Holding(s) in Company - TR-1 Notification

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached:

Herald Investment Trust plc

25p Ordinary Shares

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

yes

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to thenotification obligation:

RATHBONE BROTHERS PLC

4. Full name of shareholder(s)  (if different from 3.):

RATHBONE BROTHERS PLC

Rathbone Investment Management Limited

Rathbone Investment Management International Limited

Rathbone Unit Trust Management Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached:

7 February 2014

6. Date on which issuer notified:

10 February 2014

7. Threshold(s) that is/are crossed orreached:

10%

8. Notified details:

A: Voting rights attached to shares

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

25p Ordinary

GB0004228648

7,776,798

7,776,798

N/A

N/A

7,785,903

N/A

10.01%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate

Exercise/Conversion Period

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

N/A

N/A

N/A

N/A

N/A

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date

Exercise/Conversion period

Number of voting rights instrument refers to

% of voting rights

N/A

N/A

N/A

N/A

N/A

Nominal

Delta

N/A

N/A

Total (A+B+C)

Number of voting rights

Percentage of voting rights

7,785,903

10.01%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable:

RATHBONE BROTHERS PLC*

Rathbone Investment Management Limited - 9,93887%

Rathbone Investment Management International

Limited - 0.04561%

Rathbone Unit Trust Management Limited - 0.03862%

*Rathbone Brothers Plc is the holding company of the following.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will ceaseto hold:

12. Date on which proxy holder will cease to holdvoting rights:

13. Additional information:

Total shares in issue used as denominator: 77,679,546

14. Contact name:

COMPLIANCE DEPARTMENT

15. Contact telephone number:

 020 7399 0000

Note: Annex should only be submitted to the FSA not the issuer

Annex: Notification of major interests in share

A: Identity of the persons or legal entity subject to the notification obligation

Full name

(including legal form of legal entities)

Contact address

(registered office for legal entities)

Phone number & email

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

Phone number & email

Other useful information

(e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

For notes on how to complete form TR-1 please see the FSA website.