Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                          
                                                                                        
                                                                                        
                                                                                        
                                                               Montanaro UK Smaller     
1. Identity of the issuer or the underlying issuer             Companies Investment     
of existing shares to which voting rights are                  Trust Plc                
attached:                                                                               
                                                                                        
                                                                                        
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                    Cheviot Asset Management    
notification obligation:                                    Limited                     
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                      26/06/2013                  
which the threshold is crossed or                                                       
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                           27/06/2013                  
                                                                                        
7. Threshold(s) that is/are crossed or                      Above 5%                    
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                                                                                        
                                                                                                                
                                                                                                                
if possible  Number                  Number      Number           Number of voting       % of  voting rights   
using        of                      of          of shares        rights                                     
the ISIN     Shares                  Voting                                                                     
CODE                                 Rights                                                                     
                                                 Direct           Direct      Indirect   Direct   Indirect     
                                                                                                                  
                                                                                                                
GB0006007560                                                                                                    
             1,670,856               1,670,856   1,675,116        1,675,116   0          5.00%    0            
                                                                                                                
                                                                                                                
                                                                                                                
                                                                                                                
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 rights  % of voting rights
financial                            date       Conversion period    instrument refers to                       
instrument                                                                                                      
                                                                                                                
                                                                                                                
                                                                                              Nominal Delta       
                                                                                                                
                                                                        
                                                                                                                
Total (A+B+C)                                                                                                   
                                                                                                                
Number of voting rights                                  Percentage of voting rights                            
                                                                                                                
1,675,116                                                 5.00%                                                  
                                                                                                                

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                              
                                                                                                                                                                                             
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                                           
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                                            Based on issued capital of  
13. Additional information:                                                             
                                                            33,475,958                  
                                                                                        
14. Contact name:                                           Stuartt Everitt             
                                                                                        
15. Contact telephone number:                               020 7438 5727