Statistics & Performance Rpt.

Herald Investment Trust PLC
13 February 2003



                                              HERALD INVESTMENT TRUST

                                           STATISTICS AND PERFORMANCE REPORT
                                                                                                                   
                                                                               
                              At inception           At                 At                Performance      Performance  
                              16 February           31 December        31 January        since 31           since       
                                                                                           December         inception   
 
                                  1994                  2002             2003              2002 (%)          (%)    
  Basic NAV (p)                     98.7   p*           210.2   p         199.0   p             -5.3%         +101.6% 
  FTSE-100                        3417.7               3940.4            3567.4                 -9.5%           +4.4% 
  FTSE-All-share                  1717.8               1893.7            1722.3                 -9.1%           +0.3% 
  FTSE-Smallcap                   2076.1               1820.6            1729.5                 -5.0%          -16.7% 
  Extended HGSC                                                                                                       
  (capital gains ex               1750.0               1693.9            1609.1                 -5.0%           -8.1% 
  I.T.)                                                                                                               
  Share price                       90.9   p**          177.0   p         166.0   p             -6.2%          +82.6% 
  Warrant price                     45.5   p             79.0   p          67.0   p            -15.2%          +47.3% 
  Premium/(Discount) to fully diluted NAV/share as at 31 January 2003                                          (15.0)%
  UK Equity Portfolio as a % of Net Assets at 31 January 2003***                                                 70.3%
  Overseas Equity Portfolio as % of Net Assets at 31 January 2003****                                            39.4%
  Gearing as a % of Net Assets at 31 January 2003*****                                                            9.7%
  Number of Equity Holdings at 31 January 2003                                                                     245

*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 31/01/03 was £168.1m & the fully diluted NAVp/share 195.22p.
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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