Final Results

Pacific Horizon Investment Tst PLC
31 August 2005



                      PACIFIC HORIZON INVESTMENT TRUST PLC

                      Results for the year to 31 July 2005

Net asset value per share rose by 41.2%, while the MSCI All Country Far East ex
Japan Index stated in sterling terms gained 37.5%.  In this period, the
Company's share price rose by 50.7%.

•    During the second half of the Company's year, the net asset value rose 18.5% compared to a 17.3% rise
     in the comparative index.  The share price appreciated by 20.4%.

•    Over the year, earnings per share rose by 42.7% to 1.47p.  An increased dividend of 1.10p is being
     proposed by the Board, a rise of 57.1%.

•    No gearing was employed during the Company's year.

•    Having earlier in the year bought put options and hedged part of the Company's US dollar exposure, the
     latter position was unwound prior to the year end and the options either expired worthless or are
     expected to do so shortly, as the risks against which they were protecting have slowly diminished.

•    Although not without risks, the decent economic growth rates and low interest rates across the region
     should prove favourable for our investments.

Past performance is no guarantee of future performance. The value of an
investment and any income from it is not guaranteed and may go down as well as
up and investors may not get back the amount invested. This is because the share
price is determined by the changing conditions in the relevant stock markets in
which the Company invests and by the supply and demand for the Company's shares.
Investment in investment trusts should be regarded as medium to long-term. You
can find up to date performance information about Pacific Horizon on the Baillie
Gifford website at www.bailliegifford.com.

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 £67 million.

Pacific Horizon is managed by Baillie Gifford & Co., an independent Edinburgh
based fund management group with over £36 billion under management and advice.



                                                                  31 August 2005

                                    - ends -




For further information please contact:



Gerald Smith, Fund Manager,
Baillie Gifford & Co.                 0131 275 2000

Mike Lord, Director
Broadgate                             020 7726 6111



                   PACIFIC HORIZON INVESTMENT TRUST PLC

The following is the unaudited preliminary statement for the year to 31 July
2005 which was approved by the Board on 30 August 2005.  The Directors of
Pacific Horizon Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 12 October 2005 the payment of a final
dividend of 1.10p net (31 July 2004 - 0.70p net) per ordinary share for the year
ended 31 July 2005.


                              STATEMENT OF TOTAL RETURN
               (unaudited and incorporating the revenue account*)

                                         For the year ended                      For the year ended
                                            31 July 2005                            31 July 2004
                                    Revenue    Capital     Total        Revenue   Capital     Total
                                      £'000      £'000     £'000          £'000     £'000     £'000

Gains on investments                      -     19,678     19,678             -     5,305     5,305
Currency (losses)/gains                   -       (464)      (464)            -       948       948

Income (note 2)                       2,384          -      2,384         1,858         -     1,858
Investment management fee              (580)         -       (580)         (493)        -      (493)
Other administrative expenses          (189)         -       (189)         (208)        -      (208)

Net return before finance costs
and taxation                          1,615     19,214     20,829         1,157     6,253     7,410
                                      
Finance costs of borrowings              (7)         -         (7)          (58)        -       (58)

Return on ordinary activities
before taxation                       1,608     19,214     20,822         1,099     6,253     7,352
                                      
Tax on ordinary activities             (485)         -       (485)         (313)        -      (313)

Return on ordinary activities
after taxation                        1,123     19,214     20,337           786     6,253     7,039
                                      
Dividend in respect of equity
shares                                 (841)         -       (841)         (535)        -      (535)
                                       

Transfer to reserves                    282     19,214     19,496           251     6,253     6,504

Return per ordinary share
(note 3)                               1.47p     25.12p     26.59p         1.03p     8.17p     9.20p

Dividend per ordinary share
(note 4)                               1.10p                               0.70p


* 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 2005
                                  (unaudited)

                                                                     31 July 2005          31 July 2004
                                                                 £'000          £'000     £'000      £'000

Fixed Asset
Investments                                                                   67,007                47,550

Current Assets
Debtors                                                            636                      268
Cash and short term deposits                                       653                      447
                                                                 1,289                      715
Creditors:

