Holding(s) in Company

Herald Investment Trust PLC
10 February 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management Limited that
following a purchase of 809,800 shares they now hold, on behalf of Newton ICVC -
Managed Fund, 2,560,411 ordinary shares in Herald Investment Trust PLC, which
represents 3.03% of the issued share capital of 84,475,145.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                10 February 2003


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