Amend't to Articles of Assoc

Herald Investment Trust PLC
16 April 2003

                  HERALD INVESTMENT TRUST PLC (THE 'COMPANY')

                      AMENDMENT TO ARTICLES OF ASSOCIATION



At the Annual General Meeting of the Company held today (16 April 2003),
shareholders approved a resolution amending the Company's Articles of
Association Article 97(B) by deleting the words '20 per cent.' and substituting
therefor the words '30 per cent.'.

The Company's maximum level of gearing has thus been increased from 20% to 30%
of shareholders' funds.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries


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