Statistics & Performance Rpt.

Herald Investment Trust PLC
07 May 2003




                                                HERALD INVESTMENT TRUST
                                           STATISTICS AND PERFORMANCE REPORT

                                At inception                At              At           Performance       Performance
                                 16 February          31 March        30 April        since 31 March   since inception
                                        1994              2003            2003              2003 (%)               (%)
  NAV (p)                              98.7 p*          193.4 p         212.9 p              +10.1%           +115.7% 
  FTSE-100                           3417.7            3613.3          3926.0                 +8.7%            +14.9% 
  FTSE-All-share                     1717.8            1735.7          1891.5                 +9.0%            +10.1% 
  FTSE-Smallcap                      2076.1            1647.3          1832.9                +11.3%            -11.7% 
  Extended HGSC                                                                                                       
  (capital gains ex I.T.)            1750.0            1581.9          1731.5                 +9.5%             -1.1% 
  Share price                          90.9 p**         160.5 p         192.0 p              +19.6%           +111.2% 
  Premium/(Discount) to NAV/share as at 30 April 2003                                                           (9.8)%
  UK Equity Portfolio as a % of Net Assets at 30 April 2003***                                                   72.4%
  Overseas Equity Portfolio as % of Net Assets at 30 April 2003****                                              38.1%
  Gearing as a % of Net Assets at 30 April 2003*****                                                             10.5%
  Number of Equity Holdings at 30 April 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%.                                  
        On 22nd April 2003, USD 15,770,000 was borrowed for a period of 1 year 
        at 1.85%.                                    
  The Net Assets at 30/04/03 was £187.0m.                                                                             
  There are 87,807,349 shares currently in issue. All outstanding warrants were 
  exercised on 30th April 2003. 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.                                                                         
                                   
                                                                                                                      
  These figures are not audited.                                                                                      


                      This information is provided by RNS
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