Renewal of Buy Back Authority

Herald Investment Trust PLC
30 April 2004

                  HERALD INVESTMENT TRUST PLC (THE 'COMPANY')

                         RENEWAL OF BUY BACK AUTHORITY


At the Annual General Meeting of the Company held 14 April 2004, shareholders
approved a resolution renewing the Company's authority to make market purchases
of up to 14.99 per cent of the Company's current issued share capital, being
13,162,269 shares. Such authority unless previously varied, revoked or renewed
will expire at the conclusion of the Annual General Meeting of the Company to be
held in 2005. Any future purchases of shares will be made in the market for cash
at prices below the prevailing net asset value per share (as determined by the
Directors) and at not more than 5% above the middle-market quotation for the
five business days preceding the day of  purchase. No market purchases were made
under the previous share buy-back authority granted on 16 April 2003.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries


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