Interim Results

Pacific Horizon Investment Tst PLC
24 February 2004


                      PACIFIC HORIZON INVESTMENT TRUST PLC

                 Results for the six months to 31 January 2004


Pacific Horizon's NAV outperformed the comparative index by 16.5 percentage
points. Net Asset Value per share rose by 29.6% to 69.11p compared to the MSCI
All Country Far East ex Japan Index, which rose by 13.1% in sterling terms.


•    Short-term gearing was introduced in August, representing 13.3% of 
     shareholders' funds as at 31/01/04. This was put in place because of the 
     increasing evidence that economic growth was exceeding initial 
     expectations.

•    Increased portfolio weighting in Korea and Taiwan. Korea now accounts for 
     20.2% of the portfolio and Taiwan 12.4%, having increased from 15.9% and 
     8.2% respectively. The balance of the portfolio has been shifted slightly, 
     towards economically-sensitive shares and the beneficiaries of Chinese 
     consumption growth.

•    Earnings per share of 0.34p compared to 0.28p 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 £59.9 million (before
deduction of bank loans (£7 million)).

Pacific Horizon is managed by Baillie Gifford & Co., an Edinburgh based fund
management group.

24 February 2004
                                    - ends -


For further information please contact:

Gerald Smith, Manager
Pacific Horizon Investment Trust PLC                     0131 275 2000

Mike Lord, Director
Broadgate Marketing                                      020 7726 6111



                      PACIFIC HORIZON INVESTMENT TRUST PLC

                                 Interim Report


In the six months to 31 January 2004 the net asset value per share rose by 29.6%
to 69.11p.  Over the same period the MSCI All Country Far East ex Japan Index
rose by 13.1% in sterling terms. Earnings per share for the period were 0.34p
compared to 0.28p in the first half of the previous year.  As in previous years,
no interim dividend will be paid.

For a sterling-based investor the performance of equity markets in the
Asia-Pacific region was adversely affected by the strength of sterling against
the currencies of the region.  Some of the larger markets in the region, notably
Korea, Taiwan and Singapore, produced the smallest gains.  In part, this
reflects the relatively poor performance of regional technology shares during
this period as the performance of these markets tends to be more influenced than
most by this sector.  Hong Kong was the best performing market, with Chinese and
China-related shares listed there benefiting from the strength of the Chinese
economy and property and banking shares benefiting from improvements in the
domestic economy.  The performance of other markets in sterling terms was mixed,
with the Thai and Indonesian markets both rising by more than 30% while Malaysia
was flat and the Philippines up by less than 6%.  Across the entire region the
shares of companies involved in basic industries performed well, helped by
rising commodity prices.

In general, the economic background has been favourable.  Interest rates have
remained at historically low levels while economic growth in many parts of the
world, most notably the United States and China, has accelerated.  As a result
companies are making more money than had been expected at the start of the
period, and relative to yields on bonds and cash, shares have looked very
attractive.  In Hong Kong, a large anti-government demonstration at the start of
July prompted the Beijing government to adopt a series of policies aimed at
boosting the Hong Kong economy. The effect has been a marked improvement in
sentiment, which has been reflected in a pick-up in activity and prices in the
property market and increased retail sales.  Mainland tourists are also
contributing to the improvement in the economy as a result of the relaxation of
restrictions on travel to Hong Kong from selected Chinese cities.

In August 2003 we introduced short-term gearing as evidence mounted that
economic growth was exceeding earlier expectations of a modest recovery. New
investments were made in economically sensitive shares.  In January 2004 we
shifted the balance of the portfolio slightly more towards companies benefiting
from the strength of consumption (rather than investment) in China. 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 Hong
Kong dollar loans of short duration and at the end of January gearing was 13.3%
of shareholders' funds

                                                           By Order of the Board
                                                           Baillie Gifford & Co.
                                                                23 February 2004


The following is an interim statement for the six months ended 31 January 2004
which has been neither reviewed nor audited by the auditors.  This statement is
being printed and will be sent to all shareholders on 12 March 2004.  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 2004                    31 January 2003                     31 July 2003        
                     Revenue    Capital     Total        Revenue   Capital     Total       Revenue   Capital     Total
                       £'000      £'000     £'000          £'000     £'000     £'000         £'000     £'000     £'000

  Realised                -      3,875     3,875               -    (2,538)   (2,538)            -    (4,546)   (4,546)
  gains/(losses)                                                                                
  on investments                                                                                                      

