Holding(s) in Company

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has been informed that, following the transfer of Merchant
Investors Assurance Company Limited out of the Allianz Group of companies,
Allianz AG and its subsidiaries now have an interest in 1,130,000 Ordinary
shares held by Allianz Cornhill Insurance plc, representing 3.068% of the
issued shares of the Company.

05.01.04