Transaction in Own Shares

Herald Investment Trust PLC
27 October 2004

                          Herald Investment Trust plc

                           Purchase of Own Securities



On 26 October 2004, the Company purchased for cancellation 20,000 ordinary
shares at a price of 305.375p, bringing the total number of ordinary shares
bought back to 251,338.

There remain 87,556,010 ordinary shares in issue.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                 27 October 2004






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