Loan Facility

Herald Investment Trust PLC
25 April 2008


                          Herald Investment Trust plc

                            Loan and Swap agreement


On 25 April 2008, Herald Investment Trust plc entered into a variable rate loan
agreement for a £75m facility. This facility will replace the existing £50m
facility. The new facility will be comprised of three £25m loan tranches for
durations of 2, 3 and 5 years respectively.


In addition the interest on £50m of this facility has been fixed for the long
term through a 30 year interest rate swap.


Enquiries:

Herald Investment Management Limited
10-11 Charterhouse Square
London
EC1M 6EE
[phone]

                                                            Baillie Gifford & Co

                                                             Company Secretaries

                                                                   25 April 2008


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