Holding(s) in Company

Herald Investment Trust PLC
02 February 2004


                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by The Royal Bank of Scotland Group plc that they
have an interest of 5,201,486 ordinary shares in Herald Investment Trust PLC,
which represents 5.92% of the issued share capital of 87,807,348.

                                                           Baillie Gifford & Co.
                                                             Company Secretaries

                                                                 2 February 2004

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