Statistics & Performance Rpt.

Herald Investment Trust PLC
7 March 2001


                               HERALD INVESTMENT TRUST
                          STATISTICS AND PERFORMANCE REPORT
                   At              At           At       Performance Performance
                   inception
                   16-February     31-January   28-February  since 31    since
                                                                Jan   inception
                   1994            2001            2001      2001 (%)    (%)

Basic NAV (p)             98.7 p*    475.1 p    411.9 p      -13.3%     +317.3%
FTSE-100                3417.7      6297.5     5917.9         -6.0%      +73.2%
FTSE-All-share          1717.8      3030.1     2868.0         -5.3%      +67.0%
FTSE-Smallcap           2076.1      3326.8     3190.9         -4.1%      +53.7%
HGSC (ext cap
gains ex I.T.)          1750.0      2837.4     2712.5         -4.4%      +55.0%
Shareprice                90.9 p**     495 p    438.5 p      -11.4%     +382.4%
Warrant price             45.5 p     394.5 p    342.5 p      -13.2%     +652.7%
Premium/(Discount) to fully diluted NAV/                                  10.2%
share as at 28th February 2001
UK Equity Portfolio as a % of                                             54.8%
Shareholders' Funds at 28th February 2001***
Overseas Equity Portfolio as % of Shareholders' Funds                     31.6%
at 28th February 2001****
Gilts and cash net of loan as a % of                                      13.6%
Shareholders' Funds at 28th February 2001
Number of Equity Holdings at 28th February                                  244
2001

*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 3 warrants

****Includes 2 convertibles and 2 warrants

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

The NAV at 28/02/01 was £345.5m & the fully diluted NAVp/share 397.93p.

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.