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 
attached:                                                          Trust

2. Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights                                          No

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): Transition of the fund to other manager                      Yes  
                                                                                        
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                         04/06/2013               
which the threshold is crossed or                                                       
reached: 

6. Date on which issuer notified:                              06/06/2013               
                                                                                        
7. Threshold(s) that is/are crossed or                         3%                       
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                                                                   
                                                                                           
if possible   Number     Number      Number     Number of voting   % of  voting rights
using the     of         of          of shares  rights
ISIN CODE     Shares     Voting
                         Rights      Direct     Direct Indirect    Direct   Indirect

GB0006007560  1,106,197  1,106,197   506,197                       1.51%               



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   % of voting rights 
financial    price     date        Conversion  rights instrument
instrument                         period      refers to                             
                                                                                           
                                                                  Nominal    Delta      
                                                                                           
                                                                             1          


Total (A+B+C)                                                                              
                                                                                           
Number of voting rights               Percentage of voting rights                    
                                                                                           
506,197                               1.51%                                          



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:                                    IMS Supervisor / Manager           
                                                                                        
15. Contact telephone number:                        0131 549 3706