Holding(s) in Company

Herald Investment Trust PLC
14 May 2003


                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by The Royal Bank of Scotland Group plc that they
hold of behalf of The Royal Bank of Scotland plc 5,193,011 ordinary shares in
Herald Investment Trust PLC, which represents 5.91% of the issued share capital
of 87,807,348.


                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     14 May 2003

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