Exercise of Warrants

Herald Investment Trust PLC
02 May 2003


                          Herald Investment Trust plc

                              Exercise of Warrants


The Board of Herald Investment Trust plc (the 'Company') announces that,
following the final warrant exercise date on 30 April 2003, the ordinary shares
arising on the exercise by the appointed trustee were sold on 2 May 2003 at a
price of 187p per share. The surplus arising after deduction of the exercise
price of 100p per share and the expenses, will be paid pro rata to those
warrantholders who did not exercise their warrants.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                      2 May 2003


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