Director Shareholding

Herald Investment Trust PLC
23 April 2003

Schedule 11 - Notification of interests of Directors and Connected Persons.

 1. Name of Company:

Herald Investment Trust plc

 2. Name of Director:

DCP McDougall

 3. Please state whether notification indicates that it is in respect of holding
    of the director named in 2 above or holding of that person's spouse or
    children under the age of 18 or in respect of a non-beneficial interest:

Beneficial

 4. Name of registered holder(s) and, if more than one holder, the number of
    shares held by each of them (if notified):

DCP McDougall

 5. Please state whether notification relates to a person(s) connected with the
    director named in 2 above and identify the connected person(s):

N/A

 6. Please state the nature of the transaction. For PEP transactions please
    indicate whether general/single co PEP and if discretionary/non
    discretionary:

N/A

 7. Number of shares/amount of stock acquired.

50,000

 8. Percentage of issued class:

0.06%

 9. Number of shares/amount of stock disposed:

N/A

10. Percentage of issued class:

N/A

11. Class of security:

Ordinary 25p shares

12. Price per share:

173.00p

13. Date of transaction:

23 April 2003

14. Date company informed:

23 April 2003

15. Total holding following this notification:

200,000 (Beneficial)

16. Total percentage holding of issued class following this notification:

0.24%

      17.Contact: Victoria Winchester, Baillie Gifford & Co., 0131 474 3208












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