Interim Results

Pacific Horizon Investment Tst PLC
28 February 2002




                      PACIFIC HORIZON INVESTMENT TRUST PLC

                 Results for the six months to 31 January 2002



At the interim stage, Pacific Horizon's results showed that it outperformed its
comparative index by 4.2%: net asset value per share rose by 16.7% while the
MSCI All Countries Far East ex Japan Index rose by 12.5% in sterling terms.
During October gearing was introduced as share prices had fallen to a level
where good value was to be found. Markets across the region did subsequently
rebound from their September lows and the majority ended the period well above
their starting values.


      Market commentary and outlook. Asian economies had already weakened prior
      to the September terrorist attacks and were reflecting the adverse effects
      of the slowdown in America. Share prices subsequently rose and the best
      performances were returned by Korea and Taiwan where markets were up  38%
      and 35% respectively in sterling terms. In contrast, Chinese shares and 
      those of China related companies in Hong Kong were sharply lower. As 
      regards the outlook, the Manager of the Trust, Gerald Smith, stated that 
      there were 'signs of cyclical improvements in a number of industries in 
      the region'.

      Portfolio positioning. The most significant change to the portfolio was 
      the reduction in the size of the holdings in Hong Kong and China as more 
      attractive investments were identified elsewhere in the region. As 
      compelling value emerged in many countries and sectors, interest rates 
      also declined making it possible for the Manager to borrow funds and 
      invest in sound companies whose yields exceeded the cost of borrowing.

      Earnings and Dividend. Earnings per share for the period were 0.30p 
      compared to 0.32p in the first half of the previous year. As in previous 
      years, no interim dividend will be paid.


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 £49.0 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 £21 billion under management and
advice.

28 February 2002

                                    - 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.

                      Pacific Horizon Interim Report 2002

In the six months to the 31 January 2002 the net asset value per share rose by
16.7% to 55.8p. Over the same period the MSCI All Countries Far East ex Japan
Free Index rose by 12.5% in sterling terms. There was no dilution resulting from
the existence of the warrants.

The period since the end of the Company's year on 31 July 2001 includes the
terrorist attacks on New York and Washington on 11 September and the subsequent
military action in Afghanistan. These events affected the performance of
stockmarkets around the world, including those in Asia, but their economic
impact and the consequences for corporate profits is hard to quantify. Asian
markets had already weakened substantially prior to 11 September and Asian
economies were reflecting the adverse effects of the slowdown in the American
economy which began in March 2001. The main exception to this general picture
was China where the economy has been supported by measures to stimulate domestic
demand and where the export sector is a relatively small part of the overall
economy. That market, having performed very well earlier in 2001, fell very
sharply when the authorities moved to clamp down on illegal practices in the
domestic equity markets.

When added to the earlier falls in regional markets, the drop in share prices in
the aftermath of 11 September brought stockmarkets down to levels at which
compelling value emerged in many countries and sectors. Interest rates also
declined making it possible to borrow funds and invest them in sound companies
whose yields exceeded the cost of borrowing. This, and other measures of
valuation, indicated that markets had been oversold and prompted us to introduce
tactical gearing at the start of October. Starting with 10% of shareholders
funds this was increased to approximately 15% in December and was maintained at
that level for the rest of the period. Borrowing is in the form of Hong Kong
dollar loans of short duration and at the end of January gearing was 15% of
shareholders' funds.

From about November onwards we have also been detecting signs of cyclical
improvements in a number of industries in the region. Stockmarkets across the
region rebounded from their lows of September and for the six month period as a
whole the majority ended well above their starting values. The best performance
was in Korea and Taiwan where markets were up 38% and 35% respectively in
sterling terms. In contrast, Chinese shares and those of China-related companies
in Hong Kong were sharply lower and this had a depressing effect on the overall
Hong Kong market. The economy of Hong Kong is also not showing the same signs of
improvement as those elsewhere in the region and deflation remains a problem.
The most significant change to the portfolio, other than the introduction of
gearing, was the reduction in the proportion of Hong Kong and China as we
identified more attractive individual investments elsewhere in the region.

Earnings per share for the period were 0.30p compared to 0.32p in the first half
of the previous year. As in previous years, no interim dividend will be paid.





                                                           By order of the Board

                                                           Baillie Gifford & Co.

                                                                27 February 2002

The following is the interim statement for the six months ended 31 January 2002
which has been neither reviewed nor audited by the auditors. This statement is
being printed and will be sent to all shareholders on 15 March 2002. Copies will
be available for inspection at the Registered Office of the Company or may be
obtained on request from the Managers and Secretaries after that date.

