Holding(s) in Company

Montanaro UK Smaller Companies Investment Trust PLC

The Company was informed on 12 May 2004 that Merchant Investors Assurance
Company Ltd now has an interest in 3,675,457 Ordinary shares, representing
10.06% of the issued share capital.

Merchant Investors Assurance Company Ltd is owned by Sanlam Netherlands
Holdings BV, which is the European holding Company of the Sanlam Group.

13 May 2004