ANNUAL REPORT 2005.qxd - Herald

HERALD INVESTMENT FUND PLCINDEPENDENT AUDITORS' REPORT for the year ended 31 December 2007 continuedOpinionIn our opinion the Financial Statements:• give a true and fair view in accordance with Generally Accepted Accounting Practice in Ireland, of the state of theCompany's affairs at 31 December 2007 and of its results for the year then ended; and• have been properly prepared in accordance with the requirements of the Companies Acts, 1963 to 2006 and theEuropean Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 (asamended).We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinionproper books of account have been kept by the Company. The Company’s Financial Statements are in agreement with thebooks of account.In our opinion the information given in the Directors' report is consistent with the Financial Statements.PricewaterhouseCoopersChartered Accountants and Registered AuditorsDublin28 February 200815