Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                        
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                                      
of existing shares to which voting rights are                                           
attached:                                                           Montanaro UK Smaller 
                                                                Companies Investment Trust PLC           
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                        
Other (please specify):                                  Transfer into Nominees            X
                                                                                        
3. Full name of person(s) subject to the                 Investec Wealth & Investment   
notification obligation:                                          Limited              
                                                                                        
4. Full name of shareholder(s)                                       N/A                
 (if different from 3.):                                                              
                                                                                        
5. Date of the transaction and date on                         28th August 2012         
which the threshold is crossed or                                                       
reached:                                                                               
                                                                                        
6. Date on which issuer notified:                             1st September 2012        
                                                                                        
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 transaction     
of           to the triggering                                                                   
shares       transaction                                                                         
                                                                                                 
             Number         Number      Number     Number of voting           % of  voting rights
if possible  of             of          of shares  rights                     x                  
using        Shares         Voting                                                               
the ISIN                    Rights      Direct     Direct          Indirect   Direct  Indirect   
CODE                                                                                         
                                                                                                 
Ordinary     739,439        739,439                                1,543,377          4.61%      
Shares                                                                                           
                                                                                                 
GB0006007560                                                                                     
                                                                                                 
                                                                                                 
                                                                                                 
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      Expiration Exercise/   Number of voting rights      % of voting      
financial     price         date       Conversion  instrument refers to         rights    
instrument                             period                                                    
                                                                                            
                                                                                                 
                                                                                Nominal Delta     
                                                                                                 
                                                                                                
Total (A+B+C)                                                                                    
                                                                                                 
Number of voting rights                        Percentage of voting rights                       
                                                                                                 
1,543,377                                      4.61%                                             
                                                                                                 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                           
                                                                                        
Client holdings registered in the name of Nominee companies 100% owned by               
Investec Wealth & Investment Limited.                                                   
                                                                                        
                                                                                        
                                                                                        
NB: The increase in the Nominee holding triggering this disclosure is the               
result of the integration of the Williams De Broe business with Investec Wealth         
& Investment on 28th August 2012.                                                       
                                                                                        
                                                                                        
                                                                                        
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 rights:                                                                          
                                                                       N/A              
                                                                                        
                                                                                        
                                                                                        
                                                                                        
13. Additional information:                                                             
                                                        N/A                             
                                                                                        
                                                                                        
                                                                                        
                                                        Phil Beardwell Chartered FCSI   
14. Contact name:                                                                       
                                                        Senior Compliance Manager       
                                                                                        
                                                                                        
                                                                                        
                                                                                        
15. Contact telephone number:                                                           
                                                        020 7597 1356