Holding(s) in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

Montanaro UK Smaller Companies Investment Trust Plc

2. Reason for the notification                                        State    
                                                                     Yes/No    
                                                                               
An acquisition or disposal of voting rights                            Yes     
                                                                               
An acquisition or disposal of financial instruments which may                  
result in the                                                                  
acquisition of shares already issued to which voting rights are                
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify): Requirement to disclose                        Yes     

3. Full name of person(s) subject to the notification obligation      CCLA     
(iii):                                                             Investment  
                                                                   Management  
                                                                     Limited   
                                                                               
4. Full name of shareholder(s) (if different from 3.) (iv):           COIF     
                                                                    Charities  
                                                                   Investment  
                                                                      Fund     
                                                                               
                                                                  CBF Church of
                                                                   England UK  
                                                                   Equity Fund 
                                                                               
                                                                  CBF Church of
                                                                     England   
                                                                   Investment  
                                                                      Fund     
                                                                               
                                                                  The Whitgift 
                                                                   Foundation  
                                                                               
5. Date of the transaction (and date on which the threshold is     10 December 
crossed                                                               2007     
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                                  14 December 
                                                                      2007     
                                                                               
7. Threshold(s) that is/are crossed or reached:                    Disposal of 
                                                                     entire    
                                                                   holding. 5% 
                                                                    threshold  
                                                                     crossed   
                                                                               
8. Notified details:                                                  6.46%    

A: Voting rights attached to shares

 Class/type of  Situation previous   Resulting situation after the triggering  
    shares              to                       transaction (vii)             
  if possible     the Triggering                                               
using the ISIN   transaction (vi)                                              
     CODE                                                                      
                                                                               
                 Number    Number    Number  Number of voting    % of voting   
                   of        of        of      rights (ix)         rights      
                 Shares    Voting    shares                                    
                           Rights                                              
                           (viii)                                              
                                                                               
                                     Direct  Direct  Indirect  Direct  Indirect
                                               (x)     (xi)                    
                                                                               
Ordinary Shares 2,668,031 2,668,031   Nil      Nil     Nil      Nil      Nil   
                                                                               
 GB0006007560                                                                  
                                                                               

CCLA Investment Management Limited on 10 December 2007 disposed of the holdings
detailed below:

CCLA Investment Management Limited was the investment manager of the funds/
clients listed below and as at 4 June 2007 the interests in Montanaro UK
Smaller Companies Investment Trust Plc were as follows:

COIF Charities Investment Fund

1,200,000 Ordinary Shares

The shares were held on behalf of the COIF Charities Investment Fund which is a
common investment fund for charities, established by a scheme of the Charity
Commissioners under section 24 of the Charities Act 1993.

The CBF Church of England UK Equity Fund

400,000 Ordinary Shares

The CBF Church of England Investment Fund

963,031

The shares were held on behalf of the Central Board of Finance of the Church of
England, acting in its capacity of trustee of the Investment Funds set up under
the Church Funds Investment Measure 1958.

Segregated Fund Management Clients of CCLA - The Whitgift Foundation

105,000 Ordinary Shares

CCLA is owned 60% by the CBF Church of England Investment Fund, 25% by the COIF
Charities Investment Fund (a proportion of the non-voting shares) and 15% by
the Local Authorities' Mutual Investment Trust.

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

   Type of     Expiration       Exercise/        Number of voting       % of   
  financial    date (xiii)      Conversion      rights that may be     voting  
 instrument                 Period/ Date (xiv)    acquired if the      rights  
                                                    instrument                 
                                                   is exercised/               
                                                     converted                 
                                                                               
     N/A                                                                       

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
0                                       0                                      

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

N/A                                                                            

Proxy Voting:


10. Name of the proxy holder:                                 COIF Charities   
                                                              Investment Fund  
                                                                               
                                                              CBF Church of    
                                                              England UK Equity
                                                              Fund             
                                                                               
                                                              CBF Church of    
                                                              England          
                                                              Investment Fund  
                                                                               
                                                              The Whitgift     
                                                              Foundation       
                                                                               
11. Number of voting rights proxy holder will cease to hold:  2,668,031        
                                                                               
12. Date on which proxy holder will cease to hold voting      10 December 2007 
rights: