Holding(s) in Company

Montanaro European Smaller C.TstPLC
08 January 2008


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):       Montanaro European 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): Change in issued share capital                                        

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

4. Full name of shareholder(s) (if different from 3.)(iv):       HSBC Global Custody Nominee UK Ltd A/c
                                                                 771096

5. Date of the transaction (and date on which the threshold is   08/01/08
crossed or reached if different)(v):

6. Date on which issuer notified:                                08/01/08

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

                                                                 10%, 11%

8. Notified details:                                            -





A: Voting rights attached to shares
Class/type of    Situation previous to   Resulting situation after the triggering transaction(vii)
shares           the Triggering
                 transaction (vi)
 if possible     Number of   Number of   Number of       Number of voting rights   % of voting rights
using the ISIN   Shares      Voting      shares          ix
CODE                         Rights viii Direct          Direct  x  Indirect xi    Direct   Indirect


Ordinary
GB0004543517     1,600,000   1,600,000   2,000,000       2,000,000                 11.56%


B: Financial Instruments
Resulting situation after the triggering transaction xii
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument           xiii            Period/ Date xiv          that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted.
         -


Total (A+B)
Number of voting rights                            % of voting rights

2,000,000                                          11.56%




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



Proxy Voting:

10. Name of the 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:                                    Steven Ross

15. Contact telephone number:                        0207 628 8000



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