Final Results

Pacific Horizon Investment Tst PLC
04 September 2002


                      PACIFIC HORIZON INVESTMENT TRUST PLC

                      Results for the year to 31 July 2002


Over the year Pacific Horizon outperformed its comparative index by 7.9
percentage points. Net asset value per share rose by 5.9% in contrast to a 2.0%
fall in the comparative index (the MSCI All Countries Far East ex Japan Free
Index stated in sterling terms).

   •  The use of short term borrowings made a significant contribution to the
      outperformance. Following sharp falls in markets in September 2001,
      borrowings were used to buy holdings in sound well run companies across 
      the region. Later in the year, further borrowings were invested in more 
      cyclical companies which were reporting improvements in their business. 
      Borrowings were repaid in July 2002.

   •  During the second half there was a 9.2% decrease in net asset value per
      share compared to a 12.9% decrease in the comparative index.

      Earnings per share rose by 3.1% to 0.66p and an unchanged dividend of
      0.45p is being proposed.

      The Managers view the outlook for the Asia Pacific region favourably but
      their confidence is diminished by current uncertainties surrounding the
      world economy.

      The Chairman, Michael Hamilton, retires in October 2002 and will be
      succeeded by Douglas McDougall who has been a director since 1992. Michael
      Morrison joins the Board.

4 September 2002


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 £38.7 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 £20 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 the FSA.



The following is the unaudited preliminary statement for the year to 31 July
2002 which was approved by the Board on 3 September 2002. The Directors of
Pacific Horizon Investment Trust PLC are recommending to the Annual General
Meeting of the Company to be held on 28 October 2002 the payment of a final
dividend of 0.45p net (31 July 2001 - 0.45p net) per ordinary share for the year
ended 31 July 2002.


                      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 2002

                                       Revenue     Capital      Total          Revenue      Capital       Total

                                        £'000       £'000       £'000             £'000        £'000        £'000

Gains/(losses) on investments               -       1,025        1,025               -       (5,958)      (5,958)
                                            
Currency gains/(losses)                     -         571          571               -         (121)        (121)

Income (note 2)                         1,442           -        1,442           1,378            -        1,378
                                        
Investment management fee                (396)          -        (396)            (392)           -         (392)

Other administrative expenses            (228)          -        (228)            (184)           -         (184)

Net return before finance costs           818       1,596        2,414             802       (6,079)      (5,277)
and taxation                              

Finance costs of borrowings              (128)          -        (128)            (108)           -         (108)

Return on ordinary activities             690       1,596        2,286             694       (6,079)      (5,385)
before taxation                           

Tax on ordinary activities               (186)          -        (186)            (187)           -         (187)

Return on ordinary activities             504       1,596        2,100             507       (6,079)      (5,572)
after taxation                            

Dividend in respect of equity            (342)          -        (342)            (355)           -         (355)
shares                                   

Transfer to/(from) reserves               162       1,596        1,758             152       (6,079)      (5,927)
                                          
Return per ordinary share                0.66p       2.07p       2.73p            0.64p      (7.71p)      (7.07p)
(note 3)                                        

Dividend per ordinary share              0.45p                                    0.45p
(note 4)                                      

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



                      PACIFIC HORIZON INVESTMENT TRUST PLC

                            SUMMARISED BALANCE SHEET

                                at 31 July 2002

                                  (unaudited)


                                                                            31 July 2002               31 July 2001
                                                                                   £'000                      £'000
NET ASSETS

Fixed asset investments                                                            38,551                     37,476

Net liquid assets                                                                     178                        237

Total assets (before deduction of bank loans)                                      38,729                     37,713

Bank loans (note 5)                                                                     -                          -
                                                                                   38,729                     37,713
CAPITAL AND RESERVES

Called-up share capital                                                             7,649                      7,884

Capital reserves                                                                   30,021                     28,932

Revenue reserve                                                                     1,059                        897

EQUITY SHAREHOLDERS' FUNDS                                                         38,729                     37,713

NET ASSET VALUE PER ORDINARY SHARE                                                   50.63p                   47.83p

There was no dilution of net asset value at either date (note 6)

Ordinary shares in issue (note 7)                                                76,487,002              78,841,864

Warrants in issue (note 7)                                                                -              15,763,976


                             DISTRIBUTION OF ASSETS

                                at 31 July 2002

                                  (unaudited)



                                                                                    31 July 2002          31 July 2001

                                                                                               %                     %

Equities:           Hong Kong and China                                                     30.0                  48.6

                    Korea                                                                   20.8                  13.7

                    Malaysia                                                                15.9                   5.3

                    Taiwan                                                                  13.6                  11.5

                    Singapore                                                                9.1                   8.3

                    Thailand                                                                 4.9                   2.4

                    Indonesia                                                                3.0                   2.7

                    Philippines                                                              2.2                   3.3

                    Other                                                                      -                   3.6

Total equities                                                                              99.5                  99.4

