Holding in Company

Herald Investment Trust PLC
26 October 2001

                         Herald Investment Trust PLC

                           Substantial Shareholding

We have today been informed by Newton Investment Management Limited that they
now hold 11,243,878 ordinary shares in Herald Investment Trust PLC, which
represents 13.31% of the issued share capital of 84,453,686.



                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               26 October 2001