Statement re investm't policy

Herald Investment Trust PLC
27 October 2003

                          HERALD INVESTMENT TRUST plc

                         STATEMENT RE INVESTMENT POLICY



In anticipation of impending changes to the Listing Rules, the Board of Herald
Investment Trust plc announces that it has a policy to invest no more than 15%
of gross assets in other listed investment companies.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                 27 October 2003


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