Holding(s) in Company

Montanaro UK Smaller Companies Investment Trust PLC

The Company was informed on 23 June 2004 that, following the sale of 500,000
shares on 22 June 2004, Merchant Investors Assurance Company Ltd now has an
interest in 3,175,457 Ordinary shares, representing 8.70% of the issued share
capital.

Merchant Investors Assurance Company Ltd is owned by Sanlam Netherlands
Holdings BV, which is the European holding Company of the Sanlam Group.

23 June 2004