Statistics & Performance Rpt

Herald Investment Trust PLC
9 January 2001


                             HERALD INVESTMENT TRUST
                        STATISTICS AND PERFORMANCE REPORT

              At inception     At           At           Performance Performance
              16-February     30-November   31-December  since 30    since
                                                         Nov         inception
              1994            2000         2000          2000 (%)    (%)

Basic NAV (p)        98.7 p*       447.2 p      442.7 p       -1.0%     +348.5%

FTSE-100           3417.7         6142.2       6222.5         +1.3%      +82.1%

FTSE-All-share     1717.8         2945.1       2983.8         +1.3%      +73.7%

FTSE-Smallcap      2076.1         3200.8       3183.3         -0.5%      +53.3%

HGSC (ext cap
gains ex           1750.0         2634.5       2702.2         +2.6%      +54.4%
I.T.)

Shareprice           90.9 p**        458 p        491 p       +7.2%     +440.2%

Warrant price        45.5 p        361.5 p      382.5 p       +5.8%     +740.7%

Premium/(Discount) to fully diluted NAV/share as at 31st December         14.9%
2000

UK Equity Portfolio as a % of Shareholders' Funds at 31st December        55.7%
2000***

Overseas Equity Portfolio as % of Shareholders' Funds at 31st             29.4%
December 2000****

Gilts and cash net of loan as a % of Shareholders' Funds at 31st          14.9%
December 2000

Number of Equity Holdings at 31st December                                  248
2000

*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 and 1 warrant

***** On 7th January 1999, JPY 551,500,000 was borrowed for a
period of 5 years.

The NAV at 31/12/00 was £371.3m & the fully diluted NAVp/share 427.4p.

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.