Holding(s) in Company

Montanaro UK Smaller Companies Investment Trust PLC

The Company was informed on 15 December 2005 that, following a sale of 50,000
Ordinary 10p shares on 15 December 2005, Reliance Mutual Insurance Society
Limited is now interested in 2,460,000 Ordinary 10p shares, representing 6.91%
of the issued share capital.

16.12.05