Statistics & Performance Rpt

Herald Investment Trust PLC
7 November 2001


                              HERALD INVESTMENT TRUST
                         STATISTICS AND PERFORMANCE REPORT


               At                                       Performance  Performance
               inception     At             At          since 30     since
               16-February   30-September   31-October  Sep          inception
               1994          2001           2001        2001 (%)     (%)

Basic NAV (p)         98.7 p        245.6 p      274.2 p      +11.6%     +177.8%
                           *
FTSE-100            3417.7         4903.4       5039.7         +2.8%      +47.5%
FTSE-All-share      1717.8         2340.5       2413.5         +3.1%      +40.5%
FTSE-Smallcap       2076.1         2171.1       2317.5         +6.7%      +11.6%
HGSC (ext cap
gains ex I.T.)      1750.0         1937.6       2055.5         +6.1%      +17.5%
Shareprice            90.9 p        218.5 p      236.5 p       +8.2%     +160.2%
                           *
                           *
Warrant price         45.5 p        125.0 p      143.5 p      +14.8%     +215.4%

Premium/(Discount) to fully diluted NAV/share as at 31 October 2001      (11.6)%
UK Equity Portfolio as a % of Shareholders' Funds at 31 October 2001       50.4%
***
Overseas Equity Portfolio as % of Shareholders' Funds at 31 October        31.5%
2001****
Gilts and cash net of loan as a % of Shareholders' Funds at 31             18.1%
October 2001
Number of Equity Holdings at 31 October                                      234
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 4 warrants
****Includes 1 warrant and 1convertible
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.

The NAV at 31/10/01 was £231.6m & the fully diluted NAVp/share 267.54p.
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.