Statistics & Performance Rpt.

Herald Investment Trust PLC
04 April 2003



                                                   HERALD INVESTMENT TRUST                                           
                                               STATISTICS AND PERFORMANCE REPORT                                      
                           At inception            At                 At              Performance   Performance    
                           16 February             28 February        31 March           since 28   since inception
                                                                                         February                       
                           1994                    2003               2003                2003 (%)           (%)        
   
 
 Basic NAV (p)                      98.7   p*           197.5   p       193.4   p             -2.1%           +95.9% 

  FTSE-100                         3417.7               3655.6          3613.3                 -1.2%            +5.7% 

  FTSE-All-share                   1717.8               1759.1          1735.7                 -1.3%            +1.0% 

  FTSE-Smallcap                    2076.1               1711.7          1647.3                 -3.8%           -20.7% 

  Extended HGSC                                                                                                       
  (capital gains ex I.T.)          1750.0               1608.0          1581.9                 -1.6%            -9.6% 

  Share price                        90.9   p**          164.5   p       160.5   p             -2.4%           +76.6% 

  Warrant price                      45.5   p**           64.3   p        62.5   p             -2.8%           +37.4% 

  Premium/(Discount) to fully diluted NAV/share as at 31 March 2003                                            (15.4)%

  UK Equity Portfolio as a % of Net Assets at 31 March 2003***                                                   71.6%

  Overseas Equity Portfolio as % of Net Assets at 31 March 2003****                                              39.0%

  Gearing as a % of Net Assets at 31 March 2003*****                                                             10.6%

  Number of Equity Holdings at 31 March 2003                                                                       240

  *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 3 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, USD 31,268,000 was borrowed for a period of 1 year at 2.12%.                                  

  The Net Assets at 31/03/03 was £163.3m & the fully diluted NAVp/share                                               
  189.82p.                                                                                                            

  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 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. 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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