Interim Results

Pacific Horizon Investment Tst PLC
27 February 2003



                      PACIFIC HORIZON INVESTMENT TRUST PLC

                 Results for the six months to 31 January 2003

      NAV outperforms comparative index. Net Asset Value per share fell by 11.6% 
      to 44.75p compared to the MSCI All Countries Far East ex Japan Free Index, 
      which fell by 14.6% in sterling terms.

      Short term gearing introduced, now representing 10% of shareholders' 
      funds. All indices in the region declined in sterling terms, resulting in 
      many companies with sound businesses whose shares are trading on lowly 
      ratings and which offer dividend yields above the cost of borrowing.

      Increased portfolio weighting towards basic materials away from 
      technology. As some companies in basic industries have experienced a 
      significant increase in demand and have been able to raise prices.

      Earnings per share of 0.28p compared to 0.30p in the first half of the 
      previous year. As in previous years, no interim dividend will be paid.


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 £37.8 million (before
deduction of bank loans). An ISA and Share Plan are available.

Pacific Horizon is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with £19 billion under management and
advice.

27 February 2003

                                    - 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 the FSA.



                      Pacific Horizon Interim Report 2003

In the six months to 31 January 2003 the net asset value per share fell by 11.6%
to 44.75p. Over the same period the MSCI All Countries Far East ex Japan Free
Index fell by 14.6% in sterling terms.

The first half of the Company's year turned out to be a very difficult period
for most equity markets and in sterling terms all of the stockmarkets of the
region declined. In local currency terms the falls were smaller, and Taiwan
actually managed to rise slightly, but sterling strengthened against all
regional currencies. The economic performance of countries in the region was
mixed. The Chinese economy continued to expand rapidly and Thailand experienced
an acceleration in its growth rate, driven by strong domestic demand. In
contrast, the Singaporean economy experienced a sharp decline in growth and the
Hong Kong economy remained moribund. The Korean economy also slowed but this was
largely the result of deliberate action by the authorities to curb excessive
credit growth, especially credit card debt. The resumption of North Korea's
nuclear programme also contributed to weakness in the Korean market. Malaysia
steered a middle course, Indonesian growth was a little disappointing and the
economic data for the Philippines have been shown to have overstated growth. The
performance of markets was also affected to a great extent by the uncertainty
surrounding growth in America and Europe and the related uncertainties
associated with the prospect of war in the Middle East.

With global growth continuing at a modest pace there has been a marked contrast
in the fortunes of those companies operating in industries where capacity is
fully utilized and those operating in industries where there is substantial
excess capacity. Chinese supply and demand are the most important factors for
many industries. Some companies in basic industries such as chemicals, steel,
pulp and paper and cement have experienced a significant improvement in demand
and have been able to raise prices. In contrast, many companies involved in
technology related industries and textiles have faced an intensification of
deflationary pressures. During the period there were only relatively modest
changes in country weightings, but a rather more significant increase in the
bias towards basic materials and away from technology.

In January 2003, we introduced short term gearing representing approximately 10%
of shareholders' funds in order to take advantage of the many attractive
opportunities which had arisen as a result of the general decline in markets.
There are now many companies with sound businesses whose shares are trading on
lowly ratings and which offer dividend yields substantially above the cost of
borrowing. However, given the numerous uncertainties that remain, we have only
borrowed funds on a short term basis in order to retain flexibility in the event
of a deterioration in the outlook for the stockmarkets of the region. Borrowing
is in the form of US dollar loans of short duration and at the end of January
gearing was 10.3% of shareholders' funds.

Earnings per share for the period were 0.28p compared to 0.30p in the first half
of the previous year. As in previous years, no interim dividend will be paid.

                                                           By order of the Board

                                                           Baillie Gifford & Co.

                                                                26 February 2003

 The following is the interim statement for the six months ended 31 January 2003
     which has been neither reviewed nor audited by the Company's auditors. This
     statement is being printed and will be sent to all shareholders on 14 March
   2003. Copies will be available for inspection at the Registered Office of the
   Company or may be obtained on request from the Managers and Secretaries after
                                                                      that date.

                      PACIFIC HORIZON INVESTMENT TRUST PLC

                           STATEMENT OF TOTAL RETURN

               (unaudited and incorporating the revenue account*)

                           for the six months ended       for the six months ended             for the year ended

                               31 January 2003                 31 January 2002                    31 July 2002
                          Revenue  Capital   Total       Revenue   Capital    Total       Revenue   Capital     Total

