Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                        
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                   Montanaro UK       
of existing shares to which voting rights are                       Smaller Companies   
attached:                                                         Investment Trust PLC
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                            X
                                                                                        
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               Newton Investment Management Ltd.
notification obligation:                                                             
                                                                                        
4. Full name of shareholder(s)                                        N/A               
 (if different from 3.):                                                              
                                                                                        
5. Date of the transaction and date on                            29 May 2012           
which the threshold is crossed or                                                       
reached:                                                                              
                                                                                        
                                                     
6. Date on which issuer notified:                                 30 May 2012           
                                                                                        
                                                                                        
7. Threshold(s) that is/are crossed or                         Falling Below 5%         
reached:                                                                         
                                                                                        
8. Notified details: ISIN GB0006007560                                                   
                                                                                         
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     
if possible  of              of        of shares     rights             rights         
using        Shares          Voting                                                      
the ISIN                     Rights    Direct        Direct    Indirect Direct  Indirect 
CODE                                                                                
                                                                                         
Common Stock 1,695,409       1,695,409 1,661,565     1,661,565 N/A      4.96%   N/A      
GB0006007560                                                                             
                                                                                         
                                                                                         
                                                                                         
B: Qualifying Financial Instruments                                                      
                                                                                         
Resulting situation after the triggering transaction                                     
                                                                                         
Type of financial Expiration   Exercise/              Number of voting        % of voting
instrument        date         Conversion Period      rights that may be      rights     
                                                      acquired if the                    
                                                      instrument is                      
                                                      exercised/ converted.              
                                                                                         
N/A                                                                                      
                                                                                         
                                                                                         
                                                                                         
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     
financial                    date       Conversion  rights instrument    rights   
instrument                              period      refers to                            
                                                                                    
                                                                                         
                                                                                         
                                                                         Nominal Delta   
N/A                                                                                      
                                                                                         
                                                                                         
Total (A+B+C)                                                                            
                                                                                         
Number of voting rights                       Percentage of voting rights                
                                                                                         
1,661,565                                     4.96%                                      
                                                                                         
 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                       
Newton Investment Management Ltd. holds these shares as a discretionary fund            
manager.                                                                                
                                                                                        
                                                                                        
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 information:                                              N/A            
                                                                                        
14. Contact name:                                                 Nicholas R. Darrow    
                                        
15. Contact telephone number:                                        412-236-7733