Statistics & Performance Rpt

Herald Investment Trust PLC
8 January 2002


                                                                              
                           HERALD INVESTMENT TRUST                              
                      STATISTICS AND PERFORMANCE REPORT                         
 
           
                  At inception  At            At         Performance Performance

                  16-February   30-November   31-December since       since   
                                                          30 Nov      inception
                  1994          2001          2001        2001 (%)    (%)     

  Basic NAV (p)   98.7      p*  314.5     p   322.4     p   +2.5%     +226.7% 

  FTSE-100        3417.7        5203.6        5217.4        +0.3%     +52.7%  

  FTSE-All-share  1717.8        2514.1        2523.9        +0.4%     +46.9%  

  FTSE-Smallcap   2076.1        2594.4        2579.2        -0.6%     +24.2%  

  Extended HGSC                                                               
  (capital        1750.0        2249.2        2283.4        +1.5%     +30.5%  
  gains ex I.T.)                                                              

  Shareprice      90.9     p**  307.0     p   306.0     p   -0.3%     +236.6% 

  Warrant price   45.5      p   202.5     p   212.5     p   +4.9%     +367.0% 
  
  Premium/(Discount) to fully diluted NAV/share as at                 -2.5%   
  31 December 2001                                                            
  
  UK Equity Portfolio as a % of Net Assets at 31                      51.6%   
  December 2001***                                                            
  
  Overseas Equity Portfolio as % of Net Assets at 31                  33.8%   
  December 2001****                                                           
  
  Gilts and cash net of loan as a % of Net Assets at                  14.6%   
  31 December 2001                                                            
  
  Number of Equity Holdings at 31                                     231     
  December 2001

*100p was the 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 3 warrants

****Includes 1 convertible and 1 warrant

***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.
                                          
The Net Assets at 31/12/01 was £272.3m & the fully diluted NAVp/share 313.93p.
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 FSA. 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.