Transaction in Own Shares

Herald Investment Trust PLC
25 October 2004

                          Herald Investment Trust plc

                           Purchase of Own Securities



On 22 October 2004, the Company purchased for cancellation 50,000 ordinary
shares at a price of 303.50p, bringing the total number of ordinary shares
bought back to 166,338.

There remain 87,641,010 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 25 October 2004






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