Holding in Company

Montanaro UK Smlr Cos Inv Tst PLC
9 July 2001

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC



The Company has been informed that Allianz (UK) Limited now has an aggregate
holding of 8,370,457 ordinary shares in Montanaro UK Smaller Companies
Investment Trust PLC, representing 20.87% of the issued share capital. The
breakdown of holdings is as follows:



Merchant Investors Assurance Company Limited:  7,170,457 ordinary shares
(representing 17.88% of the issued class of capital)

Cornhill Insurance PLC: 1,200,000 Ordinary Shares (representing 2.99% of the
issued class of capital).



09.07.01