Holding(s) in Company

Herald Investment Trust PLC
23 August 2004



                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management that following a
sale of 300,000 ordinary shares on 18 August 2004 they now hold 9,355,345
ordinary shares in Herald Investment Trust PLC, which represents 10.66% of the
issued share capital of 87,729,848.



                                                           Baillie Gifford & Co.
                                                             Company Secretaries
                                                                  23 August 2004


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