Statistics & Performance Rpt

Herald Investment Trust PLC
03 November 2004

                                             HERALD INVESTMENT TRUST
                                        STATISTICS AND PERFORMANCE REPORT

                       At                 At               At                  Performance      Performance
                       inception
                       16 February        30               29 October          since            since inception
                                          September
                                                                               30 September
                       1994               2004             2004                2004 (%)         (%)

NAV (p)                     98.7 p*           360.9 p             369.3 p               +2.3%          +274.1%
FTSE-100                  3417.7             4570.8              4624.2                 +1.2%           +35.3%
FTSE-All-share            1717.8             2271.7              2297.7                 +1.1%           +33.8%
FTSE-Smallcap             2076.1             2556.4              2601.1                 +1.7%           +25.3%
Extended HGSC
(capital gains ex         1750.0             2532.2              2572.8                 +1.6%           +47.0%
I.T.)
Share price                 90.9 p**          306.3 p             311.5 p               +1.7%          +242.7%
Premium/(Discount) to NAV/share as at 29 October 2004                                                  (15.6)%
UK Equity Portfolio as a %  of Net Assets at 29 October 2004***                                          64.8%
Overseas Equity Portfolio as % of Net Assets at 29 October 2004****                                      30.4%
Gearing/(Cash) as a % of Net Assets at 29 October 2004*****                                             (4.8)%
Number of Equity Holdings at 29 October 2004                                                               260

*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 4 convertibles
****Includes 3 warrants
***** On 26th October 2004, US $47.35m was borrowed for a period of 6 months at 2.62%.

The Net Assets at 29/10/04 was £323.3m.
There are 87,556,010 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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