Holding(s) in Company

Herald Investment Trust PLC
07 July 2004


                          Herald Investment Trust PLC

                            Substantial Shareholding


We have today been informed by Windsor Life Assurance that they no longer have
an interest in the ordinary shares of Herald Investment Trust PLC.

                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                    07 July 2004


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