Holding(s) in Company

Montanaro European Smaller C.TstPLC
16 February 2007

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES



1. Name of company


Montanaro European Smaller Companies Trust Plc



2. Name of shareholder having a major interest


South Yorkshire Pensions Authority



3. Please state whether notification indicates that it is in respect of holding
of the shareholder named in 2 above or in respect of a non-beneficial interest
or in the case of an individual holder if it is a holding of that person's
spouse or children under the age of 18


As 2



4. Name of the registered holder(s) and, if more than one holder, the number of
shares held by each of them


HSBC Global Custody Nominee UK Ltd A/c 771096



5. Number of shares / amount of stock acquired


1,000,000



6. Percentage of issued class


5.73



7. Number of shares / amount of stock disposed


N/A



8. Percentage of issued class


N/A



9. Class of security


Ordinary



10. Date of transaction


15/02/07



 11. Date company informed


16/02/07



12. Total holding following this notification


1,600,000



13. Total percentage holding of issued class following this notification


9.17



14. Any additional information


Prudential plc and all of its subsidiary companies no longer have a notifiable 
interest in the issued share capital .



15. Name of contact and telephone number for queries


Steven Ross  0131 718 1000



16. Name and signature of authorised company official responsible for making
this notification


Gordon Hay Smith, F&C Investment Business Limited, Secretaries.



17. Date of notification


16/02/07



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