                          £'000    £'000    £'000       £'000     £'000     £'000        £'000       £'000      £'000
Realised (losses)/gains         -   (2,538)  (2,538)           -    (1,576)   (1,576)           -      1,373      1,373
on investments
Unrealised (losses)/gains       -   (2,204)  (2,204)           -     7,235     7,235            -       (348)      (348)
on investments
Currency gains/(losses)         -       27       27            -      (178)     (178)           -        571        571
Income (note 4)               535        -      535          650         -       650        1,442          -      1,442
Investment management fee    (173)       -     (173)        (189)        -      (189)        (396)         -       (396)
Other administrative          (87)       -      (87)        (107)        -      (107)        (228)         -       (228)
expenses
Net return before finance     275   (4,715)  (4,440)         354     5,481     5,835          818      1,596      2,414
costs and taxation
Finance costs of               (6)       -       (6)         (40)        -       (40)        (128)         -       (128)
borrowings
Return on ordinary            269   (4,715)  (4,446)         314     5,481     5,795          690      1,596      2,286
activities before
taxation
Tax on ordinary               (53)       -      (53)         (79)        -       (79)        (186)         -       (186)
activities
Return on ordinary            216   (4,715)  (4,499)         235     5,481     5,716         504       1,596      2,100
activities after taxation
Dividend in respect of          -        -        -            2         -         2         (342)         -       (342)
equity shares
Transfer to/(from)            216   (4,715)  (4,499)         237     5,481     5,718          162      1,596      1,758
reserves
Return per ordinary          0.28p  (6.16p)  (5.88p)        0.30p     7.08p     7.38p        0.66p      2.07p      2.73p
share (note 5)
Dividend per ordinary           -                               -                            0.45p
share

(note 6)

  * 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 January 2003

                                  (unaudited)


                                                                  31 January 2003         31 January             31 July

                                                                                                2002                2002
                                                                           £'000               £'000              £'000
NET ASSETS
Fixed asset investments                                                   37,452             48,167              38,551
Net liquid assets                                                            307                848                 178
Total assets (before deduction of bank loan)                              37,759             49,015              38,729
Bank loan (note 1)                                                        (3,529)            (6,351)                  -
                                                                          34,230             42,664              38,729
CAPITAL AND RESERVES
Called-up share capital                                                    7,649              7,644               7,649
Capital reserves                                                          25,306             33,886              30,021
Revenue reserve                                                            1,275              1,134               1,059
EQUITY SHAREHOLDERS' FUNDS                                                34,230             42,664              38,729
NET ASSET VALUE PER ORDINARY SHARE (note 2)                               44.75p              55.81p             50.63p
Ordinary shares in issue (note 3)                                     76,487,002         76,441,864          76,487,002
Warrants in issue (note 2)                                                     -         15,763,976                   -


                             DISTRIBUTION OF ASSETS

                               at 31 January 2003

                                  (unaudited)

                                                                         31 January 2003      31 January         31 July

                                                                                       %            2002            2002

                                                                                                       %               %
Equities:           Hong Kong and China                                             29.3            33.4            30.0
                    Korea                                                           19.1            21.8            20.8
                    Malaysia                                                        12.8             8.6            15.9
                    Taiwan                                                          11.0            15.8            13.6
                    Singapore                                                       10.7             9.6             9.1
                    Thailand                                                         8.1             3.7             4.9
                    Indonesia                                                        5.8             2.6             3.0
                    Philippines                                                      2.4             2.8             2.2
Total equities                                                                      99.2            98.3            99.5
Net liquid assets                                                                    0.8             1.7             0.5
Total assets (before deduction of bank loan)                                       100.0           100.0           100.0





                                        PACIFIC HORIZON INVESTMENT TRUST PLC
                                             SUMMARISED CASH FLOW STATEMENT

                                                      (unaudited)

                                                          for the six months    for the six months      for the year 
                                                                 ended                ended                 ended
                                                                                                       
                                                            31 January 2003      31 January 2002        31 July 2002
                                                                                                            
                                                          £'000                  £'000                  £'000
NET CASH INFLOW FROM OPERATING ACTIVITIES                             106                    385                    763
NET CASH OUTFLOW FROM SERVICING OF FINANCE                             (3)                   (34)                  (128)
TOTAL TAX PAID                                                          -                      -                    (82)
FINANCIAL INVESTMENT
Acquisitions of investments                                       (16,228)               (18,560)               (36,633)
Disposals of investments                                           12,651                 13,088                 36,566
Realised currency (loss)/profit                                       (47)                     7                   (161)
NET CASH OUTFLOW FROM FINANCIAL INVESTMENT                         (3,624)                (5,465)                  (228)
EQUITY DIVIDENDS PAID                                                (344)                  (353)                  (353)
NET CASH OUTFLOW BEFORE FINANCING                                  (3,865)                (5,467)                   (28)
FINANCING
Issue of ordinary shares                                                -                      -                     25
Shares purchased for cancellation                                       -                   (767)                  (767)
Loans drawn down                                                    3,603                  6,165                 15,084
Loans repaid                                                            -                      -                (14,352)
NET CASH INFLOW/(OUTFLOW) FROM FINANCING                            3,603                  5,398                    (10)
DECREASE IN CASH                                                     (262)                   (69)                   (38)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT)
/ FUNDS
Decrease in cash in the period                                       (262)                   (69)                   (38)
Cash inflow from movement in bank loans                            (3,603)                (6,165)                  (732)
Exchange movement on loans                                             74                   (186)                   732
MOVEMENT IN NET (DEBT)/ FUNDS IN THE PERIOD                        (3,791)                (6,420)                   (38)
NET FUNDS AT 1 AUGUST                                                 738                    776                    776
NET (DEBT)/ FUNDS AT 31 JANUARY/31 JULY                            (3,053)                (5,644)                   738



