Statistics & Performance Rpt.

Herald Investment Trust PLC
07 April 2004


                                            HERALD INVESTMENT TRUST
                                       STATISTICS AND PERFORMANCE REPORT

                    At inception                  At                At              Performance      Performance
                     16 February         27 February          31 March        since 27 February  since inception
                            1994                2004              2004                 2004 (%)         (%)

NAV (p)                     98.7 p*            413.2 p         390.9 p               -5.4%           +296.1%

FTSE-100                  3417.7              4492.2          4385.7                 -2.4%            +28.3%

FTSE-All-share            1717.8              2243.4          2197.0                 -2.1%            +27.9%

FTSE-Smallcap             2076.1              2697.4          2632.9                 -2.4%            +26.8%

Extended HGSC
(capital gains ex         1750.0              2583.4          2543.9                 -1.5%            +45.4%
I.T.)

Share price                 90.9 p**           379.5 p         331.0 p              -12.8%           +264.1%

Premium/(Discount) to NAV/share as at 31st  March 2004                                               (15.3)%

UK Equity Portfolio as a %  of Net Assets at 31st  March 2004***                                       68.2%

Overseas Equity Portfolio as % of Net Assets at 31st March 2004****                                    31.0%

Gearing/(Cash) as a % of Net Assets at 31st March 2004*****                                           (0.8)%

Number of Equity Holdings at 31st  March 2004                                                            245

*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 2 warrants

***** On 31st October 2003, US $47.35m was borrowed for a period of 6 month at 1.6875%.

The Net Assets at 31/03/04 was £343.2m.

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