Director Shareholding

Pacific Horizon Investment Tst PLC
7 January 2002

Schedule 11 - Notification of interests of Directors and Connected Persons.

 1. Name of Company:

PACIFIC HORIZON INVESTMENT TRUST PLC

 2. Name of Director:

MICHAEL HAMILTON

 3. Please state whether notification indicates that it is in respect of
    holding of the director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest:

NON BENEFICIAL

 4. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

HENDERSON NOMINEES LIMITED

 5. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

NON BENEFICIAL ON BEHALF OF GRANDSON

 6. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:



 7. Number of shares/amount of stock acquired.

66

 8. Percentage of issued class:

0.0001%

 9. Number of shares/amount of stock disposed:



10. Percentage of issued class:



11. Class of security:

ORDINARY 10P SHARES

12. Price per share:

45.00p

13. Date of transaction:

4 JANUARY 2002

14. Date company informed:

7 JANUARY 2002

15. Total holding following this notification:

5,612 (Non - beneficial)

20,000 (Beneficial)

16. Total percentage holding of issued class following this notification:

0.007% (Non-Beneficial)

0.025% (Beneficial)

17. Contact: Paul Connolly, Baillie Gifford & Co., 0131 474 3210