Statistics & Performance Rpt.

Herald Investment Trust PLC
06 February 2004


                                            HERALD INVESTMENT TRUST
                                       STATISTICS AND PERFORMANCE REPORT

                              At                 At               At              Performance     Performance
                       inception
                     16 February        31 December       31 January         since 31 October since inception
                            1994               2003             2004                 2003 (%)             (%)

NAV (p)                     98.7 p*            365.4 p         399.7 p               +9.4%           +305.0%
FTSE-100                  3417.7              4476.9          4390.7                 -1.9%            +28.5%
FTSE-All-share            1717.8              2207.4          2187.1                 -0.9%            +27.3%
FTSE-Smallcap             2076.1              2475.1          2619.7                 +5.8%            +26.2%
Extended HGSC
(capital gains ex         1750.0              2346.7          2489.6                 +6.1%            +42.3%
I.T.)

Share price                 90.9 p**           325.3 p         342.5 p               +5.3%           +276.8%
Premium/(Discount) to NAV/share as at 31st January 2004                                              (14.3)%
UK Equity Portfolio as a %  of Net Assets at 31st January 2004***                                      67.9%
Overseas Equity Portfolio as % of Net Assets at 31st January 2004****                                  31.8%
Gearing as a % of Net Assets at 31st January 2004*****                                                  0.3%
Number of Equity Holdings at 31st January 2004                                                           242


*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 and 1 warrant
****Includes 3 warrants
***** On 31st October 2003, US $47.35m was borrowed for a period of 6 month at 1.6875%.

The Net Assets at 31/01/04 was £351.0m.
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
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