Exercise of Warrants

Herald Investment Trust PLC
30 April 2002



                          Herald Investment Trust plc

                              Exercise of Warrants

Herald Investment Trust plc announces the allotment of 21,459 Ordinary Shares of
25p each on the exercise of the same number of the Company's Warrants. These
shares are fully paid and rank pari passu with the existing Ordinary Shares in
issue.

As a result of this exercise, there will be 84,475,145 Ordinary Shares in issue
and  3,332,204 Warrants.

Application will be made to the London Stock Exchange and UK Listing Authority
for the admission of these shares to the Official List and listing is expected
to become effective by 7 May 2002.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   30 April 2002



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