Holding(s) in Company

TR-1(i): NOTIFICATION OF MAJOR INTERESTS IN SHARES

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

            Merrill Lynch British Smaller Companies Trust plc

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

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) : requirement to disclose (  )

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

            CCLA Investment Management Limited

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

            COIF Charities of England UK Equity Fund

CBF Church of England UK Equity Fund

CBF Church of England Investment Fund

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

            22 November 2007

(6). Date on which issuer notified:

            23 November 2007

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

            Disposal of entire holding 5% threshold crossed

(8). Notified details:


A: Voting rights attached to shares

Class/type of shares (if possible using the ISIN code):  Ord 25p/GB0006436108 -
Please see below, there has been no trigger transaction.

Situation previous to the triggering transaction(vi):
     Number of Shares:  3,787,750
     Number of Voting rights(viii):  3,787,750

Resulting situation after the triggering transaction(vii):
     Number of shares:
          DIRECT:  nil
     Number of voting rights (ix):
          Direct (x):  nil
          Indirect (xi):  nil

% of voting rights:
     Direct:  nil
     Indirect:  nil

CCLA Investment Management Limited on 22 November 2007 disposed of the holdings
detailed below:

 

CCLA Investment Management Limited was the investment manager of the funds/
clients listed below:

COIF Charities Investment Fund - 1,794,000 Ordinary Shares

The shares are held on behalf of the COIF Charities Investment Fund which is a
common investment fund for charities, established by

a scheme of the Charity Commissioners under section 24 of the Charities Act
1993.

The CBF Church of England UK Equity Fund - 400,000 Ordinary Shares

The CBF Church of England Investment Fund - 1,593,750 Ordinary Shares

The shares are held on behalf of the Central Board of Finance of the Church of
England, acting in its capacity of trustee of the Investment

Funds set up under the Church Funds Investment Measure 1958.

 

The CCLA is owned 60% by the CBF Church of England Investment Fund, 25% by the
COIF Charities Investment Fund (a proportion of which are

non-voting shares) and 15% by the Local Authorities' Mutual Investment Trust.


B. Financial Instruments

Resulting situation after the triggering transaction (xii):

Type of financial instrument:

Expiration date (xiii): 

Exercise/Conversion Period/Date (xiv): 

Number of voting rights that may be acquired if the instrument is exercised/
converted:

% of voting rights:

Total (A + B):

Number of voting rights:  nil

% of voting rights:  nil


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

            Not applicable

Proxy Voting:

(10). Name of the proxy holder:

            COIF Charities Investment Fund

CBF Church of England UK Equity Fund

CBF Church of England Investment Fund

(11). Number of voting rights proxy holder will cease to hold:

            3,787,750

(12). Date on which proxy holder will cease to hold voting rights:

            22 November 2007

(13). Additional information:

            N/A

(14). Contact name:

            Mrs A B Powley
            For BlackRock Investment Management (UK) Limited
            Secretary

(15). Contact telephone number:

            020 7743 5610


23 November 2007