Statistics & Performance Rpt

Herald Investment Trust PLC
03 October 2003


                                        HERALD INVESTMENT TRUST
                                   STATISTICS AND PERFORMANCE REPORT

                    At inception 16   At 31 August    At 30 September  Performance      Performance
                    February 1994     2003            2003             since 31 August  since inception
                                                                       2003 (%)            (%)
                                                                                        
NAV (p)                    98.7    p*      366.4    p       327.5    p            -2.6%          +231.8%
FTSE-100                 3417.7           4161.1           4091.3                 -1.7%           +19.7%
FTSE-All-Share           1717.8           2064.7           2027.7                 -1.8%           +18.0%
FTSE-Smallcap            2076.1           2407.2           2354.9                 -2.2%           +13.4%
Extended HGSC            1750.0           2246.9           2211.1                 -1.6%           +26.3%
(capital gains ex
I.T.)
Share Price                90.9   p**      295.5    p       277.5    p            -6.1%          +205.3%
Premium/(Discount) to NAV/share as at 30 September 2003                                          (15.3)%
UK Equity Portfolio as a %of Net Assets at 30 September 2003 ***                                   69.4%
Overseas Equity Portfolio as % of Net Assets at 30 September 2003****                              35.2%
Gearing as a % of Net Assets at 30 September 2000*****                                              4.6%
Number of Equity Holdings at 30 September 2003                                                       245

*100p was the subscription price before launch costs of 1.3p
**90.0p is the CGT base subscription price for shareholders adjusting for warrants which were issued on
a 1 for 5 basis.
***Includes 5 convertibles and 1 warrant
****Includes 1 convertible
*****On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.
          On 5th Nobember 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 30/09/03 was £287.6m.
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     
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