Statistics & Performance Rpt.

Herald Investment Trust PLC
05 September 2002


                         HERALD INVESTMENT TRUST

                     STATISTICS AND PERFORMANCE REPORT


                                 At inception               At               At          Performance       Performance
                                  16 February          31 July        31 August        since 31 July   since inception
                                         1994             2002             2002             2002 (%)               (%)

  Basic NAV (p)                         98.7     p*     227.6    p       219.5    p           -3.6%           +122.4% 

  FTSE-100                            3417.7           4246.2           4227.3                -0.4%            +23.7% 

  FTSE-All-share                      1717.8           2050.8           2046.2                -0.2%            +19.1% 

  FTSE-Smallcap                       2076.1           2063.4           2041.8                -1.0%             -1.7% 

  Extended HGSC                                                                                                       
  (capital gains ex I.T.)             1750.0           1868.1           1879.9                +0.6%             +7.4% 

  Share price                           90.9    p**     193.0    p       172.0    p          -10.9%            +89.2% 

  Warrant price                         45.5    p        95.0    p        77.0    p          -18.9%            +69.2% 


  Premium/(Discount) to fully diluted NAV/share as at 31 August 2002                                           (20.0)%

  UK Equity Portfolio as a % of Net Assets at 31 August 2002***                                                  58.4%

  Overseas Equity Portfolio as % of Net Assets at 31 August 2002****                                             33.9%

  Gilts and cash net of loan as a % of Net Assets at 31 August 2002                                               7.7%

  Number of Equity Holdings at 31 August 2002                                                                      233


*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. The CGT base for the warrant is 45.5p                                           
***Includes 2 convertibles and 1 warrant                                                                            
****Includes 1 convertible and 1 warrant                                                                            
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.                                        
                                                                     
The Net Assets at 31/08/02 was £185.4m & the fully diluted NAVp/share 214.95p.                                 
There are 84,475,145 shares currently in issue, and 3,332,204 warrants 
outstanding.                               
                                                                          
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 regulated by FSA. 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. Warrants often involve a high degree of 
gearing so that a relatively small movement in the price of the security to 
which the warrants relate may result in a disproportionately large movement, 
unfavourable as well as favourable, in the price of the warrants.  

These figures are not audited.                                                                
                        

                   This information is provided by RNS
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