Holding(s) in Company

Herald Investment Trust PLC
12 May 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management Limited that they
now hold 12,055,465 ordinary shares in Herald Investment Trust PLC, which
represents 13.73% of the issued share capital of 87,807,348.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     12 May 2003


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