Statistics & Performance Rpt

Herald Investment Trust PLC
8 March 2002


                            HERALD INVESTMENT TRUST

                     STATISTICS AND PERFORMANCE REPORT


                              At inception                  At                 At         Performance      Performance
                               16-February          31-January        28-February        since 31 Jan  since inception
                                      1994                2002               2002            2002 (%)              (%)

  Basic NAV (p)                       98.7     p*        317.7    p         295.5    p          -7.0%          +199.4% 

  FTSE-100                          3417.7              5164.8             5101.0               -1.2%           +49.3% 

  FTSE-All-share                    1717.8              2496.0             2467.0               -1.2%           +43.6% 

  FTSE-Smallcap                     2076.1              2526.9             2459.6               -2.7%           +18.5% 

  Extended HGSC                                                                                                       

  (capital gains ex I.T.)           1750.0              2247.3             2226.4               -0.9%           +27.2% 

  Shareprice                          90.9    p**        291.0    p         254.0    p         -12.7%          +179.4% 

  Warrant price                       45.5    p          195.5    p         163.0    p         -16.6%          +258.2% 


  Premium/(Discount) to fully diluted NAV/share as at 28 February 2002                                         (11.8)%

  UK Equity Portfolio as a % of Net Assets at 28 February 2002***                                                49.9%

  Overseas Equity Portfolio as % of Net Assets at 28 February 2002****                                           33.5%

  Gilts and cash net of loan as a % of Net Assets at 28 February 2002                                            16.6%

  Number of Equity Holdings at 28 February 2002                                                                    219


  *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 1 warrant                                                                            
  ****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 28/02/02 was £249.6m & the fully diluted NAVp/share 288.05p.                                      
  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.                            
   
                                                       
END

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