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
                                                                                        
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                       Reliance Mutual Insurance
notification obligation:                                                    Society Ltd.
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                                 2/2/15
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                                                 3/2/15
                                                                                        
7. Threshold(s) that is/are crossed or                        Down from 4.6% to below 1%
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                                                                                                           
             1,535,000                  1,535,000         170,000   170,000               -        0.5%    -           
                                                                                                                       
                                                                                                                       
                                                                                                                       
                                                                                                                       
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 date  Exercise/  Number of voting rights           % of voting      
financial                                                Conversion instrument refers to              rights           
instrument                                               period                                                        
                                                                                                                       
                                                                                                                       
                                                                                                      Nominal Delta      
                                                                                              
                                                                                                                       
Total (A+B+C)                                                                                                          
                                                                                                                       
Number of voting rights                                         Percentage of voting rights                            
                                                                                                                       
170,000                                                         0.5%                                                   


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:                     Reliance Mutual Insurance Society Ltd.
                                                                                        
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:                                                             
                                                                                        
14. Contact name:                                                             Ebru Smith
                                                                                        
15. Contact telephone number:                                              01892 773 219