Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                           
                                                                                          
                                                                                          
                                                                                          
1. Identity of the issuer or the underlying issuer                   Montanaro UK Smaller 
of existing shares to which voting rights are                    Companies Investment Trust PLC          
attached:                                                                               
                                                                                          
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        No 
in the acquisition of shares already issued to which voting rights are attached           
                                                                                          
An acquisition or disposal of instruments with similar economic effect to              No 
qualifying financial instruments                                                          
                                                                                          
An event changing the breakdown of voting rights                                       No 
                                                                                          
Other (please specify):                                                                No 
                                                                                          
3. Full name of person(s) subject to the                           Kames Capital          
notification obligation:                                                               
                                                                                          
4. Full name of shareholder(s)                                                            
 (if different from 3.):                                                                
                                                                                          
5. Date of the transaction and date on                             14/01/2013             
which the threshold is crossed or                                                         
reached:                                                                                 
                                                                                          
6. Date on which issuer notified:                                  16/01/2013             
                                                                                          
7. Threshold(s) that is/are crossed or                             4%                     
reached:                                                                           
                                                                                          
8. Notified details:                                                                        
                                                                                            
A: Voting rights attached to shares                                                
                                                                                            
Class/type   Situation previous           Resulting situation after the triggering          
of           to the triggering            transaction                                       
shares       transaction                                                                    
                                                                                            
             Number          Number       Number  Number of voting      % of  voting rights 
if possible  of              of           of      rights                x                   
using        Shares          Voting       shares                                            
the ISIN                     Rights                                                            
CODE                                      Direct  Direct  Indirect      Direct Indirect     
                                                                                          
                                                                                            
GB0006007560    1,409,912     1,409,912   509,912 509,912    750,000    1.52%      2.24%    
                                                                                            
                                                                                            
                                                                                            
B: Qualifying Financial Instruments                                                         
                                                                                            
Resulting situation after the triggering transaction                                        
                                                                                            
Type of        Expiration     Exercise/                 Number of voting      % of voting   
financial      date           Conversion Period         rights that may be    rights        
instrument                                              acquired if the                     
                                                        instrument is                       
                                                        exercised/ converted.               
                                 
                                                                                            
C: Financial Instruments with similar economic effect to Qualifying Financial               
Instruments                                                                          
                                                                                            
Resulting situation after the triggering transaction                                        
                                                                                            
Type of       Exercise price Expiration  Exercise/    Number of voting   % of voting rights 
financial                    date        Conversion   rights instrument              
instrument                               period       refers to                             
                    
                                                                         Nominal Delta      
                                                                                            
                                                                                 1          
                                                                                         
Total (A+B+C)                                                                               
                                                                                            
Number of voting rights                     Percentage of voting rights                     
                                                                                            
1,259,912                                   3.76%                                           

                                                                                            
9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                           
                                                                                        
                                                                                  
Kames Capital:-                                                                         
                                                                                        
Kames Capital Plc                                                                       
                                                                                        
Kames Capital Management Ltd                                                            
                                                                                        
Kames Capital ICVC                                                                      
                                                                                        
Kames Capital VCIC                                                                      
                                                                              
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                     Kames Capital         
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                
13. Additional information:                                                             
                                                                                        
14. Contact name:                                              Wendy Dunsmore           
                                                                                        
15. Contact telephone number:                                  0131 549 3706