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                
             
   
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                         Quilter Cheviot Limited
notification obligation:                                                             
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                           05/03/2014             
which the threshold is crossed or                                                       
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                06/03/2014             
                                                                                        
7. Threshold(s) that is/are crossed or                           6%                     
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 2,008,225              2,008,225   2,011,721           2,011,721  0          6%     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      
financial                           date       Conversion period    instrument refers to     rights           
instrument                                                                                                    
                                                                                                              
                                                                                                              
                                                                                             Nominal Delta       
                              
                                                                                                              
Total (A+B+C)                                                                                                 
                                                                                                              
Number of voting rights                        Percentage of voting rights                          
                                                   
2,011,721                                      6%                                                   
                                                                                                              

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:                                                                          
                                  
                                                             
13. Additional information:                                 Based on issued capital of                             
                                                            33,475,958                  
                                                                                        
14. Contact name:                                           Gaylynn Parks               
                                                                                        
15. Contact telephone number:                               020 7150 4450