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):                                                        

3. Full name of person(s) subject to the notification obligation     Newton    
(iii):                                                             Investment  
                                                                   Management  
                                                                     Limited   
                                                                               
4. Full name of shareholder(s) (if different from 3.) (iv):          Newton    
                                                                   Investment  
                                                                   Management  
                                                                     Limited   
                                                                               
5. Date of the transaction (and date on which the threshold is      8 January  
crossed                                                               2008     
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                                   9 January  
                                                                      2008     
                                                                               
7. Threshold(s) that is/are crossed or reached:                   Decrease from
                                                                    6.28% to   
                                                                      5.95%    
                                                                               
8. Notified details:                                                Sales of   
                                                                  110,300 units

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 2,118,820   6.28%     N/A      N/A   2,008,520           5.95  
                                                                               
 GB0006007560                                                                  
                                                                               

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                 
                                                                               

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
2,008,520                               5.95%                                  

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

Newton Investment Management Limited hold these shares as a discretionary      
Investment Manager.                                                            

Proxy Voting:


10. Name of the proxy holder:                                 N/A              
                                                                               
11. Number of voting rights proxy holder will cease to hold:  N/A              
                                                                               
12. Date on which proxy holder will cease to hold voting      N/A              
rights:                                                                        

13. Additional information:                                                    
                                                                               
14. Contact name:                                                              
                                                                               
15. Contact telephone number: