Holding(s) in Company

Herald Investment Trust PLC
22 November 2004

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by Newton Investment Management that following non
market transfers totalling 511,749 ordinary shares on 18 November 2004 they now
hold 8,256,701 ordinary shares in Herald Investment Trust PLC, which represents
9.43% of the issued share capital of 87,556,010.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                22 November 2004


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