Director Shareholding

Herald Investment Trust PLC
30 March 2004


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


 1. Name of Company:

Herald Investment Trust plc


 2. Name of Director:

Clayton Brendish


 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):

HSBC Nominees


 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


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

N/A


 2. Number of shares/amount of stock acquired.

14,700


 3. Percentage of issued class:

0.017%


 4. Number of shares/amount of stock disposed:

N/A


 5. Percentage of issued class:

N/A


 6. Class of security:

Ordinary 25p shares


 7. Price per share:

338.00p


 8. Date of transaction:

30 March 2004


 9. Date company informed:

30 March 2004


10. Total holding following this notification:

14,700 (Beneficial)


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

0.017%


      17.Contact: Simon Marriott, Baillie Gifford & Co., 0131 275 3177



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