Holding(s) in Company

Herald Investment Trust PLC
02 June 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Legal & General Group that following a purchase
of 100,000 shares on 28 May 2003 they now hold 2,731,180 ordinary shares in
Herald Investment Trust PLC, which represents 3.11% of the issued share capital
of 87,807,348.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     2 June 2003


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