Transaction in Own Shares

Herald Investment Trust PLC
31 January 2008

                          Herald Investment Trust PLC

                           Purchase of Own Securities

On 30 January 2008, the Company purchased for cancellation 700,000 ordinary
shares at a price of  285.00p.

Following the purchase and cancellation of the above shares 86,271,010 ordinary
shares of 25p each will remain in issue.  Herald Investment Trust PLC holds no
ordinary shares in Treasury.

The above figure (86,271,010) may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Herald Investment Trust PLC
under the FSA's Disclosure and Transparency Rules.



                                                            Baillie Gifford & Co

                                                             Company Secretaries

                                                                 31 January 2008


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