Statistics & Performance Rpt

Herald Investment Trust PLC
7 December 2000


                            HERALD INVESTMENT TRUST
                       STATISTICS AND PERFORMANCE REPORT

                       At            At           At   Performance Performance
                inception
              16-February     31-October   30-November since 31    since
                                                       Oct         inception
                     1994          2000         2000   2000 (%)    (%)

Basic NAV (p)        98.7 p*      533.7 p      447.2 p      -16.2%      +353.1%
FTSE-100           3417.7        6438.4       6142.2         -4.6%       +79.7%
FTSE-All-share     1717.8        3078.2       2945.1         -4.3%       +71.4%
FTSE-Smallcap      2076.1        3283.4       3200.8         -2.5%       +54.2%
HGSC (ext cap
gains ex           1750.0        2697.9       2634.5         -2.4%       +50.5%
I.T.)
Shareprice           90.9 p**     562.5 p        458 p      -18.6%      +403.9%
Warrant price        45.5 p       464.5 p      361.5 p      -22.2%      +694.5%

Premium/(Discount) to fully diluted NAV/share as at 30th November 2000     6.1%

UK Equity Portfolio as a % of Shareholders' Funds at 30th November        53.3%
2000***

Overseas Equity Portfolio as % of Shareholders' Funds at 30th             31.6%
November 2000****

Gilts and cash net of loan as a % of Shareholders' Funds at 30th          15.0%
November 2000

Number of Equity Holdings at 30th November 2000                             245
*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 and 2 warrants
****Includes 2 convertibles
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.

The NAV at 30/11/00 was £375.1m & the fully diluted NAVp/share 431.7p.

There are 83,873,599 shares currently in issue, and 3,933,750 warrants
outstanding.


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 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.