Holding(s) in Company

Herald Investment Trust PLC
09 June 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management that following a
recent sale they now hold 12,015,769 ordinary shares in Herald Investment Trust
PLC, which represents 13.68% of the issued share capital of 87,807,348.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                     9 June 2003


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