Statistics & Performance Rpt

Herald Investment Trust PLC
7 September 2001


                              HERALD INVESTMENT TRUST
                         STATISTICS AND PERFORMANCE REPORT

                 At inception      At        At         Performance Performance
                 16-February       31-July   31-August  since 31    since
                                                        Jul         inception
                 1994              2001      2001       2001 (%)    (%)

Basic NAV (p)          98.7 p*       310.7 p   299.5 p       -3.6%     +203.5%

FTSE-100             3417.7         5529.1    5345.0         -3.3%      +56.4%

FTSE-All-share       1717.8         2663.9    2590.2         -2.8%      +50.8%

FTSE-Smallcap        2076.1         2729.4    2702.2         -1.0%      +30.2%

HGSC (ext cap
gains ex I.T.)       1750.0         2372.7    2395.2         +0.9%      +36.9%

Shareprice             90.9 p**        277 p     283 p       +2.2%     +211.3%

Warrant price          45.5 p          180 p   186.5 p       +3.6%     +309.9%

Premium/(Discount) to fully diluted NAV/                                (3.1)%
share as at 31st August 2001

UK Equity Portfolio as a % of Shareholders'                              48.5%
Funds at 31th August 2001***

Overseas Equity Portfolio as % of                                        31.4%
Shareholders' Funds at 31st August 2001****

Gilts and cash net of loan as a % of                                     20.1%
Shareholders' Funds at 31st August 2001

Number of Equity Holdings at 31st August                                   227
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 1 convertible 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 31/08/01 was £253.0m & the fully diluted NAVp/share 291.90p.

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.