Warrants - Final Subscription

Herald Investment Trust PLC
02 May 2003


Herald Investment Trust plc

Warrants to Subscribe for ordinary shares

Reminder of Final Subscription Rights

A copy of the above document has been submitted to the UK Listing Authority, and
is available for inspection at the UK Listing Authority's Document Viewing
Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS


Tel. no. (0)20 7676 1000

                                                           Baillie Gifford & Co.
                                                           Company Secretaries

                                                           2 May 2003



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