Statistics & Performance Rpt.

Herald Investment Trust PLC
02 July 2003


                                                                                           
                                  HERALD INVESTMENT TRUST  
                             STATISTICS AND PERFORMANCE REPORT                             
 

                                                                                                                  
                               At inception               At             At         Performance       Performance
                                16 February           31 May        30 June        since 31 May   since inception
                                       1994             2003           2003            2003 (%)               (%)

      NAV (p)                          98.7     p*     252.7    p     268.6    p          +6.3%           +172.2% 
      FTSE-100                       3417.7           4048.1         4031.2               -0.4%            +18.0% 
      FTSE-All-share                 1717.8           1968.8         1971.3               +0.1%            +14.8% 
      FTSE-Smallcap                  2076.1           2029.9         2102.2               +3.6%             +1.3% 
      Extended HGSC                                                                                               
      (capital gains ex I.T)         1750.0           1905.0         1981.9               +4.0%            +13.3% 
      Share price                      90.9    p**     229.0    p     237.5    p          +3.7%           +161.3% 
 

                                                                                                 
      Premium/(Discount) to NAV/share as at 30 June 2003                                                   (11.6)%
      UK Equity Portfolio as a % of Net Assets at 30 June 2003***                                            73.9%
      Overseas Equity Portfolio as % of Net Assets at 30 June 2003****                                       35.5%
      Gearing as a % of Net Assets at 30 June 2003*****                                                       9.4%
      Number of Equity Holdings at 30 June 2003                                                                249
 

                                                                                                                      
  *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. 

  ***Includes 5 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 30/06/03 was £235.9m.                                                                             
  There are 87,807,349 shares currently in issue.                                                                     
  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 Athority. 
  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.                                                                                      



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