Holding(s) in Company

Montanaro UK Smaller Companies Investment Trust PLC

The Company has been informed that Merchant Investors Assurance Company Limited
has been sold by Allianz (UK) Limited to Sanlam Netherland Holdings BV. From 23
December 2003 the shares in Merchant Investors Assurance Company Ltd are owned
by Sanlam Netherlands Holdings BV, a European holding company of the Sanlam
Group.

From 23 December Allianz (UK) Ltd and other companies within the Allianz AG
Group no longer have an interest in the shares owned by Merchant Investors
Assurance.

The disclosable material interest of Merchant Investors Assurance Company Ltd
in the Ordinary share capital of the Company is currently 4,525,457 shares,
representing 12.28% of the issued class of shares.

29 December 2003