Statisitcs & Performance Rpt

Herald Investment Trust PLC
07 December 2004


                                             HERALD INVESTMENT TRUST
                                        STATISTICS AND PERFORMANCE REPORT

                     At                 At               At                  Performance      Performance
                     inception
                     16 February        29 October       30 November         since            since inception

                                                                             29 October
                       1994               2004              2004                2004 (%)         (%)

NAV (p)               98.7 p*           369.3 p             377.3 p               +2.2%          +282.2%

FTSE-100            3417.7             4624.2              4703.2                 +1.7%           +37.6%

FTSE-All-share      1717.8             2297.7              2345.2                 +2.1%           +36.5%

FTSE-Smallcap       2076.1             2601.1              2684.5                 +3.2%           +29.3%

Extended HGSC
(capital gains ex   1750.0             2572.8              2661.7                 +3.5%           +52.1%
I.T.)

Share price           90.9 p**          311.5 p             327.8 p               +5.2%          +260.6%

Premium/(Discount) to NAV/share as at 30 November 2004                                           (13.1)%

UK Equity Portfolio as a %  of Net Assets at 30 November 2004***                                  66.3%

Overseas Equity Portfolio as % of Net Assets at 30 November 2004****                              30.5%

Gearing/(Cash) as a % of Net Assets at 30 November  2004*****                                    (3.2)%

Number of Equity Holdings at 30 November 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 30/11/04 was £330.3m.

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.




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