Holding(s) in Company

Montanaro European Smaller C.TstPLC
15 May 2007

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA include the annex

For filings with issuer exclude the annex

TR-1: Notifications of Major Interests in Shares

1. Identity of the issuer or the underlying issuer of
existing shares to which voting rights are attached:          Montanaro European Smaller Companies
                                                              Trust PLC

2. Reason for notification (yes/no)
                                                                         
An acquisition or disposal of voting rights                              X

An acquisition or disposal of financial instruments which 
may result in the acquisition

of shares already issued to which voting rights are attached


An event changing the breakdown of voting rights


Other (please specify):_Decrease in issued share capital_____________


3. Full name of person(s) subject to notification    Jupiter Asset Management Limited
obligation:


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


5. Date of transaction (and date on which the        10/05/2007
threshold is crossed or reached if different):


6. Date on which issuer notified:                    11/05/2007


7. Threshold(s) that is/are crossed or reached:      5%








8: Notified Details
A: Voting rights attached to shares


Class/type of  Situation previous to the Resulting situation after the triggering transaction
shares         triggering transaction
               Number of    Number of    Number of    Number of voting rights  Percentage of voting
If possible    shares       voting       shares                                rights
use ISIN code               rights

                                                      Direct      Indirect     Direct       Indirect
               650,000      650,000      0            0           880,000      0            5.044




B: Financial Instruments


Resulting situation after the triggering transaction


Type of financial    Expiration date      Exercise/ conversion No. of voting rights  Percentage of voting
instrument                                period/date          that may be acquired  rights
                                                               (if the instrument
                                                               exercised/converted)
-






Total (A+B)


Number of voting rights                              Percentage of voting rights
880,000                                              5.044



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

The shares will appear on the register in the name of Nortrust Nominees Limited and are held on behalf of the Jupiter
Fund of Investment Trusts as a client of Jupiter  Asset Management Limited


Proxy Voting:


10. Name of 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:                                      Susan Edgar


15. Contact telephone name:                           0207  628 8000







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