                      PACIFIC HORIZON INVESTMENT TRUST PLC

                           STATEMENT OF TOTAL RETURN

               (unaudited and incorporating the revenue account*)

                           for the six months ended       for the six months ended             for the year ended

                               31 January 2002                 31 January 2001                    31 July 2001
                          Revenue  Capital   Total       Revenue   Capital    Total       Revenue   Capital     Total

                          £'000    £'000    £'000       £'000     £'000     £'000        £'000       £'000      £'000
Realised losses on              -   (1,576)  (1,576)           -      (385)     (385)           -       (183)      (183)
investments
Unrealised gains/(losses)       -    7,235    7,235            -    (1,181)   (1,181)           -     (5,775)    (5,775)
on investments
Currency losses                 -     (178)    (178)           -      (155)     (155)           -       (121)      (121)
Income (note 4)               650        -      650          753         -       753        1,378          -      1,378
Investment management fee    (189)       -     (189)        (201)        -      (201)        (392)         -       (392)
Other administrative         (107)       -     (107)         (96)        -       (96)        (184)         -       (184)
expenses
Net return before finance     354    5,481    5,835          456    (1,721)   (1,265)         802     (6,079)    (5,277)
costs and taxation
Finance costs of              (40)       -      (40)        (108)        -      (108)        (108)          -      (108)
borrowings
Return on ordinary            314    5,481    5,795          348    (1,721)   (1,373)         694     (6,079)    (5,385)
activities before
taxation
Tax on ordinary               (79)       -      (79)         (91)        -       (91)        (187)          -      (187)
activities
Return on ordinary            235    5,481    5,716          257    (1,721)   (1,464)         507     (6,079)    (5,572)
activities after taxation
Dividend in respect of          2        -        2            -         -         -         (355)          -      (355)
equity shares
Transfer to/(from)            237    5,481    5,718          257    (1,721)   (1,464)         152     (6,079)    (5,927)
reserves
Return per ordinary          0.30p    7.08p    7.38p        0.32p   (2.18p)   (1.86p)        0.64p    (7.71p)    (7.07p)
share (note 5)
Dividend per ordinary            -                              -                            0.45p
share (note 6)

  * 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 January 2002

                                  (unaudited)


                                                                 31 January 2002          31 January             31 July

                                                                                                2001               2001
                                                                           £'000               £'000              £'000
NET ASSETS
Fixed asset investments                                                   48,167             42,345               37,476
Net liquid assets/(liabilities)                                              848               (169)                 237
Total assets (before deduction of bank loan)                              49,015             42,176               37,713
Bank loan (note 1)                                                        (6,351)                 -                    -
                                                                          42,664             42,176               37,713
CAPITAL AND RESERVES
Called-up share capital                                                    7,644              7,884                7,884
Capital reserves                                                          33,886             33,290               28,932
Revenue reserve                                                            1,134              1,002                  897
EQUITY SHAREHOLDERS' FUNDS                                                42,664             42,176               37,713
NET ASSET VALUE PER ORDINARY SHARE (note 2)                               55.81p             53.49p               47.83p
There was no dilution of net asset value at either date
Ordinary shares in issue (note 3)                                     76,441,864         78,841,864           78,841,864
Warrants in issue                                                     15,763,976         15,763,976           15,763,976

                             DISTRIBUTION OF ASSETS

                               at 31 January 2002

                                  (unaudited)


                                                                         31 January 2002      31 January         31 July

                                                                                       %            2001            2001

                                                                                                       %               %
Equities:           Hong Kong and China                                             33.4           56.1             48.6
                    Korea                                                           21.8           11.5             13.7
                    Taiwan                                                          15.8            5.5             11.5
                    Singapore                                                        9.6            6.6              8.3
                    Malaysia                                                         8.6            5.1              5.3
                    Thailand                                                         3.7            5.0              2.4
                    Indonesia                                                        2.6            3.4              2.7
                    Philippines                                                      2.8            2.9              3.3
                    UK*                                                                -            4.3              3.6

Total equities                                                                      98.3          100.4             99.4
Net liquid assets/(liabilities)                                                      1.7           (0.4)             0.6
Total assets (before deduction of bank loan)                                       100.0          100.0            100.0

* Closed ended funds investing in more than one country in the Asia-Pacific
region (excluding Japan).


                            PACIFIC HORIZON INVESTMENT TRUST PLC

                                SUMMARISED CASH FLOW STATEMENT

                                        (unaudited)
                                                      for the six months to for the six months to  for the year ended
                                                                             
                                                          31 January 2002       31 January 2001         31 July  2001

                                                                    £'000                 £'000                 £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                             385                   490                   750

NET CASH OUTFLOW FROM SERVICING OF FINANCE                            (34)                 (113)                  (112)

FINANCIAL INVESTMENT
Acquisitions of investments                                       (18,560)              (15,692)               (28,792)
Disposals of investments                                           13,088                20,246                 33,839
Realised currency profit                                                7                    43                     76

NET CASH (OUTFLOW)/ INFLOW FROM FINANCIAL INVESTMENT               (5,465)                4,597                  5,123

EQUITY DIVIDEND PAID                                                 (353)                 (158)                  (158)

