Holding in Company

Montanaro UK Smlr Cos Inv Tst PLC
3 April 2001

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has today been informed that following a disposal of 250,000
shares by Merchant Investors Assurance Company Limited on 30 March 2001,
Allianz (UK) Limited now have an aggregate holding of 5,870,249 ordinary
shares, representing 14.64% of the issued class of capital.

The breakdown is now as follows:

Merchant Investors Assurance Company Limited:  4,670,249 ordinary shares
(representing 11.65% of the issued class of capital)

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


03.04.01