Rule 8.1- (add security name)

Herald Investment Trust PLC
23 November 2005

DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of Disclosure:           23 November 2005

Date of dealing:              17 November 2005

Dealing in:                   Abacus Group

1) Class of securities:       ORDINARY

2) Amount sold:               125,000

   Price per unit:            102.5p


3) Resultant total of the same class owned or controlled (and

 percentage of class):        575,000 (1.35%)

4) Party making disclosure:   Herald Investment Trust plc


5) Dealing for discretionary client(s), name of fund management

 organisation:                Herald Investment Trust plc


6) Reason for disclosure (Note 2):

(a) associate of



(i) offeror (Note 3):         No
(ii) offeree company:         No

Specify which category or categories of associate (1-8 overleaf): N/A
If category (8), explain:     N/A

(b) Rule 8.3 (ie disclosure because of ownership or control of 1%
or more of the class of relevant securities dealt in): YES



Signed, for and on behalf of the party named in (4) above:

 BAILLIE GIFFORD & CO. Company Secretaries

Telephone and extension number: Fiona Marshall 0131 275 3178

Note 1. Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, eg where an owner normally acts on
instructions of a controller

Note 2. Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3. Specify which offeror if there is more than one.

Note 4. When an arrangement exists with any offeror, with the offeree company
or which an associate of any offeror or of the offeree company
in relation to relevant securities, details of such arrangement must
be disclosed, as required by Note 6 on Rule 8.

Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so that
relevant information can be given.

Note 6. In the case of an average price bargain, each underlying trade
should be disclosed.


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