NET CASH (OUTFLOW)/INFLOW BEFORE FINANCING                         (5,467)                 4,816                  5,603

FINANCING
Loans repaid                                                            -                 (6,207)                (6,206)
Loans drawn down                                                    6,165                       -                     -
Shares purchased for cancellation                                    (767)                      -                     -

NET CASH INFLOW/(OUTFLOW) FROM FINANCING                            5,398                 (6,207)                (6,206)
DECREASE IN CASH                                                      (69)                (1,391)                  (603)

RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET (DEBT)
/ FUNDS
Decrease in cash in the period                                        (69)                (1,391)                  (603)
Cash (received from)/used to repay bank loan                       (6,165)                 6,207                  6,206
Exchange movement                                                    (186)                  (198)                  (197)

MOVEMENT IN NET (DEBT)/ FUNDS IN THE PERIOD                        (6,420)                 4,618                  5,406

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

NET (DEBT)/ FUNDS AT 31 JANUARY/31 JULY                            (5,644)                   (12)                   776



                         PACIFIC HORIZON INVESTMENT TRUST PLC



                                             TWENTY LARGEST EQUITY HOLDINGS

                                                   at 31 January 2002
                                                                                              Market value    % of total

Name                                      Business                                                   £'000        assets
Samsung Electronics                       Electronic equipment manufacturer                          2,637           5.4
United Microelectronics                   Integrated circuit manufacturer                            2,051           4.2
BAT Malaysia                              Tobacco company                                            1,772           3.6
Hutchison Whampoa                         Property and industrial conglomerate                       1,362           2.8
Hang Seng Bank                            Banking                                                    1,354           2.7
Cheung Kong                               Properly developer                                         1,126           2.3
Unilever Indonesia                        Consumer products manufacturer                             1,124           2.3
Kumgang Korea Chemical                    Paint and building materials manufacturer                  1,119           2.3
Tom.com                                   Chinese media company                                      1,097           2.2
Singapore Press                           Newspaper and magazine publisher                           1,071           2.2
Robinson & Company                        General retailer                                           1,031           2.1
Hon Hai Precision Industries              Electrical connectors manufacturer                           996           2.0
Golden Land                               Property developer                                           979           2.0
Kookmin Bank                              Banking                                                      936           1.9
Taiwan Polypropylene                      Polypropylene manufacturer                                   915           1.9
Asustek Computer                          Motherboard manufacturer                                     884           1.8
Hyundai Industrial Development            Construction                                                 867           1.8
Quanta Computer                           Notebook computer producer                                   835           1.7
Techtronic Industries                     Power tools manufacturer                                     785           1.6
Shui On Construction and Materials        Construction company                                         772           1.6
                                                                                                    23,713          48.4

                         All stocks are listed overseas

                      PACIFIC HORIZON INVESTMENT TRUST PLC

                                     NOTES
1.     A £8 million multi currency loan has been arranged with The Bank of New 
       York. At 31 January 2002 there were drawings of HK$70 million under this 
       facility. There were no outstanding drawings at 31 January 2001 or 31 July
       2001.

2.     The diluted net asset value per ordinary share is calculated in 
       accordance with FRS 14 '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 
       period end. Under this method there was no dilution to the net asset 
       value at any date.

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

3.     At the Extraordinary General Meeting in April 2001, the Company was 
       granted authority to purchase 11,818,395 ordinary shares (equivalent to 
       14.99% of its issued share capital at that date). No shares were bought 
       back in the period up to 31 July 2001. In the six months to 
       31 January 2002 a total of 2,400,000 ordinary shares with a
       nominal value of £240,000 were bought back at a total cost of £767,000. 
       At 31 January 2002 the Company had authority to buy back a further 
       9,418,395 ordinary shares.

                                                              31 January 2002          31 January                31 July

                                                                        £'000                2001                   2001

                                                                                            £'000                  £'000
4.     Income
       Income from investments and interest receivable                   650                 751                  1,378
       Other income                                                      Nil                   2                    Nil


5.     Return per ordinary share
       Revenue return                                                    235                 257                    507
       Capital return                                                  5,481              (1,721)                (6,079)

       Return per ordinary share is based on the above totals of revenue and 
       capital and on 77,402,734 (31 January 2001 and 31 July 2001 - 78,841,864) 
       ordinary shares, being the weighted average number of ordinary shares in 
       issue during the period.

       There was no dilution of the above returns in any period.

6.     No interim dividend will be declared.

7.     The financial information for the year ended 31 July 2001 has been 
       extracted from the full accounts, which have been filed with the 
       Registrar of Companies and which contain an unqualified Auditors' Report.

8.     The accounting policies applied in calculating the interim figures are 
       consistent with those used in the Annual Financial Statements. The 
       Interim Report was approved by the Board on 27 February 2002.





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