Transaction in Own Shares

Herald Investment Trust PLC
17 August 2004


                          Herald Investment Trust plc

                           Purchase of Own Securities


On 16 August 2004, the Company purchased for cancellation 77,500 ordinary shares
at a price of 274.97p, bringing the total number of ordinary shares bought back
to 77,500.

There remain 87,729,848 ordinary shares in issue.
                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  17 August 2004



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