Statistics & Performance Rpt.

Herald Investment Trust PLC
04 August 2003



                            HERALD INVESTMENT TRUST                                  
                                                        
                        STATISTICS AND PERFORMANCE REPORT                             


                                At inception               At             At           Performance      Performance   
                                16 February             30 June        31 July        since 30 June   since inception 
                                    1994                  2003           2003            2003 (%)           (%)    
   
  NAV (p)                          98.7           p*     268.6    p     304.3    p       +13.3%           +208.3%     

  FTSE-100                        3417.7                4031.2         4157.0             +3.1%           +21.6%      

  FTSE-All-share                  1717.8                1971.3         2045.8             +3.8%           +19.1%      

  FTSE-Smallcap                   2076.1                2102.2         2263.8             +7.7%            +9.0%      

  Extended HGSC                                                                                                       
  (capital gains ex I.T.)         1750.0                1981.9         2119.3             +6.9%           +21.1%      

  Share price                      90.9          p**     237.5    p     279.5    p       +17.7%           +207.5%     

  Premium/(Discount) to NAV/share as at 31 July 2003                                                       (8.1)%     

  UK Equity Portfolio as a % of Net Assets at 31 July 2003***                                              71.6%      

  Overseas Equity Portfolio as % of Net Assets at 31 July 2003****                                         35.1%      

  Gearing as a % of Net Assets at 31 July 2003*****                                                        (6.7)%     

  Number of Equity Holdings at 31 July 2003                                                                 248       

  *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 1 year at 1.85%.                                    
  The Net Assets at 31/07/03 was £267.2m.                                                                             
  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.                                                                                        


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