NAV/Stats&Performance Report

HERALD INVESTMENT TRUST PLC
5 August 1999


Herald Investment Trust plc announces that its Net Asset Value (NAV) at 31st
July 1999 was £230.98m (excluding current revenue balances) representing an
NAV of 278.4p per share.

Allowing for conversion of outstanding Warrants, the fully-diluted NAV per
share of the fund was 268.58p. The Basic NAV/Share cum income was 278.76p. 

The associated information schedule follows.

HERALD INVESTMENT TRUST
STATISTICS AND PERFORMANCE REPORT

                  At         At        At     Performance  Performance
               inception  30-Jun     31-Jul    since 30       since
                16-Feb      1999      1999      June        inception
                 1994                          1999 (%)     (%)
Basic NAV (p) 98.7p*      273.5p     278.4p     +1.8%       +182.1%
FTSE-100      3417.7      6318.5     6231.9     -1.4%        +82.3%
FTSE-All-     1717.78     2946.2     2925.1     -0.7%        +70.3%
share
FTSE-Smallcap 2076.05     2650.60    2716.60    +2.5%        +30.9%
HGSC (ext cap                                                
gains ex      1750.0      2330.18    2406.62    +3.3%        +37.5%
I.T.)
Share price   90.9p**      241.0p     242.5p    +0.6%       +166.8%
Warrant price 45.5p        140.5p     149.0p    +6.0%       +227.5%

Premium/(Discount) to fully diluted NAV/share as at 31       (9.7)%
July 1999
                                                               
UK Equity Portfolio as a % of Shareholders' Funds at 31       63.3%
July 1999
                                                               
Overseas Equity Portfolio as % of Shareholders' Funds at      29.5%
31 July 1999*** 
                                                            
ILG and cash net of loan as a % of Shareholders' Funds         7.2%
at 31 July 1999                                               
                                                               
Number of Equity Holdings at 31 July 1999                    179
                                                               
  *100p is shareholders' 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. The CGT base
        for the warrant is 45.5p
    *** Includes 3 convertibles

The NAV at 31/07/99 was £230.98m & the fully diluted NAV p/share was 268.58p. 
The basic NAV p/share cum income was 278.76p.

There are 82,961,686 shares currently in issue, and 4,845,663
warrants outstanding. 

This Report has  been  issued  on  behalf  of  Herald  Investment
Trust plc (HIT), and  has  been  approved  by  Herald  Investment
Management Limited, its investment manager. Herald Investment
Management Limited is  regulated  by  IMRO. 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. Warrants
often involve  a  high  degree of gearing so that a relatively small
movement  in  the  price of  the  security to which  the  warrants
relate  may  result  in  a disproportionately large movement,
unfavourable as well as favourable, in the price of the warrants.

These figures are not audited.