                                          PACIFIC HORIZON INVESTMENT TRUST PLC
                                             TWENTY LARGEST EQUITY HOLDINGS

                                                   at 31 January 2003


                                                                                              Market value    % of total

Name                            Country           Business                                           £'000        assets
BAT Malaysia                    Malaysia          Tobacco                                            1,567           4.2
Hutchison Whampoa               Hong Kong         Property and industrial conglomerate               1,131           3.0
Unilever Indonesia              Indonesia         Consumer products manufacturer                     1,113           2.9
Posco                           Korea             Steel manufacturer                                 1,026           2.7
Samsung Corporation             Korea             Trading company                                      994           2.6
Robinson & Company              Singapore         General retailer                                     953           2.5
Land and Houses                 Thailand          Property developer                                   932           2.5
Dah Sing Financial              Hong Kong         Banking                                              829           2.2
Aneka Tambang                   Indonesia         Mining company                                       783           2.1
Cheung Kong                     Hong Kong         Property developer                                   748           2.0
LG Chemical                     Korea             PVC manufacturer                                     717           1.9
SK Telecom                      Korea             Mobile operator                                      702           1.9
China Unicom                    Hong Kong         Telecommunications provider                          686           1.8
TSMC                            Taiwan            Electronic security devices manufacturer             677           1.8
Korea Tobacco & Ginseng         Korea             Cigarette manufacturer                               677           1.8
Hon Hai Precision Industries    Taiwan            Electrical connectors manufacturer                   667           1.8
Nan Ya Plastics                 Taiwan            Plastic and chemical fibre manufacturer              645           1.7
ASM Pacific Technology          Hong Kong         Semiconductor equipment manufacturer                 605           1.6
Aromatics (Thailand)            Thailand          Petrochemicals manufacturer                          601           1.6
Hang Seng Bank                  Hong Kong         Banking                                              585           1.5
                                                                                                    16,638          44.1

All stocks are listed overseas

                      PACIFIC HORIZON INVESTMENT TRUST PLC

                                     NOTES

1.     A £9 million short term multi currency facility has been arranged with The Bank of New York. At 31 January 2003
       there were outstanding drawings of US$5.8 million. At 31 January 2002 there were outstanding drawings of HK$70
       million under a £8 million short term multi currency facility with The Bank of New York. There were no
       outstanding drawings at 31 July 2002.

2.     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
       remaining after that date were lapsed and delisted. There were no warrants outstanding at 31 January 2003 (31
       January 2002 - 15,763,976 and 31 July 2002 - Nil).

       The diluted net asset value per ordinary share, at 31 January 2002, is calculated in accordance with FRS 14 '
       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 period end. Under this method there
       was no dilution to the net asset value.

       The fully diluted net asset value per ordinary share is calculated on the assumption that the 15,763,976 warrants
       in issue at 31 January 2002 were fully exercised at that date. Under this method there was no dilution to the net
       asset value.

3.     At the Extraordinary General Meeting in April 2001, the Company was first granted authority to buy back its
       ordinary shares (equivalent to 14.99% of its issued share capital at that date). The authority was renewed at the
       Annual General Meeting in October 2002. In the six months to 31 January 2003 no ordinary shares were bought back.
       As a result, at 31 January 2003, the Company's authority to buy back shares remains unchanged at 11,465,401
       shares.
                                                              31 January 2003          31 January                31 July

                                                                        £'000                2002                   2002

                                                                                            £'000                  £'000
4.     Income
       Income from investments and interest receivable                   535                 650                  1,442
       Other income                                                      Nil                 Nil                    Nil


5.     Return per ordinary share
       Revenue return                                                    216                 235                     504
       Capital return                                                 (4,715)              5,481                   1,596

       Return per ordinary share is based on the above totals of revenue and capital and on 76,487,002 (31 January 2002
       - 77,402,734 and 31 July 2002 - 76,929,958) ordinary shares, being the weighted average number of ordinary shares
       in issue during the period.

       There was no dilution of the above returns in any period.

6.     No interim dividend will be declared.

7.     The financial information for the year ended 31 July 2002 has been extracted from the statutory accounts which
       have been filed with the Registrar of Companies and which contain an unqualified Auditors' Report.

8.     The financial statements for the six months to 31 January 2003 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 2002.

       The Interim Report was approved by the Board on 26 February 2003.




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