Performance&Statistics Replct

Herald Investment Trust PLC
05 August 2004


The issuer advises that the following replaces the Statistics and Performance 
Report released on 5 August 2004 at 11.34am under RNS number 6612B.

The dates at the top of the document now attribute the values to the correct 
months.

                                              HERALD INVESTMENT TRUST
                                         STATISTICS AND PERFORMANCE REPORT

                          At inception                  At                At           Performance      Performance
                           16 February             30 June           31 July         since 30 June  since inception
                                  1994                2004              2004              2004 (%)              (%)

NAV (p)                         98.7 p*            385.8 p             352.2 p              -8.7%           +256.8%
FTSE-100                      3417.7              4464.1              4413.1                -1.1%            +29.1%
FTSE-All-share                1717.8              2228.7              2192.2                -1.6%            +27.6%
FTSE-Smallcap                 2076.1              2582.8              2480.0                -4.0%            +19.5%
Extended HGSC                                                                                           
(capital gains ex             1750.0              2560.3              2471.4                -3.5%            +41.2%
I.T.)
Share price                     90.9 p**           315.8 p             291.0 p              -7.8%           +220.1%

Premium/(Discount) to NAV/share as at 31 July 2004                                                          (17.4)%

UK Equity Portfolio as a %  of Net Assets at 31 July 2004***                                                  69.2%

Overseas Equity Portfolio as % of Net Assets at 31 July 2004                                                  29.3%

Gearing/(Cash) as a % of Net Assets at 31 July 2004****                                                      (1.5)%

Number of Equity Holdings at 31 July 2004                                                                     254
*100p was the subscription price before launch costs of
1.3p
**  90.9p is CGT base subscription price for shareholders adjusting for warrants 
    which were issued on a 1 for 5 basis.

*** Includes 5 convertibles and 1 warrant

****On 30 April 2004, US $47.35m was borrowed for a period of 6 months at 1.79%.

The Net Assets at 31/07/04 was £309.27m.
There are 87,807,348 shares currently in issue.

This Report has  been  issued  on  behalf  of  Herald  Investment  Trust plc,
and  has  been  approved  by Herald  Investment Management Limited, its
investment manager. Herald Investment Management Limited is authorised and
regulated by the Financial Services Authority. You should remember that  past 
performance  is not  necessarily a guide to the future. Markets and  currency
movements  may  cause the value of shares, and the income from them, to fall as
well as rise, and you may get back less than you invested when you decide to
sell your shares.

These figures are not audited


                      This information is provided by RNS
            The company news service from the London Stock Exchange