Net liquid assets                                                                            0.5                   0.6

Total assets (total assets less current liabilities before deduction of                    100.0                 100.0
bank loan)




                      PACIFIC HORIZON INVESTMENT TRUST PLC

                                            SUMMARISED CASH FLOW STATEMENT
                                                      (unaudited)

                                                                       For the year ended          For the year ended
                                                                          31 July 2002                31 July 2001
                                                                       £'000         £'000         £'000         £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                              763                         750

NET CASH OUTFLOW FROM SERVICING OF FINANCE                                            (128)                       (112)

TOTAL TAX PAID                                                                         (82)                          -

FINANCIAL INVESTMENT

Acquisitions of investments                                          (36,633)                    (28,792)

Disposals of investments                                              36,566                      33,839

Realised currency (loss)/profit                                         (161)                         76

NET CASH (OUTFLOW)/ INFLOW FROM FINANCIAL INVESTMENT                                  (228)                      5,123
                                                                                      
EQUITY DIVIDEND PAID                                                                  (353)                       (158)

NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING                                             (28)                      5,603

FINANCING

Shares purchased for cancellation                                       (767)                          -

Issue of ordinary shares                                                  25                           -

Loans drawn down                                                      15,084                           -

Loans repaid                                                         (14,352)                     (6,206)

NET CASH OUTFLOW FROM FINANCING                                                        (10)                     (6,206)

DECREASE IN CASH                                                                       (38)                       (603)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS

Decrease in cash in the year                                                           (38)                       (603)

Cash (inflow)/outflow from movement in bank loans                                     (732)                      6,206

Exchange movement                                                                      732                        (197)

MOVEMENT IN NET FUNDS IN THE YEAR                                                      (38)                      5,406

NET FUNDS/(DEBT) AT 1 AUGUST                                                           776                      (4,630)

NET FUNDS AT 31 JULY                                                                   738                         776





                      PACIFIC HORIZON INVESTMENT TRUST PLC


                                     NOTES

1.     The financial statements for the year to 31 July 2002 have been prepared on the basis of the accounting policies 
       set out in the Company's financial statements at 31 July 2001.

                                                                           31 July 2002                 31 July 2001

                                                                                  £'000                        £'000

2.     Income

       Income from investments and interest receivable                            1,442                        1,378

       Other income                                                                 Nil                          Nil

3.     Return per ordinary share

       Revenue return                                                               504                          507

       Capital return                                                             1,596                      (6,079)


       Return per ordinary share is based on the above totals for revenue and capital and on 76,929,958 (31 July
       2001 - 78,841,864) ordinary shares, being the weighted average number of ordinary shares in issue during the
       year.

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

4.     The total cost of the dividend for the year is £344,000 (31 July 2001 - £355,000). If approved, the final
       dividend of 0.45p per ordinary share will be paid on 30 October 2002 to shareholders on the register at the
       close of business on 4 October 2002.

5.     A one year £10 million multi-currency loan has been arranged with The Royal Bank of Scotland plc. In addition
       the Company has a £9 million multi-currency facility with The Bank of New York. At 31 July 2002 and 31 July
       2001 there were no outstanding drawings.

6.     At 31 July 2001 the diluted net asset value per ordinary share was calculated in accordance with FRS14 '
       Earnings per share'. The calculation determined the potential number of dilutive shares which would have been
       issued on the exercise of warrants by reference to the share price (fair value) at 31 July 2001. Under this
       method there was no dilution to the net asset value at 31 July 2001.


       At 31 July 2001 the fully diluted net asset value per ordinary share was calculated on the assumption that
       the 15,763,976 warrants in issue at 31 July 2001 were fully exercised. Under this method there was no
       dilution to the net asset value at 31 July 2001. The outstanding warrants were exercisable at 56p in any of
       the years 1996 to 2002.


       There were no outstanding warrants at 31 July 2002 (2001 - 15,763,976).

7.     At the Extraordinary General Meeting in April 2001, the Company was granted authority to purchase shares in
       the market, in respect of 11,818,395 ordinary shares (equivalent to 14.99% of its issued share capital at
       that date). In the year to 31 July 2002 a total of 2,400,000 (2001 - nil) ordinary shares with a nominal
       value of £240,000 were bought back at a total cost of £767,000. At 31 July 2002 the Company had authority to
       buy back a further 9,418,395 ordinary shares.


       On 1 July 2002, the final date for the exercise of the warrants, 45,138 warrants were exercised. The rights
       to the remaining 15,718,838 warrants on that date were lapsed and the warrants were delisted on 13 August
       2002.


       There were no outstanding warrants at 31 July 2002 (2001 - 15,763,976).

8.     The financial information set out above does not constitute the Company's statutory accounts for the year
       ended 31 July 2002. The financial information for 2001 is derived from the statutory accounts for 2001 which
       have been delivered to the Registrar of Companies. The Auditors have reported on the 2001 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 2002 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.



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