Statistics & Performance Rpt.

Herald Investment Trust PLC
04 October 2002


                                                    HERALD INVESTMENT TRUST                                           

                                               STATISTICS AND PERFORMANCE REPORT                                      
  
                            At inception            At               At                 Performance         Performance 
                            16 February             31 August        30 September        since 31 August since inception
                            1994                    2002             2002                2002 (%)        (%)           

  Basic NAV (p)                     98.7   p*         219.5   p           189.2   p            -13.8%          +91.7% 

  FTSE-100                        3417.7             4227.3              3721.8                -12.0%           +8.9% 

  FTSE-All-share                  1717.8             2046.2              1801.5                -12.0%           +4.9% 

  FTSE-Smallcap                   2076.1             2041.8              1781.9                -12.7%          -14.2% 

  Extended HGSC                                                                                                       

  (capital gains ex               1750.0             1879.9              1696.2                 -9.8%           -3.1% 
  I.T.)                                                                                                               

  Share price                       90.9   p**        172.0   p           133.0   p            -22.7%          +46.3% 

  Warrant price                     45.5   p           77.0   p            45.0   p            -41.6%           -1.1% 

  Premium/(Discount) to fully diluted NAV/share as at 30 September 2002                                        (28.4)%

  UK Equity Portfolio as a % of Net Assets at 30 September 2002***                                               60.7%

  Overseas Equity Portfolio as % of Net Assets at 30 September 2002****                                          33.2%

  Gilts and cash net of loan as a % of Net Assets at 30 September 2002                                            6.1%

  Number of Equity Holdings at 30 September 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                                                                                          

  ****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 30/09/02 was £159.8m & the fully diluted NAVp/share 185.82p.                                        
                                                                   
  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.                                                                                      


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