  Unrealised              -      7,067     7,067               -    (2,204)   (2,204)            -     6,648     6,648
  gains/(losses)                                                                                
  on investments                                                                                                      

  Currency                -        861       861               -        27        27             -      (200)     (200)
  gains/(losses)                                                                                                      

  Income (note 4)       730          -       730             535         -       535         1,263         -     1,263

  Investment           (253)         -      (253)           (173)        -      (173)         (359)        -      (359)
  management fee                                                                                                      

  Other                (112)         -      (112)            (87)        -       (87)         (177)        -      (177)
  administrative                                                                                                      
  expenses                                                                                                            

  Net return            365     11,803    12,168             275    (4,715)   (4,440)          727     1,902     2,629
  before finance                                                                              
  costs and                                                                                                           
  taxation                                                                                                            

  Finance costs         (33)         -       (33)             (6)        -        (6)          (24)        -       (24)
  of                                                                                                                  
  borrowings                                                                                                          

  Return on             332     11,803    12,135             269    (4,715)   (4,446)          703     1,902     2,605
  ordinary                                                                                    
  activities                                                                                                          
  before taxation                                                                                                     

  Tax on ordinary       (74)         -       (74)            (53)        -       (53)         (189)        -      (189)
  activities                                                                                                          

  Return on             258     11,803    12,061             216    (4,715)   (4,499)          514     1,902     2,416
  ordinary                                                                                    
  activities                                                                                                          
  after taxation                                                                                                      

  Dividend in             -          -         -               -         -         -          (344)        -      (344)
  respect of                                                                               
  equity shares                                                                                                       

  Transfer              258     11,803    12,061             216    (4,715)   (4,499)          170     1,902     2,072
  to/(from)                                                                                                           
  reserves                                                                                                            

  Return per           0.34p     15.43p    15.77p           0.28p   (6.16p)   (5.88p)         0.67p     2.49p     3.16p
  ordinary share                                                                            
  (note 5)                                                                                                            

  Dividend per             -                                   -                              0.45p                    
  ordinary 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 2004
                                  (unaudited)
                                                                  31 January       31 January          31 July
                                                                        2004             2003             2003
                                                                       £'000            £'000            £'000
                                                                       
NET ASSETS
Fixed asset investments                                               59,052           37,452           40,670
Net liquid assets                                                        830              307              131
Total assets (before deduction of bank loan)                          59,882           37,759           40,801
Bank loan (note 2)                                                    (7,020)          (3,529)               -
                                                                      52,862           34,230           40,801

CAPITAL AND RESERVES
Called-up share capital                                                7,649            7,649            7,649
Capital reserves                                                      43,726           25,306           31,923
Revenue reserve                                                        1,487            1,275            1,229
EQUITY SHAREHOLDERS' FUNDS                                            52,862           34,230           40,801

NET ASSET VALUE PER ORDINARY SHARE                                     69.11p           44.75p           53.34p
Ordinary shares in issue (note 3)                                 76,487,002       76,487,002       76,487,002



                         DISTRIBUTION OF ASSETS
                           at 31 January 2004
                              (unaudited)

                                                                       31 January    31 January       31 July
                                                                             2004          2003          2003
                                                                                %             %             %

Equities:        Hong Kong and China                                         32.5          29.3          33.6
                 Korea                                                       20.2          19.1          15.9
                 Taiwan                                                      12.4          11.0           8.2
                 Malaysia                                                     9.7          12.8          12.6
                 Indonesia                                                    9.6           5.8           8.8
                 Singapore                                                    7.8          10.7          11.6
                 Thailand                                                     4.9           8.1           6.2
                 Philippines                                                  1.5           2.4           2.8

Total equities                                                               98.6          99.2          99.7
Net liquid assets                                                             1.4           0.8           0.3

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         for the six       for the year
                                                         months ended        months ended              ended
                                                           31 January          31 January            31 July
                                                                 2004                2003               2003
                                                                £'000               £'000              £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                        345                 106                602

NET CASH OUTFLOW FROM SERVICING OF FINANCE                       (27)                 (3)               (24)

TOTAL TAX PAID                                                     -                   -               (130)
FINANCIAL INVESTMENT

Acquisitions of investments                                  (20,435)            (16,228)           (25,198)
Disposals of investments                                      12,993              12,651             25,179
Realised currency loss                                          (135)                (47)              (171)

NET CASH OUTFLOW FROM FINANCIAL INVESTMENT                    (7,577)             (3,624)              (190)

EQUITY DIVIDENDS PAID                                           (344)               (344)              (344)

