Statistics & Performance Rpt.

Herald Investment Trust PLC
06 November 2002



                          HERALD INVESTMENT TRUST
                     STATISTICS AND PERFORMANCE REPORT 

                                                                                                                      
                           At inception                    At                At           Performance      Performance
                                     16                    30                31              since 30            since 
                               February             September           October             September        inception  
                                   1994                  2002              2002              2002 (%)              (%)

  Basic NAV (p)                   98.7     p*          189.2    p        198.0    p            +4.7%          +100.6% 

  FTSE-100                      3417.7                3721.8            4039.7                 +8.5%           +18.2% 

  FTSE-All-share                1717.8                1801.5            1938.7                 +7.6%           +12.9% 

  FTSE-Smallcap                 2076.1                1781.9            1790.7                 +0.5%           -13.7% 

  Extended HGSC                                                                                                       
  (capital gains ex             1750.0                1696.2            1692.0                 -0.2%            -3.3% 
  I.T.)                                                                                                               

  Share price                     90.9    p**          133.0    p        172.5    p           +29.7%           +89.8% 

  Warrant price                   45.5      p           45.0    p         71.0    p           +57.8%           +56.0% 

  Premium/(Discount) to fully diluted NAV/share as at 31 October 2002                                          (11.2)%

  UK Equity Portfolio as a % of Net Assets at 31 October 2002***                                                 62.6%

  Overseas Equity Portfolio as % of Net Assets at 31 October 2002****                                            35.6%

  Gilts and cash net of loan as a % of Net Assets at 31 October 2002                                              1.8%

  Number of Equity Holdings at 31 October 2002                                                                     230


*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

****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 31/10/02 was £167.3m & the fully diluted NAVp/share 194.3p.
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.

END


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