5 February 2026

For immediate release

HERALD INVESTMENT TRUST PLC

(the "Company" or "Herald")

The Company announces that the General Meeting of the Company, scheduled to be held today in connection with the now cancelled Tender Offer, has been formally adjourned.

The General Meeting now stands adjourned until further notice to such day, time and place (and/or electronic platform) as the Board may determine.

Background to the adjournment

The Company published a circular to shareholders on 12 January 2026 (the "Circular") setting out the full terms and conditions of the Tender Offer and convening the General Meeting.

The Board put forward the Tender Offer proposals, which offered Eligible Shareholders a cash exit at close to the NAV per Share for up to 100% of their Shares in the Company, in order to enable long-term shareholders to remain invested with the current successful manager and mandate they have chosen, while also providing a full exit route to short-term shareholders

However, on 3 February 2026, the Board announced the cancellation of the Tender Offer, and its intention to adjourn the General Meeting, as Saba Capital Management L.P. ("Saba", including funds, accounts and investment vehicles managed, advised or sub-advised by Saba or any of its affiliates where applicable) had voted against the Tender Offer. As Saba owns more than 25% of the Company's Shares, Saba was able to block the Tender Offer (given that the resolution to approve the Tender Offer was a special resolution requiring a 75% majority). Excluding Saba, the vast majority of shareholders who submitted proxy voting instructions in respect of the General Meeting, representing more than 50% of the total proxy votes cast, voted in favour of the Tender Offer.¹

As noted in the 3 February announcement, discussions between the Company and Saba are ongoing. These discussions have the objective of finding a solution whereby Saba will elect for a tender offer and also facilitate free choice for other shareholders between staying invested or taking cash.

If these discussions lead to a mutually agreeable outcome it is expected that a new tender offer, in which eligible shareholders would be able to tender up to 100% of their holding, will be launched in due course.

If these discussions do not lead to a mutually agreeable outcome, in view of the fact that Saba voted against the Tender Offer, the Board will put forward proposals for the Backstop Tender Offer so that eligible shareholders have an opportunity to exit their investment in Herald at a price close to the NAV per Share and at a time before Saba might gain control of the Board or the management of the Company.

Shareholders are not required to take any action at this time.

A further circular, setting out the terms and conditions of the revised tender offer proposals (either in respect of the Backstop Tender Offer or, if a mutually agreeable outcome can be found, a new alternative tender offer agreed with Saba) will be sent to shareholders in due course. When published, this circular will contain full details of the expected timings and the action to be taken by shareholders.

Eligible Shareholders who have already validly tendered Shares in respect of the Tender Offer will have their document(s) of title returned to them or their Shares released from escrow (as applicable) in accordance with the terms and conditions of the Circular.

Enquiries:

Important information

This announcement is released by the Company. The person responsible for arranging for the release of this announcement on behalf of the Company is NSM Funds (UK) Limited, the company secretary.

Capitalised terms used throughout this announcement shall have the meanings ascribed to them in Part 8 of the Circular, unless the context otherwise requires.

The Company's LEI number is 213800U7G1ROCTJYRR70.

Notes:

¹ Based on the proxy voting instructions received by the Company as at the proxy voting deadline.