Final Results

Pacific Horizon Investment Tst PLC
6 September 2001



                     PACIFIC HORIZON INVESTMENT TRUST PLC

                     Results for the year to 31 July 2001

                               6 September 2001

Salient points

      Net asset value per share declined by 13.6% to 47.83p in the year to 31
      July 2001, compared with the loss of 28.7% in the MSCI All Countries Far
      East ex Japan Free Index in sterling terms.

      In the six months to 31 July 2001 the net asset value per share fell by
      10.6% compared to a fall of 19.2% in the index.


      Net revenue for the year under review rose by 190% compared with the
      previous year and earnings per share were 0.64p compared with 0.22p.


      The Board is recommending a dividend of 0.45p per share.

      Attractive investment opportunities have emerged in the stockmarkets of
      the region. Despite some near term uncertainties, we believe that the
      outlook for investment in the Asia Pacific region is improving.


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 £37.7 million. An ISA and
Share Plan are available.

Pacific Horizon is managed by Baillie Gifford & Co., the leading independent
Edinburgh based fund management group with £22 billion under management and
advice.

                                   - ends -



For further information please contact:

Gerald Smith, Manager

Pacific Horizon Investment Trust PLC               0131 222 4000

Mike Lord, Director

Broadgate Marketing                                020 7726 6111

Baillie Gifford & Co. is regulated by IMRO.


The following is the unaudited preliminary statement for the year to 31 July
2001 which was approved by the Board on 5 September 2001. The Directors of
Pacific Horizon Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 23 October 2001 the payment of a final
dividend of 0.45p net (31 July 2000 - 0.20p net) per ordinary share for the
year ended 31 July 2001.



                     PACIFIC HORIZON INVESTMENT TRUST PLC

                          STATEMENT OF TOTAL RETURN

              (unaudited and incorporating the revenue account*)


                           for the year ended           for the year ended
                               31 July 2001                 31 July 2000
                      Revenue   Capital     Total   Revenue   Capital    Total
                        £'000     £'000     £'000     £'000     £'000    £'000

  (Losses)/gains            -   (5,958)   (5,958)         -     9,229    9,229
  on investments                                                              
  Currency losses           -     (121)     (121)         -     (560)    (560)
  Income (note 1)       1,378         -     1,378     1,183         -    1,183
  Investment            (392)         -     (392)     (438)         -    (438)
  management fee                                                              
  Other                 (184)         -     (184)     (201)         -    (201)
  administrative                                                              
  expenses                                                                    
  Net return              802   (6,079)   (5,277)       544     8,669    9,213
  before finance                                                              
  costs and                                                                   
  taxation                                                                    
  Finance costs         (108)         -     (108)     (325)         -    (325)
  of borrowings                                                               
  Return on               694   (6,079)   (5,385)       219     8,669    8,888
  ordinary                                                                    
  activities                                                                  
  before taxation                                                             
  Tax on ordinary       (187)         -     (187)      (44)         -     (44)
  activities                                                                  
  Return on               507   (6,079)   (5,572)       175     8,669    8,844
  ordinary                                                                    
  activities                                                                  
  after taxation                                                              
  Dividend in           (355)         -     (355)     (158)         -    (158)
  respect of                                                                  
  equity shares                                                               
  Transfer                152   (6,079)   (5,927)        17     8,669    8,686
  to/(from)                                                                   
  reserves                                                                    
  Return per            0.64p   (7.71p)   (7.07p)     0.22p    11.00p   11.22p
  ordinary share                                                              
  (note 3)                                                                    
  Dividend per          0.45p                         0.20p                   
  ordinary share                                                              
  (note 2)                                                                    


There was no dilution of the above returns in either year.

* 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 July 2001

                                 (unaudited)

                                                  31 July 2001    31 July 2000
                                                         £'000           £'000
NET ASSETS
Fixed asset investments                                      37,476     49,173
Net liquid assets                                               237        476
Total assets (before deduction of bank loans)                37,713     49,649
Bank loans (note 4)                                               -     (6,009)
                                                             37,713     43,640
CAPITAL AND RESERVES
Called-up share capital                                       7,884      7,884
Capital reserves                                             28,932     35,011
Revenue reserve                                                 897        745
EQUITY SHAREHOLDERS' FUNDS                                   37,713     43,640

NET ASSET VALUE PER ORDINARY SHARE                            47.83p     55.35p
There was no dilution of net asset value at either date
(note 5)

Ordinary shares in issue                                  78,841,864 78,841,864

Warrants in issue                                         15,763,976 15,763,976



                            DISTRIBUTION OF ASSETS

                               at 31 July 2001

                                 (unaudited)


