Authority to Buy-Back shares

Pacific Horizon Investment Tst PLC
24 May 2001

             Pacific Horizon Investment Trust PLC (the 'Company')

        Reduction of the Share Premium Account and Buy-Back Authority


The Company is pleased to announce that the reduction of the share premium
account as described in the circular dated 16 March 2001 was confirmed by the
Court on 23 May 2001.

Following this and the approval of the resolutions at the EGM held on 25 April
2001 the Company now has authority to buy-back 11,818,395 ordinary shares
(equivalent to 14.99 per cent. of its issued share capital at 25 April 2001).
Such authority is due to expire on 24 October 2002 unless previously varied,
revoked or renewed.




                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                                   24 May 2001