Holding(s) in Company

Herald Investment Trust PLC
31 March 2003

                          Herald Investment Trust PLC

                            Substantial Shareholding

We have today been informed by The Royal Bank of Scotland Group plc that they
hold of behalf of The Royal Bank of Scotland plc 5,216,773 ordinary shares in
Herald Investment Trust PLC, which represents 6.18% of the issued share capital
of 84,475,145.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   31 March 2003


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