Statistics & Performance Rpt

Herald Investment Trust PLC
6 August 2001


                              HERALD INVESTMENT TRUST
                         STATISTICS AND PERFORMANCE REPORT

                 At inception        At        At        Performance Performance
                 16-February         29-June   31-July   since 29    since
                                                         Jun         inception
                 1994                2001      2001      2001 (%)    (%)

Basic NAV (p)               98.7 p*    345.3 p  310.7 p      -10.0%     +214.8%

FTSE-100                  3417.7      5642.5   5529.1         -2.0%      +61.8%

FTSE-All-share            1717.8      2728.1   2663.9         -2.4%      +55.1%

FTSE-Smallcap             2076.1      2928.1   2729.4         -6.8%      +31.5%

HGSC (ext cap
gains ex I.T.)            1750.0      2503.0   2372.7         -5.2%      +35.6%

Shareprice                  90.9 p**   324.5 p  277.0 p      -14.6%     +204.7%

Warrant price               45.5 p     217.5 p  180.0 p      -17.2%     +295.6%

Premium/(Discount) to fully diluted NAV/                                  -8.5%
share as at 31st July 2001

UK Equity Portfolio as a % of Shareholders'                               46.7%
Funds at 31th July 2001***

Overseas Equity Portfolio as % of                                         34.4%
Shareholders' Funds at 31st July 2001****

Gilts and cash net of loan as a % of                                      18.9%
Shareholders' Funds at 31st July 2001

Number of Equity Holdings at 31st July 2001                                231

*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 2 convertibles and 2
warrants

***Includes 1 convertible and 1
warrant

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

The NAV at 31/07/01 was £262.4m & the fully
diluted NAVp/share 302.67p.

There are 84,453,686 shares currently in issue, and
3,353,663 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.