Holding(s) in Company

Herald Investment Trust PLC
22 March 2004

                          Herald Investment Trust PLC

                            Substantial Shareholding



We have today been informed by The Royal Bank of Scotland Group plc that they
have an interest of 4,427,351 ordinary shares in Herald Investment Trust PLC,
which represents 5.04% of the issued share capital of 87,807,348.



                                                           Baillie Gifford & Co.

                                                             Company Secretaries

                                                                   22 March 2004


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