Statistics & Performance Rpt

Herald Investment Trust PLC
10 June 2002

     HERALD INVESTMENT TRUST                                                                  
                             STATISTICS AND PERFORMANCE REPORT                                                        
                                   At inception                At             At         Performance       Performance
                                    16-February          30-April         31-May        since 30 Apr   since inception
                                           1994              2002           2002            2002 (%)               (%)
  Basic NAV (p)                           98.7     p*      301.5    p     288.5    p          -4.3%           +192.3% 
  FTSE-100                              3417.7            5165.6         5085.1               -1.6%            +48.8% 
  FTSE-All-share                        1717.8            2512.0         2475.6               -1.5%            +44.1% 
  FTSE-Smallcap                         2076.1            2572.0         2582.2               +0.4%            +24.4% 
  Extended HGSC                                                                                                       
  (capital gains ex I.T.)               1750.0            2353.7         2326.4               -1.2%            +32.9% 
  Shareprice                              90.9    p**      262.0    p     255.5    p          -2.5%           +181.1% 
  Warrant price                           45.5      p      160.0    p     150.0    p          -6.3%           +229.7% 
  Premium/(Discount) to fully diluted NAV/share as at 31 May 2002                                               (9.2)%
  UK Equity Portfolio as a % of Net Assets at 31 May 2002***                                                     56.4%
  Overseas Equity Portfolio as % of Net Assets at 31 May 2002****                                                34.1%
  Gilts and cash net of loan as a % of Net Assets at 31 May 2002                                                  9.5%
  Number of Equity Holdings at 31 May 2002                                                                         230
 

  *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 2 convertibles and 1 warrants                                                                           
  ****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 31/05/02 was £243.7m & the fully diluted NAVp/share 281.3p.                                       
  There are 84,475,145 shares currently in issue, and 3,332,204 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. 
                                                                                     
END                                                                                                       
 




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