Holding(s) in Company

Montanaro European Smaller C.TstPLC
12 February 2008




TR-1(i):               notification of major interests in shares



1. Identity of the issuer or the underlying issuer of existing   Montanaro European Smaller Trust Ord
shares to which voting rights are attached(ii):


2. Reason for the notification     (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights                                                  FORMCHECKBOX

An acquisition or disposal of financial instruments which may result in the acquisition of   FORMCHECKBOX
shares already issued to which voting rights are attached

An event changing the breakdown of voting rights                                             FORMCHECKBOX

Other (please specify):                                                                      FORMCHECKBOX




3. Full name of person(s) subject to the notification obligation               Newton Investment Management Limited
(iii):


4. Full name of shareholder(s) (if different from 3.)(iv):


5. Date of the transaction (and date on which the threshold is
crossed or reached if different)(v):



6. Date on which issuer notified:                                12/02/08


7. Threshold(s) that is/are crossed or reached:                  13%


8. Notified details:                                             % increase due to reduction of
                                                                 overall share capital.



A: Voting rights attached to shares

Class/type of     Situation previous to   Resulting situation after the triggering transaction(vii)
shares            the Triggering
                  transaction (vi)

if possible       Number of   Number of   Number of Number of voting rights   % of voting rights
using the ISIN    Shares      Voting      shares    ix
CODE                          Rights viii Direct    Direct  x    Indirect xi  Direct       Indirect


Ordinary Shares  2,239,850   12.95%           N/A  N/A          2,239,850    N/A          13.02%

ISIN GB0004543517






B: Financial Instruments

Resulting situation after the triggering transaction xii

Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument           xiii            Period/ Date xiv          that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.





Total (A+B)

Number of voting rights                            % of voting rights

2,239,850                                          13.02%




9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively
held, if applicable xv:

Newton Investment Management Limited hold these shares as a discretionary Investment Manager.



Proxy Voting:


10. Name of the proxy holder:                                      N/A


11. Number of voting rights proxy holder will cease to hold:       N/A


12. Date on which proxy holder will cease to hold voting rights:   N/A


13. Additional information:


14. Contact name:                            Steven Ross


15. Contact telephone number:                020 7628 8000



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