Statistics & Performance Rpt.

Herald Investment Trust PLC
04 September 2003


                                                
                                    HERALD INVESTMENT TRUST
                               STATISTICS AND PERFORMANCE REPORT
     -----------   ---------  -----  -------  ----  --------  ----     ---------   -----------
                 At                 At             At              Performance   Performance
                 inception
                 16                 31             31              since 30      since
                 February           July           August          June          inception
                      1994            2003            2003         2003 (%)      (%)
     -----------   ---------  -----  -------  ----  --------  ---- -----------   -----------
NAV (p)               98.7   p*      304.3   p       336.4   p           +10.6%       +240.8%
-----------        --------- -----   ------- ----   -------- ----    -----------   -----------
FTSE-100            3417.7          4157.0          4161.1                +0.1%        +21.8%
-----------        ---------  -----  -------  ----  --------  ----   -----------   -----------
FTSE-All-share      1717.8          2045.8          2064.7                +0.9%        +20.2%
-----------        ---------  -----  -------  ----  --------  ----   -----------   -----------
FTSE-Smallcap       2076.1          2263.8          2407.2                +6.3%        +15.9%
-----------        ---------  -----  -------  ----  --------  ----   -----------   -----------
Extended HGSC
(capital gains      1750.0          2119.3          2246.9                +6.0%        +28.4%
ex I.T.)           ---------  -----  -------  ----  --------  ----   -----------   -----------
-----------
Share price           90.9   p**     279.5   p       295.5   p            +5.7%       +225.1%
-----------        --------- -----   ------- ----   -------- ----    -----------   -----------
Premium/(Discount) to NAV/share as at 31 August 2003                                   (12.2)%
----------------------------------------------                                     -----------
UK Equity Portfolio as a % of Net Assets at 31 August 2003***                           69.1%
----------------------------------------------                                     -----------
Overseas Equity Portfolio as % of Net Assets at 31 August 2003****                      34.1%
--------------------------------------                               -----------   -----------
Gearing as a % of Net Assets at 31 August 2003*****                                     (3.2)%
--------------------------------------                               -----------   -----------
Number of Equity Holdings at 31 August                                                   249
2003                                          ----  --------  ----   -----------   -----------
---------------------------
*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
***** 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 6 months at 1.85%.
The Net Assets at 31/08/03 was £295.4m.
There are 87,807,348 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 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
                 The company news service from the London Stock Exchange
END