Statistics & Performance Rpt.

Herald Investment Trust PLC
06 December 2002


                                                   HERALD INVESTMENT TRUST                                              
                                              
                                               STATISTICS AND PERFORMANCE REPORT                                        
                                                                                           
                                                                                          Performance    
                            At inception                  At                 At              since 31      Performance 
                             16 February          31 October        30 November               October  since inception
                                    1994                2002               2002              2002 (%)              (%)

  Basic NAV (p)                    98.7     p*        198.0    p         224.8    p           +13.5%          +127.8% 
  FTSE-100                       3417.7              4039.7             4169.4                 +3.2%           +22.0% 
  FTSE-All-share                 1717.8              1938.7             2003.0                 +3.3%           +16.6% 
  FTSE-Smallcap                  2076.1              1790.7             1918.6                 +7.1%            -7.6% 
  Extended HGSC                                                                                                       
  (capital gains ex I.T.)        1750.0              1692.0             1760.3                 +4.0%            +0.6% 
  Share price                      90.9    p**        172.5    p         198.5    p           +15.1%          +118.4% 
  Warrant price                    45.5      p         71.0    p          98.5    p           +38.7%          +116.5% 

  Premium/(Discount) to fully diluted NAV/share as at 30 November 2002                                          (9.8)%

  UK Equity Portfolio as a % of Net Assets at 30 November 2002***                                                64.5%

  Overseas Equity Portfolio as % of Net Assets at 30 November 2002****                                           39.3%

  Gilts and cash net of loan as a % of Net Assets at 30 November 2002                                            -3.8%

  Number of Equity Holdings at 30 November 2002                                                                    238

  *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.   
        On 5th November 2002 US$31,268,000 was borrowed for a period of 1 year 
        at 2.12%.                                     
  The Net Assets at 30/11/02 was £189.9m & the fully diluted NAVp/share 220.09p.                                      
  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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