Statistics & Performance Rpt.

Herald Investment Trust PLC
09 June 2003


                                                                                                                      
                                                    HERALD INVESTMENT TRUST                                           
                                               STATISTICS AND PERFORMANCE REPORT   
                                   
                                  At inception        At              At             Performance      Performance     
                                   16 February        30 April        31 May         since 30 April   since inception 
                                        1994           2003            2003           2003 (%)         (%)             
  NAV (p)                               98.7   p*        212.9   p      252.7   p            +18.7%           +156.0% 
  FTSE-100                            3417.7            3926.0         4048.1                 +3.1%            +18.4% 
  FTSE-All-share                      1717.8            1891.5         1968.8                 +4.1%            +14.6% 
  FTSE-Smallcap                       2076.1            1832.9         2029.9                +10.7%             -2.2% 
  Extended HGSC                                                                                                       
  (capital gains ex I.T.)             1750.0            1731.5         1905.0                +10.0%             +8.9% 
  Share price                           90.9   p**       192.0   p      229.0   p            +19.3%           +151.9% 
  Premium/(Discount) to NAV/share as at 31 May 2003                                                             (9.4)%
  UK Equity Portfolio as a % of Net Assets at 31 May 2003***                                                     73.3%
  Overseas Equity Portfolio as % of Net Assets at 31 May 2003****                                                36.9%
  Gearing as a % of Net Assets at 31 May 2003*****                                                               10.2%
  Number of Equity Holdings at 31 May 2003                                                                         246
  *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 3 convertibles                                                                                          
  ****Includes 1 convertible and 1 warrant                                                                            
  ***** 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 31/05/03 was £221.9m.                                                                             
  There are 87,807,349 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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