RNS Number:4635O
Herald Investment Trust PLC
07 August 2003



DISCLOSURE UNDER RULES 8.1(a), 8.1(b)(i) and 8.3
OF THE CITY CODE ON TAKEOVERS AND MERGERS

Date of Disclosure:           07 August 2003

Date of dealing:              06 August 2003

Dealing in:                   Project Telecom PLC

1) Class of securities:       ORDINARY

2) Amount sold:               2,000,000

   Price per unit:            69.00p


3) Resultant total of the same class owned or controlled (and
   percentage of class):        2,855,000               (1.29%)

4) Party making disclosure:   Herald Investment Trust plc


5) Dealing for discretionary client(s), name of fund management
   organisation:                Herald Investment Trust plc


6) Reason for disclosure (Note 2):

(a) associate of

(i) offeror (Note 3):         No
(ii) offeree company:         No

Specify which category or categories of associate (1-8 overleaf): N/A
If category (8), explain:     N/A


(b) Rule 8.3 (ie disclosure because of ownership or control of 1%
or more of the class of relevant securities dealt in): YES


Signed, for and on behalf of the party named in (4) above:

BAILLIE GIFFORD & CO. Company Secretaries


Telephone and extension number: Simon Marriott 0131 222 4076


Note 1. Specify owner, not nominee or vehicle company. If relevant, also
identify controller of owner, eg where an owner normally acts on
instructions of a controller

Note 2. Disclosure might be made for more than one reason; if so, state all
reasons.

Note 3. Specify which offeror if there is more than one.

Note 4. When an arrangement exists with any offeror, with the offeree company
or which an associate of any offeror or of the offeree company
in relation to relevant securities, details of such arrangement must
be disclosed, as required by Note 6 on Rule 8.

Note 5. It may be necessary, particularly when disclosing derivative
transactions, to append a sheet to this disclosure form so that
relevant information can be given.

Note 6. In the case of an average price bargain, each underlying trade
should be disclosed.


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