Holding(s) in Company

TR-1: Notification of major interests in shares

1.Identity of the issuer or the underlying issuer of         MONTANARO UK    
existing shares to which voting rights are attached:       SMALLER COMPANIES 
                                                           INVESTMENT TRUST  
                                                                  PLC        
                                                                             
2. Reason for the notification                                                                           
                                                                             
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                                           No                               
                                                                             
An event changing the breakdown of voting rights   No                          
                                                                             
Other (please specify): Notification of Total Voting Rights                  
                                                                             
3. Full name of person(s) subject to the notification     EAST RIDING OF     
obligation:                                               YORKSHIRE COUNCIL  
                                                                             
4. Full name of shareholder(s) (if different from 3.):            N/A        
                                                                             
5. Date of the transaction (and date on which the           5 JANUARY 2011   
threshold is crossed or reached if different):                               
                                                                             
6. Date on which issuer notified:                           6 JANUARY 2011   
                                                                             
7. Threshold(s) that is/are crossed or reached:                   8 %        
                                                                             
8. Notified details:                                            7.90 %       

A: Voting rights attached to shares                                           
                                                                              
             Situation previous   Resulting situation after the triggering    
Class/type   to the Triggering    transaction                                 
of shares    transaction                                                      
                                                                              
if possible            Number of  Number of Number of voting   % of voting    
using the    Number of Voting     shares    rights             rights         
ISIN CODE    Shares    Rights                                                 
                                  Direct    Direct    Indirect Direct Indirect
                                                                              
  ORDINARY                                                                    
   SHARES    2,818,400 2,818,400  2,643,400 2,643,400   N/A    7.90 %   N/A   
                                                                              
GB0006007560                                                                  

B: Financial Instruments                                                      
                                                                              
Resulting situation after the triggering transaction                          
                                                                              
Type of     Expiration Exercise/     Number of voting rights that may  % of   
financial   date       Conversion    be acquired if the instrument is  voting 
instrument             Period/ Date  exercised/ converted.             rights 

Total (A+B)                                                                   
                                                                              
Number of voting rights                     % of voting rights                
                                                                              
              2,643,400                                7.90 %              
                                                                              

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 33,475,958 SHARES IN ISSUE.
                                                                              
14. Contact name:             JOANNA NOTTINGHAM                               
                                                                              
15. Contact telephone number: 01482 394149                                    


Annex Notification Of Major Interests In Shares

A: Identity of the person or legal entity subject to the notification           
obligation                                                                      
                                                                                
Full name (including legal form for legal entities)     EAST RIDING OF YORKSHIRE
                                                        COUNCIL                 
                                                                                
Contact address (registered office for legal entities)  INVESTMENT SECTION      
                                                                                
                                                        PO BOX 164              
                                                                                
                                                        CHURCH STREET           
                                                                                
                                                        GOOLE                   
                                                                                
                                                        DN14 5YZ                
                                                                                
Phone number                                            01482 394149            
                                                                                
Other useful information (at least legal representative JOANNA NOTTINGHAM       
for legal persons)