Net Asset Value

HERALD INVESTMENT TRUST PLC

Net Asset Value 2 August 2016

Net Asset Value - including current year income 958.81p

Net Asset Value - excluding current year income 958.35p

Fair value NAVs have not been provided as either:

(a) There are no loans outstanding which are used for investment purposes, or

(b) The fair value of such loans are the same as their par value.

Net Asset Values are calculated in accordance with accounting policies and AIC guidelines.

Law Debenture Corporate Services Limited

Company Secretary

3 August 2016