                                                              31 July  31 July
                                                                 2001     2000
                                                                    %        %

Equities:           Hong Kong and China                          48.6     59.6
                    Korea                                        13.7      8.4
                    Taiwan                                       11.5      7.4
                    Singapore                                     8.3      9.6
                    Malaysia                                      5.3      4.3
                    Philippines                                   3.3      1.3
                    Indonesia                                     2.7      1.6
                    Thailand                                      2.4      2.7
                    Other                                         3.6      4.1
Total equities                                                   99.4     99.0
Net liquid assets                                                 0.6      1.0
Total assets (total assets less current liabilities before      100.0    100.0
deduction of bank loan)




                     PACIFIC HORIZON INVESTMENT TRUST PLC
                        SUMMARISED CASH FLOW STATEMENT

                                 (unaudited)
                                                  for the year   for the year
                                                     ended          ended

                                                  31 July 2001   31 July 2000
                                                 £'000   £'000  £'000   £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                  750            511
NET CASH OUTFLOW FROM SERVICING OF FINANCE                (112)          (334)
TOTAL TAX RECLAIMED                                           -           137
FINANCIAL INVESTMENT
Acquisitions of investments                      (28,792)        (44,860)
Disposals of investments                         33,839         43,051
Realised currency profit                             76            117
NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL
INVESTMENT                                               5,123          (1,692)
EQUITY DIVIDEND PAID                                      (158)          (158)
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING                5,603         (1,536)
FINANCING
Loans repaid                                     (6,206)        (12,701)
Loans drawn down                                       -        14,863
NET CASH (OUTFLOW)/INFLOW FROM FINANCING                 (6,206)         2,162
(DECREASE)/INCREASE IN CASH                               (603)           626
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN
NET FUNDS/(DEBT)
(Decrease)/increase in cash in the year                   (603)           626
Cash used to repay/(received from) bank loan             6,206          (2,162)
Exchange movement                                         (197)          (677)
MOVEMENT IN NET FUNDS/(DEBT) IN THE YEAR                  5,406         (2,213)
NET DEBT AT 1 AUGUST                                     (4,630)         (2,417)
NET FUNDS/(DEBT) AT 31 JULY                                 776         (4,630)



                     PACIFIC HORIZON INVESTMENT TRUST PLC


                                    NOTES
                                                      31 July 2001 31 July 2000

                                                             £'000        £'000
1.    Income

      Income from investments and interest receivable       1,378         1,181

      Other income                                             Nil            2

2.    The total cost of the dividend for the year is £355,000 (31 July 2000 - £
      158,000). If approved, the final dividend of 0.45p per ordinary share
      will be paid on 26 October 2001 to shareholders on the register at the
      close of business on 5 October 2001.

3.    Return per ordinary share
      Revenue return                                          507           175
      Capital return                                       (6,079)        8,669

      Return per ordinary share is based on the above totals for revenue and
      capital and on 78,841,864 (31 July 2000 - 78,841,864) ordinary shares,
      being the number of ordinary shares in issue throughout each year.


      There was no dilution of the above returns in either year.

4.    A one year £10 million multi-currency loan has been arranged with The
      Royal Bank of Scotland plc. At 31 July 2001 there were no outstanding
      drawings (31 July 2000 - US$9 million).

5.    The diluted net asset value per ordinary share has been calculated in
      accordance with FRS14 'Earnings per share'. The calculation determines
      the potential number of dilutive shares which would be issued on the
      exercise of warrants by reference to the share price (fair value) at the
      year end. Under this method there was no dilution to the net asset value
      at either date.


      The fully diluted net asset value per ordinary share has been calculated
      on the assumption that the 15,763,976 warrants in issue at 31 July 2000
      and 2001 were fully exercised at each date. Under this method there was
      no dilution to the net asset value at either date. The outstanding
      warrants are exercisable at 56p on 30 June 2002, which is the final
      subscription date.

6.    The financial information set out above does not constitute the Company's
      statutory accounts for the year ended 31 July 2001. The financial
      information for 2000 is derived from the statutory accounts for 2000
      which have been delivered to the Registrar of Companies. The Auditors
      have reported on the 2000 accounts, their report was unqualified and did
      not contain a statement under section 237(2) or (3) of the Companies Act
      1985. The statutory accounts for 2001 will be finalised on the basis of
      the financial information presented in this preliminary announcement and
      will be delivered to the Registrar of Companies following the Company's
      Annual General Meeting.