Appointment of New Director

Herald Investment Trust PLC
14 February 2002

                          Herald Investment Trust plc

                          Appointment of New Director

The Board is pleased to announce that Mr Douglas McDougall OBE was appointed a
Director of Herald Investment Trust plc on 13 February 2002, his appointment
falls to be ratified by Shareholders at the Company's Annual General Meeting in
April 2002.

Douglas McDougall aged 57, was a partner of Baillie Gifford & Co. from 1969
until April 1999.  From 1989, when he was appointed joint senior partner, until
his retirement in 1999, he was in overall charge both of the firm's investment
departments and of its investment policy committee.  He is chairman of the Law
Debenture Corporation plc, The Independent Investment Trust Plc, Foreign &
Colonial Eurotrust plc and 3i Bioscience Investment Trust plc.  He is a former
chairman of IMRO, of the Association of Investment Trust Companies and of the
Fund Managers' Association.


                                                           Baillie Gifford & Co.
                                                            Company  Secretaries

                                                                14 February 2002





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