NET CASH OUTFLOW BEFORE FINANCING                             (7,603)             (3,865)               (86)

FINANCING

Loans drawn down                                              15,215               3,603              3,603
Loans repaid                                                  (7,199)                  -             (3,632)

NET CASH INFLOW/(OUTFLOW) FROM FINANCING                       8,016               3,603                (29)

INCREASE/(DECREASE) IN CASH                                      413                (262)              (115)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET
(DEBT)/ FUNDS

Increase/(decrease) in cash in the period                        413                (262)              (115)
Cash (inflow)/outflow from movement in bank loans             (8,016)             (3,603)                29
Exchange movement on loans                                       996                  74                (29)

MOVEMENT IN NET (DEBT)/ FUNDS IN THE PERIOD                   (6,607)             (3,791)              (115)

NET FUNDS AT 1 AUGUST                                            623                 738                738

NET (DEBT)/ FUNDS AT 31 JANUARY/31 JULY                       (5,984)             (3,053)               623


               PACIFIC HORIZON INVESTMENT TRUST PLC

                  TWENTY LARGEST EQUITY HOLDINGS
                         at 31 January 2004

                                                                                            Market
                                                                                             value   % of total
Name                           Country       Business                                        £'000       assets

Cheung Kong                    Hong Kong     Property developer                              2,542          4.2
Unilever Indonesia             Indonesia     Consumer products manufacturer                  2,077          3.5
BAT Malaysia                   Malaysia      Tobacco                                         1,708          2.9
BOC Hong Kong                  Hong Kong     Banking                                         1,611          2.7
Petrochina Co.                 China         Oil and gas exploration                         1,497          2.5
CNOOC                          China         Oil and gas exploration                         1,479          2.5
National Petrochemical         Thailand      Chemicals manufacturer                          1,335          2.2
Malaysia International
   Shipping Corporation        Malaysia      Shipping company                                1,237          2.1
Samsung Corporation            Korea         Construction and trading company                1,233          2.1
ASM Pacific Technology         Hong Kong     Semiconductor equipment manufacturer            1,227          2.0
Hysan Developments             Hong Kong     Property developer                              1,166          1.9
Hon Hai Precision Industries   Taiwan        Contract manufacturer                           1,102          1.8
Aneka Tambang                  Indonesia     Mining                                          1,096          1.8
Elec & Eltek International     Hong Kong     Electronics components manufacturer             1,082          1.8
MobileOne                      Singapore     Wireless telecommunications provider            1,081          1.8
Hyundai Motor Co.              Korea         Motor vehicle manufacturer                      1,077          1.8
Hong Kong Exchanges &
  Clearing                     Hong Kong     Stock exchange services provider                1,045          1.7
Bumi Resources                 Indonesia     Mining                                            968          1.6
Legend Group                   Hong Kong     Computer manufacturer and distributor             932          1.6
Hang Lung Properties           Hong Kong     Property developer                                904          1.5
                                                                                            26,399         44.0
All stocks are listed overseas


                         PACIFIC HORIZON INVESTMENT TRUST PLC


NOTES

1.   The financial statements for the six months to 31 January 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.

     The Interim Report was approved by the Board on 23 February 2004.

     None of the views expressed in this document should be construed as advice 
     to buy or sell a particular investment.

2.   A £9 million short term multi currency facility has been arranged with The 
     Bank of New York which expires on 7 December 2004.  At 31 January 2004 
     there were outstanding drawings of HK$99.35 million. At 31 January 2003 
     there were outstanding drawings of US$5.8 million.  There were no 
     outstanding drawings at 31 July 2003.

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 2003. In the six months to 31 January
     2004 no ordinary shares were bought back.  As a result, at 31 January 2004, 
     the Company's authority to buy back shares remains unchanged at 11,465,401 
     shares.

                                                      31 January 2004        31 January             31 July
                                                                £'000              2003                2003
                                                                                  £'000               £'000
4.   Income
     Income from investments and interest                         730               535               1,263
     receivable
     Other income                                                 Nil               Nil                 Nil

5.   Return per ordinary share

     Revenue return                                               258               216                 514
     Capital return                                            11,803           (4,715)               1,902


     Return per ordinary share is based on the above totals of revenue and 
     capital and on 76,487,002 ordinary shares, being the number of ordinary 
     shares in issue during each period.

6.   No interim dividend will be declared.

7.   The financial information for the year ended 31 July 2003 has been 
     extracted from the statutory accounts which have been filed with the 
     Registrar of Companies and which contain an unqualified Auditors' Report.


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