Holding(s) in Company

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has today been informed that following a sale of 350,000 Ordinary
shares on 26 August 2003, Merchant Investors Assurance Company Limited
('Merchant IA') and the M.I. Group Limited are now interested in 4,625,457
Ordinary shares, representing 12.556% of the issued Ordinary shares.

Following this transaction, Allianz (UK) Limited, Allianz AG (the ultimate
holding company of Merchant IA) and their subsidiaries are interested in
15.624% of the issued Ordinary shares.

29.08.03