Holding(s) in Company

Herald Investment Trust PLC
09 June 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed that following a recent sale Newton ICVC - Managed
Fund now holds 2,487,229 ordinary shares in Herald Investment Trust PLC, which
represents 2.83% of the issued share capital of 87,807,349.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                     9 June 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange