Appointment of New Director

Herald Investment Trust PLC
24 July 2001

                         Herald Investment Trust plc


                         Appointment of New Director


The Board is pleased to announce that Mr Clay Brendish CBE was appointed a
Director of Herald Investment Trust plc on 25 July 2001, his appointment falls
to be ratified by Shareholders at the Company's Annual General Meeting in
April 2002.


Clay Brendish, aged 54, has been in the computer systems environment and high
technology industry for over 30 years. He was Executive Chairman of Admiral
plc that he co-founded in 1979. Admiral plc merged with CMG plc, in June 2000
with Clay being appointed Deputy Chairman of the enlarged CMG plc, retiring
from the post in May 2001.


Clay has been an external member of the Defence Meteorological Board and
Non-Executive Chairman of Beacon Investment Fund since 1995. He is a trustee
of the Economist Newspapers Limited, was appointed to the Independent
Television Commission in February 2000, became a council member of the City
University of London in July 2000 and is President Elect of the Institute of
Management. His is also a member of Trade Partners UK: Asia Pacific Advisers
and the Open University Business School's Industrial and Professional Advisory
Committee. Clay's other Non-Executive Directorships are of Elexon Limited, the
Defence Logistics Organisation and QinetiQ plc.


Between 1993 and July 2000 he was an advisor to the Chancellor of the Duchy of
Lancaster and the Parliamentary Secretary, Office of Public Services, on their
Next Steps agencies. He played a prominent role in the privatisation of Her
Majesty's Stationery Office (HMSO), the Civil Service Occupational Health and
Safety Agency (OHSA), Recruitment and Assessment Services (RAS) and
Chessington Computer Centre. He was Non-Executive Director of Ordnance Survey
between 1993 and 1996 and was a member of the Malaysian British Business
Council until May 2001.


Mr Brendish does not currently have a shareholding in the Company.




                                                         Baillie Gifford & Co.

                                                                   Secretaries