Statistics & Performance Rpt.

Herald Investment Trust PLC
03 December 2003


                                            HERALD INVESTMENT TRUST
                                       STATISTICS AND PERFORMANCE REPORT

                     At                 At                At              Performance      Performance
                     inception          31 October        30              since 31 October since inception
                     16 February                          November
                     1994               2003              2003            2003 (%)         (%)

NAV (p)                     98.7 p*            358.2 p         361.5 p               +0.9%           +266.3%
FTSE-100                  3417.7              4287.6          4342.6                 +1.3%            +27.1%
FTSE-All-share            1717.8              2125.4          2146.7                 +1.0%            +25.0%
FTSE-Smallcap             2076.1              2473.0          2447.6                 -1.0%            +17.9%
Extended HGSC
(capital gains ex         1750.0              2311.9          2309.6                 -0.1%            +32.0%
I.T.)
Share price                 90.9 p**           325.5 p         319.5 p               -1.8%           +251.5%

Premium/(Discount) to NAV/share as at 30th November 2003                                             (11.6)%
UK Equity Portfolio as a %  of Net Assets at 30th November 2003***                                     69.0%
Overseas Equity Portfolio as % of Net Assets at 30th November 2003****                                 35.2%
Gearing as a % of Net Assets at 30th November 2003*****                                                 4.2%
Number of Equity Holdings at 30th November 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 for5 basis.
*** Includes 6 convertibles and 2 warrants
**** Includes 1 convertible
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.
      On 31st October 2003, US $47.35m was borrowed for a period of 6 month at 1.6875%.

The Net Assets at 30/11/03 was £317.4m.
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.




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