Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi                                         
                                                                                        
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                  Montanaro UK Smaller
of existing shares to which voting rights are                       Companies Investment Trust Plc 
attached:ii                                                                             
                                                                                        
2 Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                     Yes
                                                                                        
An acquisition or disposal of qualifying financial instruments which may result         
in the acquisition of shares already issued to which voting rights are attached         
                                                                                     No 
                                                                                        
An acquisition or disposal of instruments with similar economic effect to               
qualifying financial instruments                                                        
                                                                                     No 
                                                                                        
                                                                                        
An event changing the breakdown of voting rights                                        
                                                                                     No 
                                                                                        
Other (please specify):                                                                 
                                                                                        
3. Full name of person(s) subject to the                                                
notification obligation:iii                                                             
                                                             AEGON UK Group of Companies
                                                                                        
4. Full name of shareholder(s)                                                          
 (if different from 3.):iv                                                              
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                                                       
reached: v                                                   3rd November 2009          
                                                                                        
                                                                                        
6. Date on which issuer notified:                                                       
                                                             4th November 2009          
                                                                                        
7. Threshold(s) that is/are crossed or                                                  
reached: vi, vii                                                                        
                                                             2-4%                       
                                                                                        


 

8. Notified details:                                                                              
                                                                                                  
A: Voting rights attached to shares viii, ix                                                      
                                                                                                  
Class/type   Situation previous           Resulting situation after the triggering transaction    
of           to the triggering                                                                    
shares       transaction                                                                          
                                                                                                  
                                                                                                  
if possible  Number          Number       Number    Number of voting         % of  voting rights x
using        of              of           of shares rights                                        
the ISIN     Shares          Voting                                                               
CODE                         Rights                                                               
                                          Direct    Direct xi   Indirect xii Direct   Indirect    
                                                                                                  
                                                                                                  
GB0006007560 Below 3%        Below 3%     1,436,374 1,392,374   44,000       4.16     0.13        
                                                                                                  
                                                                                                  
                                                                                                  
B: Qualifying Financial Instruments                                                               
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
Type of        Expiration      Exercise/              Number of voting             % of voting    
financial      date xiii       Conversion Period xiv  rights that may be           rights         
instrument                                            acquired if the                             
                                                      instrument is                               
                                                      exercised/ converted.                       
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
C: Financial Instruments with similar economic effect to Qualifying Financial                     
Instruments xv, xvi                                                                               
                                                                                                  
Resulting situation after the triggering transaction                                              
                                                                                                  
Type of       Exercise price Expiration  Exercise/  Number of voting rights     % of voting rights
financial                    date xvii   Conversion instrument refers to        xix, xx           
instrument                               period                                                   
                                         xviii                                                    
                                                                                                  
                                                                                Nominal Delta      
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
                                                                                                  
Total (A+B+C)                                                                                     
                                                                                                  
Number of voting rights                          Percentage of voting rights                      
                                                                                                  
1,436,374                                        4.29%                                            
                                                                                                  


 

9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable: xxi                          
                                                                                        
                                                                                        
                                                                                        
AEGON UK Group of companies - parent undertaking of:                                    
                                                                                        
AEGON Asset Management UK plc                                                           
                                                                                        
AEGON Investment Management UK ltd.                                                     
                                                                                        
AEGON ICVC                                                                              
                                                                                        
                                                                                        
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                       AEGON UK Group of Companies         
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                                                
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                                          
                                                                                        
                                                                                        
                                                                                        
                                             AEGON UK Group of Companies consists of:   
13. Additional information:                                                             
                                             AEGON Asset Management UK plc              
                                                                                        
                                             AEGON Investment Management UK ltd         
                                                                                        
                                             AEGON ICVC                                 
                                                                                        
14. Contact name:                            Miranda Beacham                            
                                                                                        
15. Contact telephone number:                0131 549 3460