Holding in Company

Herald Investment Trust PLC
22 February 2001

We have today been informed that following a purchase of 126,800 ordinary 25p
shares on 21 February 2001, Newton Investment Management Limited now hold
9,283,467 shares in Herald Investment Trust PLC, which represents 11.07% of
the issued share capital of 83,873,599.

                                                         Baillie Gifford & Co.

                                                           Company Secretaries