Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES                                         
                                                                                        
                                                                                        
1. Identity of the issuer or the underlying issuer                  Montanaro UK Smaller
of existing shares to which voting rights are                       Companies IT        
attached:                                                                             
                                                                                        
2. Reason for the notification (please tick the appropriate box or boxes):               
                                                                                        
An acquisition or disposal of voting rights                                             
                                                                                        
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):                            Transfer out of Nominees            X
                                                                                        
3. Full name of person(s) subject to the            Investec Wealth & Investment Limited
notification obligation:                                                             
                                                                                        
4. Full name of shareholder(s)                                      N/A                 
 (if different from 3.):                                                              
                                                                                        
5. Date of the transaction and date on                                                  
which the threshold is crossed or                             10th April 2013           
reached:                                                                               
                                                                                        
6. Date on which issuer notified:                             11th April 2013           
                                                                                        
7. Threshold(s) that is/are crossed or                            Below 3%              
reached:                                                                         
                                                                                        
8. Notified details:                                                                                   
                                                                                                       
A: Voting rights attached to shares                                                           
                                                                                                       
Class/type   Situation previous                   Resulting situation after the triggering transaction 
of           to the triggering                                                                         
shares       transaction                                                                               
                                                                                                       
             Number                 Number        Number   Number of voting        % of  voting rights 
if possible  of                     of            of       rights                                     
using        Shares                 Voting        shares                                               
the ISIN                            Rights                                                             
CODE                                              Direct   Direct xi Indirect xii  Direct  Indirect    
                                                                                                       
Ordinary                                                                                               
Shares                                                                                                 
             1,354,250              1,354,250                        994,576               2.97%       
                                                                                                       
GB0006007560                                                                                           

                                                                                                       
B: Qualifying Financial Instruments                                                                    
                                                                                                       
Resulting situation after the triggering transaction                                                   
                                                                                                       
Type of        Expiration            Exercise/              Number of voting             % of voting   
financial      date                  Conversion Period      rights that may be           rights        
instrument                                                  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       Exercise price        Expiration  Exercise/  Number of voting rights    % of voting      
financial                           date        Conversion instrument refers to       rights   
instrument                                      period                                                 
                                                                                                       
                                                                                      Nominal Delta      
                                                                                                       

Total (A+B+C)                                                                                          
                                                                                                       
Number of voting rights                                  Percentage of voting rights                   
                                                                                                       
994,576                                                  2.97%                                         



9. Chain of controlled undertakings through which the voting rights and/or the          
financial instruments are effectively held, if applicable:                           
                                                                                        
Client holdings registered in the name of Nominee companies 100% owned by               
Investec Wealth & Investment Limited.                                                   
                                                                                        
Proxy Voting:                                                                           
                                                                                        
10. Name of the proxy holder:                                          N/A              
                                                                                        
11. Number of voting rights proxy holder will cease                                     
to hold:                                                               N/A              
                                                                                        
12. Date on which proxy holder will cease to hold                                       
voting rights:                                                         N/A              
                                                                                        
13. Additional information:                             N/A                             
                                                                                        
                                                        Phil Beardwell Chartered FCSI   
14. Contact name:                                                                       
                                                        Senior Compliance Manager       
                                                                                        
15. Contact telephone number:                           020 7597 1356