Herald Regulatory News (HRI)

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

Herald Investment Trust Plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Lazard Asset Management LLC

4. Full name of shareholder(s)  (if different from 3.):iv

J.P. Morgan Chase - SWIFT

Mellon Trust

Northern Trust Co.

State Street Bank - Custodian - ETC

State Street Bank- Master Tr - ETC

State Street Bank-Custody Master Trust

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23 January 2017

6. Date on which issuer notified:

25 January 2017

7. Threshold(s) that is/are crossed orreached: vi, vii

Increased from 6% to 8%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

GB0004228648

5,040,692

6,163,185

8.462%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

6,163,185

8.462%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Lazard Asset Management LLC controls all the voting rights held of this issuer.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Legal & Compliance Department

15. Contact telephone number:

0207 448 2085