Holding(s) in Company

Herald Investment Trust PLC
12 September 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management that following a
recent sale they now hold 11,313,114 ordinary shares in Herald Investment Trust
PLC, which represents 12.88% of the issued share capital of 87,807,348.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                               12 September 2003


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