Holding(s) in Company

Herald Investment Trust PLC
18 April 2002

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management Limited that they
now hold 12,100,953 ordinary shares in Herald Investment Trust PLC, which
represents 14.33% of the issued share capital of 84,453,686.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   18 April 2002



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