Purchase of Own Securities

Pacific Horizon Investment Tst PLC
5 September 2000


                   PACIFIC HORIZON INVESTMENT TRUST PLC

THE BOARD OF PACIFIC HORIZON INVESTMENT TRUST PLC TODAY AGREED TO TAKE STEPS
TO SEEK AUTHORITY FOR THE COMPANY TO BUY BACK ITS OWN SHARES.

A CIRCULAR WILL BE POSTED TO SHAREHOLDERS AND WARRANTHOLDERS IN DUE COURSE.

BAILLIE GIFFORD & CO.
MANAGERS & SECRETARIES