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 Plc (0600756) 
                                                                                        
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                         Quilter Cheviot Limited
notification obligation:                                                                
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                           04/06/2014             
which the threshold is crossed or                                                       
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                05/06/2014             
                                                                                        
7. Threshold(s) that is/are crossed or                           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 1,674,174       1,674,174         1,671,230      1,671,230    0         4.99%   0             

                                                                                
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.                       

                                
C: Financial Instruments with similar economic effect to Qualifying Financial                              
Instruments                                                                                        
                                                                                                           
Resulting situation after the triggering transaction                                                       
                                                                                                           
Type of       Exercise price Expiration date Exercise/        Number of voting rights % of voting rights   
financial                                    Conversion       instrument refers to                         
instrument                                   period                                                        
                                                                                                           
                                                                                                           
                                                                                      Nominal  Delta       

                                                                                          
Total (A+B+C)                                                                                              
                                                                                                           
Number of voting rights                              Percentage of voting rights                           
                                                                                                           
1,671,230                                            4.99%                                                 
          

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 in issued capital of 33475958
                                                                                                                  
14. Contact name:                                    Florence Ibiam                     
                                                                                        
15. Contact telephone number:                        0207 150 4000