Holding(s) in Company

Herald Investment Trust PLC
16 January 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 5,451,486 ordinary shares in Herald Investment Trust PLC,
which represents 6.20% of the issued share capital of 87,807,348.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                16 January 2004.


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