Amounts falling due within one year                             (1,418)                    (910)
Net Current Liabilities                                                         (129)                 (195)
Total assets less current liabilities                                         66,878                47,355
Provisions for liabilities and charges
Deferred taxation                                                                (77)                  (50)
                                                                              66,801                47,305


Capital and Reserves
Called-up share capital                                                        7,649                 7,649
Capital reserves                                                              57,390                38,176
Revenue reserve                                                                1,762                 1,480
Equity Shareholders' Funds                                                    66,801                47,305

Net asset value per ordinary share                                               87.34p                61.84p

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



                              DISTRIBUTION OF ASSETS

                                at 31 July 2005
                                  (unaudited)
                                                                         31 July 2005          31 July 2004

                                                                                    %                     %
Equities*:      Hong Kong and China                                             38.1                  34.4
                Korea                                                           16.0                  15.1
                Singapore                                                       13.8                  12.9
                Taiwan                                                           9.1                  11.5
                Malaysia                                                         9.1                  14.7
                Indonesia                                                        7.6                  10.4
                Thailand                                                         4.8                   0.5
                Philippines                                                      1.8                   1.0
Total equities                                                                 100.3                 100.5
Net liquid liabilities                                                           (0.3)                 (0.5)
Total assets                                                                   100.0                 100.0

* Equities includes warrants and put options.

PACIFIC HORIZON INVESTMENT TRUST PLC


                                   SUMMARISED CASH FLOW STATEMENT
                                               (unaudited)


                                                           For the year ended         For the year ended
                                                                 31 July 2005               31 July 2004
                                                                        £'000                      £'000

Net cash inflow from operating activities                               1,502                        873
Net cash outflow from servicing of finance                                 (7)                       (58)
Total tax paid                                                           (205)                      (114)
Net cash outflow from financial investment                               (549)                    (1,610)
Equity dividend paid                                                     (535)                      (344)
Net cash inflow/(outflow) before financing                                206                    (1,253)

Net cash inflow from financing                                               -                    1,077

Increase/(decrease) in cash                                               206                      (176)

Reconciliation of net cash flow to movement in net funds
Increase/(decrease) in cash in the year                                   206                      (176)
Net inflow from movement in bank loans                                      -                     (1,077)
Exchange movement on bank loans                                             -                      1,077

Movement in net funds in the year                                         206                       (176)

Net funds at 1 August                                                     447                        623

Net funds at 31 July                                                      653                        447

Reconciliation of net revenue before finance costs and
taxation to net cash inflow from operating activities
Net revenue on ordinary activities before finance costs
and taxation                                                             1,615                     1,157
                                                                         
Changes in debtors and creditors                                          (34)                       (73)
Realised currency gain/(loss)                                              19                       (129)
Overseas tax suffered                                                     (98)                       (82)


Net cash inflow from operating activities                               1,502                        873




                                   PACIFIC HORIZON INVESTMENT TRUST PLC

                                                 NOTES

1.   The financial statements for the year to 31 July 2005 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 2004.

                                                                  31 July 2005              31 July 2004
                                                                         £'000                     £'000

2.   Income

     Income from investments and interest receivable                     2,384                     1,858
     Other income                                                          Nil                       Nil


3.   Return per ordinary share

     Revenue return                                                      1,123                       786
     Capital return                                                     19,214                     6,253


     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 £841,000  (31 July 2004 - £535,000).  If approved,
     the final dividend of 1.10p per ordinary share will be paid on 17 October 2005 to shareholders on
     the register at the close of business on 30 September 2005.  The ex-dividend date is 28 September
     2005.


5.   A one year £5 million multi-currency loan facility has been arranged with The Royal Bank of
     Scotland plc which expires on 31 March 2006.  In addition the Company has a £9 million short term
     multi-currency facility with The Bank of New York which expires on 7 December 2005.  The Company
     had no borrowings at 31 July 2004 or 2005.


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 5 November 2005.  In the year to 31 July
     2005 no ordinary shares were bought back. As a result at 31 July 2005 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 2005.  The financial information for 2004 is derived from the statutory
     accounts for 2004 which have been delivered to the Registrar of Companies.  The Auditors have
     reported on the 2004 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 2005 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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