New Chairman

Pacific Horizon Investment Tst PLC
07 December 2004

              Pacific Horizon Investment Trust PLC - New Chairman


With effect from today's Board Meeting, Peter Mackay becomes Chairman of the
Company. Douglas McDougall, the former Chairman, remains on the Board.


This change will ensure adherence to amendments in the Listing Rules that are
coming into effect in April 2005.


                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 7 December 2004


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