Final Results

Pacific Horizon Investment Tst PLC 1 September 2004 PACIFIC HORIZON INVESTMENT TRUST PLC Results for the year to 31 July 2004 Over the year to 31 July 2004, Pacific Horizon Investment Trust PLC outperformed its comparative index by 15.4 percentage points: net asset value per share rose by 15.9%, while the MSCI All Country Far East ex Japan Index in sterling terms gained 0.5%. • Performance was helped by the selective use of short term gearing. In contrast, the strength of sterling against regional currencies held back performance. As at year end there were no outstanding borrowings, the net gearing having been eliminated in April. • Over this period, the Company's share price rose by 17.6%+ and the discount narrowed from 9.5% to 8.2%. • Over the second half of the Company's year, NAV fell 10.5%, while the comparative index fell 11.2%. • An increased dividend of 0.70p is being recommended by the Board, a rise of 55.6%. Earnings per share for the year rose 53.7%. • Signs of slowing global growth, high oil prices and rising interest rates will make trading conditions difficult for many companies in the region. • While a global recession could undermine the investment case, the Board and Managers are cautiously optimistic about the outlook as holdings appear reasonably valued. + Past performance is no guarantee of future performance. 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 £47 million. Pacific Horizon is managed by Baillie Gifford & Co., an independent Edinburgh based fund management group with around £28 billion under management and advice. 1 September 2004 - ends - For further information please contact: Gerald Smith, Fund Manager Baillie Gifford & Co. 0131 275 2000 Mike Lord, Director Broadgate Marketing 020 7726 6111 PACIFIC HORIZON INVESTMENT TRUST PLC The following is the unaudited preliminary statement for the year to 31 July 2004 which was approved by the Board on 31 August 2004. The Directors of Pacific Horizon Investment Trust PLC are recommending to the Annual General Meeting of the Company to be held on 5 November 2004 the payment of a final dividend of 0.70p net (31 July 2003 - 0.45p net) per ordinary share for the year ended 31 July 2004. STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the year ended For the year ended 31 July 2004 31 July 2003 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 5,305 5,305 - 2,102 2,102 Currency gains/(losses) - 948 948 - (200) (200) Income (note 2) 1,858 - 1,858 1,263 - 1,263 Investment management fee (493) - (493) (359) - (359) Other administrative expenses (208) - (208) (177) - (177) Net return before finance costs and taxation 1,157 6,253 7,410 727 1,902 2,629 Finance costs of borrowings (58) - (58) (24) - (24) Return on ordinary activities before taxation 1,099 6,253 7,352 703 1,902 2,605 Tax on ordinary activities (313) - (313) (189) - (189) Return on ordinary activities after taxation 786 6,253 7,039 514 1,902 2,416 Dividend in respect of equity shares (535) - (535) (344) - (344) Transfer to reserves 251 6,253 6,504 170 1,902 2,072 Return per ordinary share (note 3) 1.03p 8.17p 9.20p 0.67p 2.49p 3.16p Dividend per ordinary share (note 4) 0.70p 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 2004 (unaudited) 31 July 2004 31 July 2003 £'000 £'000 NET ASSETS Fixed asset investments 47,550 40,670 Net liquid (liabilities)/assets (245) 131 Total assets 47,305 40,801 CAPITAL AND RESERVES Called-up share capital 7,649 7,649 Capital reserves 38,176 31,923 Revenue reserve 1,480 1,229 EQUITY SHAREHOLDERS' FUNDS 47,305 40,801 NET ASSET VALUE PER ORDINARY SHARE 61.84p 53.34p Ordinary shares in issue (note 6) 76,487,002 76,487,002 DISTRIBUTION OF ASSETS at 31 July 2004 (unaudited) 31 July 2004 31 July 2003 % % Equities*: Hong Kong and China 34.4 33.6 Korea 15.1 15.9 Malaysia 14.7 12.6 Singapore 12.9 11.6 Taiwan 11.5 8.2 Indonesia 10.4 8.8 Philippines 1.0 2.8 Thailand 0.5 6.2 Total equities 100.5 99.7 Net liquid (liabilities)/assets (0.5) 0.3 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 2004 31 July 2003 £'000 £'000 £'000 £'000 NET CASH INFLOW FROM OPERATING ACTIVITIES 872 431 NET CASH OUTFLOW FROM SERVICING OF FINANCE (57) (24) TOTAL TAX PAID (114) (130) FINANCIAL INVESTMENT Acquisitions of investments (38,009) (25,198) Disposals of investments 36,399 25,179 NET CASH OUTFLOW FROM FINANCIAL INVESTMENT (1,610) (19) EQUITY DIVIDEND PAID (344) (344) NET CASH OUTFLOW BEFORE FINANCING (1,253) (86) FINANCING Loans drawn down 15,215 3,603 Loans repaid (14,138) (3,632) NET CASH INFLOW/(OUTFLOW) FROM FINANCING 1,077 (29) DECREASE IN CASH (176) (115) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS Decrease in cash in the year (176) (115) Cash (inflow)/outflow from movement in bank loans (1,077) 29 Exchange movement 1,077 (29) MOVEMENT IN NET FUNDS IN THE YEAR (176) (115) NET FUNDS AT 1 AUGUST 623 738 NET FUNDS AT 31 JULY 447 623 PACIFIC HORIZON INVESTMENT TRUST PLC NOTES 1. The financial statements for the year to 31 July 2004 have been prepared on the basis of the accounting policies as set out in the Company's annual financial statements for the year ended 31 July 2003. 31 July 2004 31 July 2003 £'000 £'000 2. Income Income from investments and interest receivable 1,858 1,263 Other income Nil Nil 3. Return per ordinary share Revenue return 786 514 Capital return 6,253 1,902 Return per ordinary share is based on the above totals for revenue and capital and on 76,487,002 ordinary shares, being the number of ordinary shares in issue during each year. 4. The total cost of the dividend for the year is £535,000 (31 July 2003 - £344,000). If approved, the final dividend of 0.70p per ordinary share will be paid on 9 November 2004 to shareholders on the register at the close of business on 15 October 2004. 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 2003 and 2004 there were no outstanding drawings. 6. At the Extraordinary General Meeting in April 2001 the Company was first granted authority to buy back its own 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 2003. In the year to 31 July 2004 no ordinary shares were bought back. As a result at 31 July 2004 the Company's authority to buy back shares remains unchanged at 11,465,401 ordinary shares. 7. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 July 2004. The financial information for 2003 is derived from the statutory accounts for 2003 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2003 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 2004 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. This information is provided by RNS The company news service from the London Stock Exchange

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