Holding in Company

Herald Investment Trust PLC
28 February 2001


                                  SCHEDULE 10
                   NOTIFICATION OF MAJOR INTERESTS IN SHARES

1)    Name of Company
       HERALD INVESTMENT TRUST PLC
 2)   Name of shareholder having a major interest
       LINCOLN INVESTMENT MANAGEMENT LIMITED
 3)   Please state whether notification indicates that it is in respect of
      holding of the shareholder named in 2 above or in respect of a
      non-beneficial interest or in the case of an individual holder if it is a
      holding of that person's spouse or children under the age of 18

 4)   Name of the registered holder(s) and, if more than one holder, the number
      of shares held by each of them
      LINCOLN ASSURANCE LIMITED

      LINCOLN UNIT TRUST LIMITED
 5)   Number of shares/amount of stock acquired
 6)   Percentage of issued class

 7)   Number of shares/amount of stock disposed

8)    Percentage of issued class

 9)   Class of security
      ORDINARY 25P SHARES


10)   Date of transaction

 11)  Date company informed
       28 FEBRUARY 2001
 12)  Total holding following this notification
      NO LONGER HOLD A NOTIFIABLE INTEREST IN THE COMPANY
 13)  Total percentage holding of issued class following this notification

 14)  Any additional information

 15)  Name of contact and telephone number for queries
      PAUL CONNOLLY, BAILLIE GIFFORD & CO.

      0131 474 3210


16) Name and signature of authorised company official responsible for making
    this notification