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 Trust 
attached:                                                                PLC            
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                     YES     
                                                                                        
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                  Montanaro Asset Management    
notification obligation:                                            Limited             
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):                                                                
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                              2nd February 2015        
reached:                                                                                
                                                                                        
6. Date on which issuer notified:                              3rd February 2015        
                                                                                        
7. Threshold(s) that is/are crossed or                                3%                
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  450,000         450,000       1,300,000     1,300,000                3.88%                
                                                                                                          
                                                                                                          
                                                                                                          
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    Exercise/       Number of voting rights   % of voting rights   
financial                    date          Conversion      instrument refers to                           
instrument                                 period                                                         
                                                                                     Nominal Delta        
                                                                                     
                                                                  
                                        
Total (A+B+C)                                                                                             
                                                                                                          
Number of voting rights                           Percentage of voting rights                             
                                                                                                          
1,300,000                                         3.88%                                                   




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:                                                             
                                                                                        
14. Contact name:                                             Matthew Francis, Montanaro
                                                                                        
15. Contact telephone number:                                              0207 448 8600