Statistics & Performance Rpt

Herald Investment Trust PLC
7 May 2002


                                                                                                                      
                                                     HERALD INVESTMENT TRUST                                            
                     
                                                 STATISTICS AND PERFORMANCE REPORT                                      
                 
                                  At inception              At              At              Performance    Performance  
                                   16-February          31-March        30-April        since 31 Mar   since inception
                                          1994              2002            2002            2002 (%)               (%)

  Basic NAV (p)                          98.7  p*         314.1   p       301.5    p          -4.0%           +205.5% 

  FTSE-100                             3417.7            5271.8          5165.6               -2.0%            +51.1% 

  FTSE-All-share                       1717.8            2557.4          2512.0               -1.8%            +46.2% 

  FTSE-Smallcap                        2076.1            2548.4          2572.0               +0.9%            +23.9% 

  Extended HGSC                                                                                                       
  (capital gains ex I.T.)              1750.0            2322.4          2353.7               +1.3%            +34.5% 

  Shareprice                             90.9  p**        270.0   p       262.0    p          -3.0%           +188.2% 

  Warrant price                          45.5  p         182.0    p       160.0    p         -12.1%           +251.6% 

  Premium/(Discount) to fully diluted NAV/share as at 30 April 2002                                            (10.8)%

  UK Equity Portfolio as a % of Net Assets at 30 April 2002***                                                   54.1%

  Overseas Equity Portfolio as % of Net Assets at 30 April 2002****                                              33.9%

  Gilts and cash net of loan as a % of Net Assets at 30 April 2002                                               12.0%

  Number of Equity Holdings at 30 April 2002                                                                       231

*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 30/04/02 was £254.7m & the fully diluted NAVp/share 293.8p.                                       

  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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