Holding(s) in Company

TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached:

Montanaro UK Smaller Companies Investment Trust Plc

2. Reason for the notification                                        State    
                                                                     Yes/No    
                                                                               
An acquisition or disposal of voting rights                            Yes        
                                                                               
An acquisition or disposal of financial instruments which may               
result in the                                                                  
acquisition of shares already issued to which voting rights are                
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify):                                                        

3. Full name of person(s) subject to the notification obligation:  East Riding 
                                                                  of Yorkshire 
                                                                     Council   
                                                                               
4. Full name of shareholder(s) (if different from 3.):                 N/A     
                                                                               
5. Date of the transaction (and date on which the threshold is     29 February 
crossed                                                               2008     
or reached if different):                                                      
                                                                               
6. Date on which issuer notified:                                  29 February 
                                                                      2008     
                                                                               
7. Threshold(s) that is/are crossed or reached:                        7%      
                                                                               
8. Notified details:                                                  7.95%    

A: Voting rights attached to shares

Class/type of  Situation previous    Resulting situation after the triggering   
    shares             to                           transaction                 
 if possible     the Triggering                                                 
using the ISIN     transaction                                                  
     CODE                                                                       
                                                                                
                Number    Number    Number    Number of voting    % of voting   
                  of        of        of           rights            rights     
                Shares    Voting    shares                                      
                          Rights                                                
                                                                                
                                    Direct    Direct   Indirect Direct  Indirect
                                                                                
   Ordinary    2,750,000 2,750,000 2,675,000 2,675,000           7.95%          
    Shares                                                                      
                                                                                
 GB0006007560                                                                   
                                                                                

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

   Type of     Expiration       Exercise/        Number of voting       % of   
  financial       date          Conversion      rights that may be     voting  
 instrument                    Period/ Date       acquired if the      rights  
                                                    instrument                 
                                                   is exercised/               
                                                     converted                 
                                                                               

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
2,675,000                               7.95%                                  

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are
effectively held, if applicable:

N/A                                                                            

Proxy Voting:


10. Name of the proxy holder:                                                  
                                                                               
11. Number of voting rights proxy holder will cease to hold:                   
                                                                               
12. Date on which proxy holder will cease to hold voting                       
rights:                                                                        
                                                                               
13. Additional Information                                    Calculation based
                                                              on 33,646,458    
                                                              shares in issue  
                                                                               
14. Contact Name                                              Carolyn Johnson  
                                                                               
15. Contact Telephone Number                                  01482 394149