(10.2)% 48.6% 43.2% 8.2% 320 ** Total return (in percentage terms) on 98.7p invested at inception excluding warrants. ***Value shown is from 31/03/1996 the date the funds were globalised. ****90.9p is CGT base subscription price for shareholders adjusting for warrants which were issued on a 1 for 5 basis. *****Includes 8 convertible bonds. These figures are not audited At 30th November 2020 the Net Asset Value including current year income was £1,388.7m (£1,392.8m excluding current year income). Income is shown net of expenses. There are 65,783,418 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 Conduct Authority. You should remember that past performance is not necessarily a guide to future performance. 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.