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                    Montanaro UK Smaller   
attached:                                                          Companies IT Plc     
                                                                                        
                                                                
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         
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):                                                                 
                                                                                        
                                                               
3. Full name of person(s) subject to the                         Legal & General Group Plc 
notification obligation:                                                (L&G)           
                                                                                        
4. Full name of shareholder(s)                                           N/A            
 (if different from 3.):                                                                
                                                                                                               
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                18 September 2012     
reached:                                                                                
   
6. Date on which issuer notified:                                20 September 2012     
                                                                                        
7. Threshold(s) that is/are crossed or                                                  
reached:                                                         L&G (Below 3%)      
                                                                                        

8. Notified details:                                                                       
                                                                    
A: Voting rights attached to shares                                                        
                                                                                           
Class/        Situation previous       Resulting situation after the triggering transaction
type of        to the triggering                                                           
shares            transaction                                                              
                                                                                           
              Number         Number               Number of voting    % of  voting rights  
if              of             of                      rights                              
possible      Shares         Voting     Number                                             
using                        Rights    of shares                                           
the ISIN                                                                                   
CODE                                              Direct   Indirect  Direct     Indirect   
                                                    
Ordinary           1,004,693                                                                        
10p                                                             Below 3%                                                
              (As on 11/07/2012)                                                           
                                                                                           
                                                                                           
                                                                                           
B: Qualifying Financial Instruments                                                        
                                                                                           
Resulting situation after the triggering transaction                                       
                                                                                           
                                                  Number of voting                         
                                                  rights that may be                       
Type of     Expiration      Exercise/             acquired if the           % of voting    
financial   date            Conversion Period     instrument is             rights         
instrument                                        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    
                     
                                                                                           
Total (A+B+C)                                                                              
                                                                                           
Number of voting rights                       Percentage of voting rights                  
                                                                                           
                                                                                           
                                                                                           
                                   Below 3%                                                

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                              
                                                                                        
                                                                                        
                                                                                        
Legal & General Group Plc (Direct and Indirect) (Group)                                 
                                                                                        
Legal & General Investment Management (Holdings) Limited (LGIMH)                        
(Direct and Indirect)                                                                   
                                                                                        
Legal & General Investment Management Limited (Indirect) (LGIM)                         
                                                                                        
    Legal & General Group Plc (Direct) (L&G) (Below 3% = LGAS, LGPL & PMC)              
                                                                                        
Legal & General Investment Management (Holdings)       Legal & General                  
Limited (Direct) (LGIMHD)                              Insurance Holdings               
                                                       Limited (Direct) (LGIH)          
                                                                                        
Legal & General Assurance (Pensions Management)        Legal & General                  
Limited  (PMC)                                         Assurance Society                
                                                       Limited  (LGAS & LGPL)           
                                                                                        
                                                       Legal & General Pensions         
                                                       Limited (Direct)  (LGPL)         
                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                       N/A                 
                                                                                        
11. Number of voting rights proxy holder will cease                 N/A                 
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                   N/A                 
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
13. Additional infromation:                           Notification using the total voting rights figure of   
                                                      33,475,958                        
                             
14. Contact name:                                     Paul Toon (LGIM)                     
                                                                                        
15. Contact telephone number:                         020 3124 3854