Stats & Performance report

Herald Investment Trust PLC
03 February 2006


                                             HERALD INVESTMENT TRUST
                                 PRELIMINARY STATISTICS AND PERFORMANCE REPORT

                           At inception          At                At                   Performance     Performance
                           16 February           30 December       31 January 2006      since           since inception
                           1994                  2005                                   31 January
                                                                                        2006 (%)        (%)

NAV (p)                      98.7 p*             412.7 p             422.1 p               2.3%          +327.6%
FTSE-100                   3417.7               5618.8              5760.3                 2.5%           +68.5%
FTSE-All-share             1717.8               2847.0              2928.6                 2.9%           +70.5%
FTSE-Smallcap              2076.1               3305.5              3491.9                 5.6%           +68.2%
Extended HGSC
(capital gains ex          1750.0               3423.2              3584.1                 4.7%          +104.8%
I.T.)
Share price                  90.9 p**            379.8 p             398.0 p               4.8%          +337.8%
Premium/(Discount) to NAV/share as at 31 January 2006                                                     (5.7)%
UK Equity Portfolio as a %  of Net Assets at 31 January 2006***                                           63.8 %
Overseas Equity Portfolio as % of Net Assets at 31 January 2006****                                        32.2%
Gearing/(Cash) as a % of Net Assets at 31 January 2006                                                      4.0%
Number of Equity Holdings at 31 January 2006                                                                 262

*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.
***Includes 2 convertibles and 2 warrants
****Includes 2 warrants

The Net Assets at 31/01/2006  was £370m.
There are 87,556,010 shares currently in issue.
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
authorised and regulated by the Financial Services Authority.   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.


These figures are not audited and are subject to revision when the income account has been finalised for the
year.


                      This information is provided by RNS
            The company news service from the London Stock Exchange              UUGGGLX