies as set out in the Company's financial 
     statements for the year ended 31 July 2002.

                                                                  31 July 2003              31 July 2002
                                                                         £'000                     £'000
2.   Income

     Income from investments and interest receivable                     1,263                     1,442
     Other income                                                          Nil                       Nil


3.   Return per ordinary share

     Revenue return                                                        514                       504
     Capital return                                                      1,902                     1,596


     Return per ordinary share is based on the above totals for revenue and 
     capital and on 76,487,002 (31 July 2002 - 76,929,958) ordinary shares, 
     being the weighted average number of ordinary shares in issue during the 
     year.

     There was no dilution of the above returns in the year to 31 July 2002.


4.   The total cost of the dividend for the year is £344,000 (31 July 2002 - 
     £344,000).  If approved, the final dividend of 0.45p per ordinary share 
     will be paid on 30 October 2003 to shareholders on the register at the 
     close of business on 10 October 2003.


5.   A one year £5 million multi-currency loan facility has been arranged with 
     The Royal Bank of Scotland plc.  In addition the Company has a £9 million 
     short term multi-currency facility with The Bank of New York.  At 31 July 
     2002 and 2003 there were no outstanding drawings.


6.   At the Extraordinary General Meeting in April 2001 the Company was first 
     granted authority to purchase shares in the market, in respect of 
     11,818,395 ordinary shares (equivalent to 14.99% of its issued share 
     capital at that date).  The authority was renewed at the Annual General 
     Meeting on 28 October 2002 in respect of 11,465,401 shares (equivalent to 
     14.99% of its issues share capital at that date).  In the year to 31 July 
     2003 no ordinary shares were bought back and therefore at 31 July 2003 the 
     Company's authority to buy back its own shares remains unchanged at 
     11,465,401 ordinary shares.  In the year to 31 July 2002 a total of 
     2,400,000 ordinary shares with a nominal value of £240,000 were bought back 
     at a total cost of £767,000.

     There were no outstanding warrants at 31 July 2002 or 2003.

     The warrants of the Company carried the right to subscribe for one ordinary 
     share at a price of 56p on 30 June in any of the years 1996 to 2002. 1 July 
     2002 was the final date for exercise of the warrants and any warrants after 
     that date lapsed and were delisted.


7.   The financial information set out above does not constitute the Company's 
     statutory accounts for the year ended 31 July 2003.  The financial 
     information for 2002 is derived from the statutory accounts for 2002 which 
     have been delivered to the Registrar of Companies.  The Auditors have 
     reported on the 2002 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 2003 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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