Holding in Company

Herald Investment Trust PLC
7 November 2001



                         Herald Investment Trust PLC

                           Substantial Shareholding

We have today been informed by Newton Investment Management Limited that they
now hold 12,346,868 ordinary shares in Herald Investment Trust PLC, which
represents 14.62% of the issued share capital of 84,453,686.



                                                         Baillie Gifford & Co.

                                                           Company Secretaries

                                                               7 November 2001