Holding(s) in Company

Pacific Horizon Investment Tst PLC
20 June 2003

                      Pacific Horizon Investment Trust PLC

                        Disclosure of Interest in Shares


Pacific Horizon Investment Trust PLC has today been advised that Baillie Gifford
Personal Pensions International now holds 3,700,000 ordinary 10p shares in the
Company, which equates to 4.84% of the issued share capital.

The discretionary clients of Baillie Gifford & Co. now hold an interest in
15,941,743 ordinary shares in the Company, which equates to 20.84% of the issued
share capital.



                                                           Baillie Gifford & Co.

                                                          Managers & Secretaries

                                                                    20 June 2003


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