Substantial Shareholder

Montanaro UK Smlr Cos Inv Tst PLC
7 March 2001


Montanaro UK Smaller Companies Investment Trust PLC 

The Company has today been informed that, following the purchase of certain
assets by Clerical Medical Investment Group Holdings Ltd from the Equitable
Life Assurance Society which became effective on 1 March 2001, Halifax Group
plc are now deemed to have a non-material interest in 6,070,208 Ordinary
shares of 10p in the Company (representing 15.14% of the issued share
capital).

07.03.01