Renewal of Buy Back Authority

Pacific Horizon Investment Tst PLC
28 October 2002

              PACIFIC HORIZON INVESTMENT TRUST PLC (THE 'COMPANY')

                         RENEWAL OF BUY BACK AUTHORITY



At the Annual General Meeting of the Company held today, shareholders approved a
resolution renewing the Company's authority to make market purchases of up to
14.99 per cent of the Company's current issued share capital, being 11,465,402
shares. Such authority unless previously varied, revoked or renewed will expire
at the conclusion of the Annual General Meeting of the Company to be held in
2003 or 27 April 2004, whichever is the earlier. Future purchases of shares will
only be made at prices which, after allowing for costs, will enhance the net
asset value of the Company. Under the previous share buy-back authority granted
on 25 April 2001 the Company made market purchases for cancellation of 2,400,000
shares, representing 3.04 per cent of the 14.99 per cent authority granted at
that date.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 28 October 2002


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