Stats. & Performance Report

Herald Investment Trust PLC
03 February 2005


                                             HERALD INVESTMENT TRUST
                                 PRELIMINARY STATISTICS AND PERFORMANCE REPORT

                    At                 At               At                    Performance      Performance
                    inception
                    16 February        31 December      31 January            since            since inception

                                       2004             2005                  31 December
                    1994                                                      2004 (%)         (%)

NAV (p)                    98.7 p*            384.4 p              394.4 p               +2.6%          +299.6%

FTSE-100                 3417.7              4814.3               4852.3                 +0.8%           +42.0%

FTSE-All-share           1717.8              2410.8               2441.2                 +1.3%           +42.1%

FTSE-Smallcap            2076.1              2758.1               2877.5                 +4.3%           +38.6%

Extended HGSC
(capital gains ex        1750.0              2752.2               2877.0                 +4.5%           +64.4%
I.T.)

Share price                90.9 p**           322.8 p              351.0 p               +8.8%          +286.1%

Premium/(Discount) to NAV/share as at 31 January 2005                                                   (11.0)%

UK Equity Portfolio as a %  of Net Assets at 31 January 2005***                                           65.2%

Overseas Equity Portfolio as % of Net Assets at 31 January 2005****                                       30.1%

Gearing/(Cash) as a % of Net Assets at 31 January 2005*****                                              (4.6)%

Number of Equity Holdings at 31 January 2005                                                                249

*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 4 convertibles

****Includes 3 warrants

***** On 26th October 2004, US $47.35m was borrowed for a period of 6 months at 2.62%.

The Net Assets at 31/01/2005  was £345.3m.

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