Stats & Performance Report

Herald Investment Trust PLC
6 October 2000


                           HERALD INVESTMENT TRUST                            

                      STATISTICS AND PERFORMANCE REPORT                       

              AT          AT           AT        PERFORMANCE      PERFORMANCE
              INCEPTION   31/08/00     30/09/00  SINCE            SINCE
              16/02/94                           31/08/00(%)      INCEPTION(%)

BASIC NAV(P)    98.7P*     624.2P       585.9P   -6.1%             +493.6%

FTSE-100      3417.7      6672.7       6294.2    -5.7%              +84.2%

FTSE-ALL 
SHARE         1717.8      3208.0       3029.4    -5.6%              +76.4%

FTSE-
SMALLCAP      2076.1      3557.9       3416.4    -4.0%              +64.6%

HGSC (EXT
CAP GAINS 
EX I.T.)      1750.0      2870.2       2766.1    -3.6%              +58.1%

SHAREPRICE      90.9P**    652.5P        628P    -3.8%             +590.9%

WARRANT 
PRICE           45.5P      551.5P       527.5P   -4.4%            +1059.3%


PREMIUM/(DISCOUNT) TO FULLY DILUTED NAV/SHARE AS AT 30/09/00          11.3%

UK EQUITY PORTFOLIO AS A % OF SHAREHOLDERS' FUNDS AT 30/09/00         57.8%

OVERSEAS EQUITY PORTFOLIO AS % OF SHAREHOLDERS' FUNDS AT 30/09/00***  35.6%

ILG AND CASH NET OF LOAN AS A % OF SHAREHOLDERS' FUNDS AT 30/09/00     6.6%

NUMBER OF EQUITY HOLDINGS AT 30/09/00                                   243


*    100P IS SHAREHOLDERS' SUBSCRIPTION PRICE BEFORE LAUNCH COSTS OF 1.3P
**   90.0P 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 3 CONVERTIBLES
**** ON 7TH JANUARY 1999, JPY 551,500,000 WAS BORROWED FOR A PERIOD OF 5 
     YEARS.
THE NAV AT 30/09/00 WAS £491.4M AND THE FULLY DILUTED NAVP/SHARE 564.2P.
THERE ARE 83,873,599 SHARES CURRENTLY IN ISSUE, AND 3,933,750 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.