Statistic & Performance Rpt

Herald Investment Trust PLC
07 June 2006


                                             HERALD INVESTMENT TRUST
                                 PRELIMINARY STATISTICS AND PERFORMANCE REPORT

                      At inception          At                At                   Performance     Performance
                       16 February           28 April 2006     31 May 2006          since           since inception
                              1994                                                  28 April
                                                                                    2006 (%)                    (%)

NAV (p)                      98.7 p*             425.2 p             390.9 p              -8.1%          +296.1%

FTSE-100                   3417.7               6023.1              5723.8                -5.0%           +67.5%

FTSE-All-share             1717.8               3074.3              2916.9                -5.1%           +69.8%

FTSE-Smallcap              2076.1               3626.7              3423.7                -5.6%           +64.9%

HGSC + AIM
(capital gains ex          1750.0               3637.9              3395.0                -6.7%           +94.0%
I.T.)

Share price                  90.9 p**            394.0 p             346.0 p             -12.2%          +280.6%

Premium/(Discount) to NAV/share as at 31 May 2006                                                        (11.5)%

UK Equity Portfolio as a %  of Net Assets at 31 May 2006***                                               62.2 %

Overseas Equity Portfolio as % of Net Assets at 31 May 2006****                                            34.6%

Gearing/(Cash) as a % of Net Assets at 31 May 2006                                                        (3.2)%

Number of Equity Holdings at 31 May 2006                                                                     265

*   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 2 convertibles and 2 warrants

****Includes 1 convertible and 2 warrants

The Net Assets at 31/05/2006  was £342m.

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 and are subject to revision when the income
account has been finalised for the year.

                      This information is provided by RNS
            The company news service from the London Stock Exchange