Holding(s) in Company

For filings with the FSA include the annex                                                  
                                                                                            
For filings with issuer exclude the annex                                                   
                                                                                            
                                                                                            
                                                                                            
TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                            
                                                                                            
1. Identity of the issuer or the underlying issuer MONTANARO UK SMALLER COMPANIES INVESTMENT
of existing shares to which voting rights are      TRUST                                    
attached:                                                                                
                                                                                            
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             
                                                                                            
An acquisition or disposal of instruments with similar economic effect to                   
qualifying financial instruments                                                            
                                                                                            
An event changing the breakdown of voting rights                                            
                                                                                            
Other (please                                                                               
specify):                                                                                   
                                                                                            
3. Full name of person(s) subject to the    CITY OF BRADFORD METROPOLITAN DISTRICT COUNCIL  
notification obligation:                                                                 
                                                                                            
4. Full name of shareholder(s)                                                              
 (if different from 3.):                                                                  
                                                                                            
5. Date of the transaction and date on                                                      
which the threshold is crossed or           01.02.12                                        
reached:                                                                                   
                                                                                            
6. Date on which issuer notified:           06.02.12                                        
                                                                                            
7. Threshold(s) that is/are crossed or      3%                                              
reached:                                                                             
 

8. Notified details:                                                                                  
                                                                                                      
A: Voting rights attached to shares                                                          
                                                                                                      
Class/type of    Situation previous         Resulting situation after the triggering transaction      
shares           to the triggering                                                                    
                 transaction                                                                          
                                                                                                      
if possible      Number        Number     Number            Number of voting      % of  voting rights x   
using            of            of         of shares         rights                                        
the ISIN CODE    Shares        Voting                                                                 
                               Rights       Direct        Direct      Indirect     Direct      Indirect   

                 833,500       833,500    1,083,500     1,083,500                    3.24%                   
GB0006007560                                                                                          
                                                                                                      
                                                                                                      
B: Qualifying Financial Instruments                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial       Expiration  Exercise/               Number of voting        % of voting       
instrument              date        Conversion Period       rights that may be      rights            
                                                            acquired if the                           
                                                            instrument is                             
                                                            exercised/ converted.                     
                                                                                                      
       
C: Financial Instruments with similar economic effect to Qualifying Financial                         
Instruments                                                                                   
                                                                                                      
Resulting situation after the triggering transaction                                                  
                                                                                                      
Type of financial  Exercise    Expiration Exercise/     Number of voting rights  % of voting rights   
instrument         price       date xvii  Conversion    instrument refers to                  
                                          period                                                 
                                                                                                      
                                                                                                      
                                                                                 Nominal      Delta   
                                                                                                      
                                                                                                      
                                                                                                     
Total (A+B+C)                                                                                         
                                                                                                      
Number of voting rights                            Percentage of voting rights                        
                                                                                                      
1,083,500                                          3.24%                                              
                                                                                                      

9. Chain of controlled undertakings through which the voting rights and/or the            
financial instruments are effectively held, if applicable:                             
                                                                                          
                                                                                          
                                                                                        
Proxy Voting:                                                                             
                                                                                          
10. Name of the proxy holder:                            N/A                              
                                                                                          
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:                           PATRICIA ROBERTSHAW                           
                                                                                          
15. Contact telephone number:               01274 433563