Holding(s) in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

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

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          No      
result in the                                                                  
acquisition of shares already issued to which voting rights are                
attached                                                                       
                                                                               
An event changing the breakdown of voting rights                       No      
                                                                               
Other (please specify): Notification under point 7 of Annex C                  
(DTR Sourcebook - Transitional Provisions) of the Transparency                 
Obligations Directive (Disclosure and Transparency Rules)                      
Instrument 2006                                                                

3. Full name of person(s) subject to the notification obligation  Co-operative 
(iii):                                                              Financial  
                                                                  Services Ltd 
                                                                               
4. Full name of shareholder(s) (if different from 3.) (iv):       Co-operative 
                                                                    Insurance  
                                                                     Society   
                                                                     Limited   
                                                                               
5. Date of the transaction (and date on which the threshold is    13th February
crossed                                                               2009     
or reached if different) (v):                                                  
                                                                               
6. Date on which issuer notified:                                 22nd May 2009
                                                                               
7. Threshold(s) that is/are crossed or reached:                        0%      
                                                                               
8. Notified details:                                                           

A: Voting rights attached to shares

 Class/type of  Situation previous   Resulting situation after the triggering  
    shares              to                       transaction (vii)             
  if possible     the Triggering                                               
using the ISIN   transaction (vi)                                              
     CODE                                                                      
                                                                               
                 Number    Number    Number  Number of voting    % of voting   
                   of        of        of      rights (ix)         rights      
                 Shares    Voting    shares                                    
                           Rights                                              
                           (viii)                                              
                                                                               
                                     Direct  Direct  Indirect  Direct  Indirect
                                               (x)     (xi)                    
                                                                               
 GB0006007560   1,155,000 1,155,000    0        0                0%            
                                                                               

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

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

Total (A+B)                                                                    
                                                                               
Number of voting rights                 % of voting rights                     
                                                                               
0                                       0%                                     

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

Co-operative Financial Services Limited is the controlling parent entity of    
Co-operative Insurance Society Limited "CIS"                                   
                                                                               
CIS' direct interest in voting rights:                                         
                                                                               
CIS has the following direct interests:                                        
                                                                               
  * 0 shares which give rise to 0% of voting rights; and                       
                                                                               
  * No financial instruments giving rise to an aggregate of 0%age of voting    
    rights.                                                                    

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:                                                    
                                                                               
14. Contact name:                                                              
                                                                               
15. Contact telephone number: