Statistics & Performance Rpt.

Herald Investment Trust PLC
6 February 2001


                             HERALD INVESTMENT TRUST
                        STATISTICS AND PERFORMANCE REPORT
                 At inception  At            At          Performance Performance
                 16-February   31-December   31-January  since 31    since
                                                         Dec         inception
                      1994          2000         2001         2000 (%)    (%)
Basic NAV (p)         98.7 p*      442.7 p      470.3 p       +6.2%     +376.5%
FTSE-100            3417.7        6222.5       6297.5         +1.2%      +84.3%
FTSE-All-share      1717.8        2983.8       3030.1         +1.6%      +76.4%
FTSE-Smallcap       2076.1        3183.3       3326.8         +4.5%      +60.2%
HGSC (ext cap
gains ex            1750.0        2702.2       2837.4         +5.0%      +62.1%
I.T.)
Shareprice            90.9 p**       491 p        495 p       +0.8%     +444.6%
Warrant price         45.5 p       382.5 p      394.5 p       +3.1%     +767.0%

Premium/(Discount) to fully diluted NAV/share as at 31st January 2001      9.1%

UK Equity Portfolio as a % of Shareholders' Funds at 31st January 2001*** 54.0%

Overseas Equity Portfolio as % of Shareholders' Funds at 31st             33.5%
January 2001****

Gilts and cash net of loan as a % of Shareholders' Funds at 31st          12.5%
January 2001

Number of Equity Holdings at 31st January 2001                             243

*100p is shareholders' 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 3 convertibles and 3 warrants
****Includes 2 convertibles and 2 warrants
***** On 7th January 1999, JPY 551,500,000 was borrowed for a period of 5 years.

The NAV at 31/01/01 was £394.5m & the fully diluted NAVp/share 453.75p.
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.