Statistics & Performance Rpt.

Herald Investment Trust PLC
06 March 2003


                            HERALD INVESTMENT TRUST

                      STATISTICS AND PERFORMANCE REPORT

                                At inception         At                At              Performance      Performance   
                             16 February          31 January        28 February        since 31         since         
                                    1994                2003               2003        January          inception       
                                                                                        2003 (%)            (%)         

  Basic NAV (p)                     98.7   p*          199.0   p          197.5   p             -0.8%         +100.1% 

  FTSE-100                        3417.7              3567.4             3655.6                 +2.5%           +7.0% 

  FTSE-All-share                  1717.8              1722.3             1759.1                 +2.1%           +2.4% 

  FTSE-Smallcap                   2076.1              1729.5             1711.7                 -1.0%          -17.6% 

  Extended HGSC                                                                                                       
  (capital gains ex               1750.0              1609.1             1608.0                 -0.1%           -8.1% 
  I.T.)                                                                                                               

  Share price                       90.9   p**         166.0   p          164.5   p             -0.9%          +81.0% 

  Warrant price                     45.5   p            67.0   p           64.3   p             -4.0%          +41.3% 

  Premium/(Discount) to fully diluted NAV/share as at 28 February 2003                                         (15.1)%

  UK Equity Portfolio as a % of Net Assets at 28 February 2003***                                                69.6%

  Overseas Equity Portfolio as % of Net Assets at 28 February 2003****                                           39.9%

  Gearing as a % of Net Assets at 28 February 2003*****                                                           9.5%

  Number of Equity Holdings at 28 February 2003                                                                    243

*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 28/02/03 was £166.8m & the fully diluted NAVp/share 193.80p.


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 FinancialServices 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.


                      This information is provided by RNS
            The company news service from the London Stock Exchange