Statistics & Performance Rpt

Herald Investment Trust PLC
10 December 2001


                            HERALD INVESTMENT TRUST


                       STATISTICS AND PERFORMANCE REPORT



                  At            At          At           Performance Performance
                  inception     31-October  30-November  since       since   
                  16-February                            31 Oct      inception
                  1994          2001         2001        2001 (%)    (%)     

  Basic NAV (p)     98.7   p*     274.2 p      314.5 p     +14.7%     +218.6% 
                                                                              
  FTSE-100         3417.7        5039.7       5203.6        +3.3%     +52.3%  

  FTSE-All-share   1717.8        2413.5       2514.1        +4.2%     +46.4%  

  FTSE-Smallcap    2076.1        2317.5       2594.4       +11.9%     +25.0%  

  HGSC (ext cap                                                               
  gains ex I.T.)   1750.0        2055.5       2249.2        +9.4%     +28.5%  

  Shareprice        90.9   p**    236.5 p      307.0 p     +29.8%     +237.7% 

  Warrant price     45.5   p   143.5    p    202.5    p   +41.1%    +345.1% 


  Premium/(Discount) to fully diluted NAV/share as at 30 November     0.2%    
  2001                                                                        

  UK Equity Portfolio as a % of Net Assets at 30 November 2001***    51.5%   
                                                                       

  Overseas Equity Portfolio as % of Net Assets at 30 November        33.0%   
  2001**** 
                                                                    
  Gilts and cash net of loan as a % of Net Assets at 30 November     15.5%   
  2001                                                               

  Number of Equity Holdings at 30 November 2001                       237     
                                                                          

*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 1 convertibles and 3 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 30/11/01 was £268.7m & the fully diluted NAVp/share 306.28p.

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.