Holding(s) in Company

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has been informed that following a sale of 400,000 Ordinary shares
on 18 August 2003, Merchant Investors Assurance Company Limited ('Merchant IA')
and the M.I. Group Limited are now interested in 4,975,457 Ordinary shares,
representing 13.506% 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
16.574% of the issued Ordinary shares.

26.08.03