Holding(s) in Company

Form TR-1 with annex. FSA Version 2.1 updated April 2007

For filings with the FSA include the annex  
                                            
For filings with issuer exclude the annex   

TR-1: Notifications of Major Interests in Shares                               

1. Identity of the issuer or the underlying     Montanaro UK Smaller Companies 
issuer of existing shares to which voting       Investment Trust plc           
rights are attached:                                                           
                                                                               
2. Reason for notification (yes/no)                                            
                                                                               
An acquisition or disposal of voting rights                                    
                                                                               
An acquisition or disposal of financial instruments which may result           
in the acquisition of shares already issued to which voting rights             
are attached                                                                   
                                                                               
An event changing the breakdown of voting rights                               
                                                                               
Other (please specify): New requirement to disclose                            
                                                                               
3. Full name of person(s) subject to    CCLA Investment Management Limited     
notification obligation:                                                       
                                                                               
4. Full name of shareholder(s) (if      COIF Charities Investment Fund         
different from 3):                                                             
                                        CBF Church of England UK Equity Fund   
                                                                               
                                        CBF Church of England Investment Fund  
                                                                               
                                        The Whitgift Foundation                
                                                                               
5. Date of transaction (and date on     Not applicable                         
which the threshold is crossed or                                              
reached if different):                                                         
                                                                               
6. Date on which issuer notified:       7 June 2007                            
                                                                               
7. Threshold(s) that is/are crossed or  5%                                     
reached:                                                                       

8: Notified Details                                                            
                                                                               
A: Voting rights attached to shares                                            
                                                                               
Class/    Situation previous  Resulting situation after the triggering         
type of   to the triggering   transaction                                      
shares    transaction                                                          
                                                                               
If                                                                             
possible                                                                       
use ISIN                                                                       
code                                                                           
                                                                               
                                                                               

Number of Number of Number of Number of voting  Percentage of                  
shares    voting    shares    rights            voting rights                  
          rights                                                               
                              Direct   Indirect Direct    Indirect             
                                                                               
Please see below. There has been no trigger transaction.                       

CCLA Investment Management Limited is the investment manager of the funds/
clients listed below and I write to inform you that as at 4 June 2007 the
interests in Montanaro UK Smaller Companies Investment Trust Plc were as
follows:

COIF Charities Investment Fund 1,200,000 Ordinary Shares

The shares are held on behalf of the COIF Charities Investment Fund which is a
common investment fund for charities, established by a scheme of the Charity
Commissioners under section 24 of the Charities Act 1993.

The CBF Church of England UK Equity Fund 400,000 Ordinary Shares

The CBF Church of England Investment Fund 963,031 Ordinary Shares

The shares are held on behalf of the Central Board of Finance of the Church of
England, acting in its capacity of trustee of the Investment Funds set up under
the Church Funds Investment Measure 1958.

Segregated Fund Management Clients of CCLA:-

The Whitgift Foundation 105,000 shares

CCLA is owned 60% by the CBF Church of England Investment Fund, 25% by the COIF
Charities Investment Fund (a proportion of which are non-voting shares) and 15%
by the Local Authorities' Mutual Investment Trust.

B: Financial Instruments                                                       
                                                                               
Resulting situation after the triggering transaction                           
                                                                               
Type of        Expiration     Exercise/       No. of voting      Percentage of 
financial      date           conversion      rights that may be voting rights 
instrument                    period/date     acquired (if the                 
                                              instrument                       
                                              exercised/                       
                                              converted)                       
                                                                               
Not applicable                                                                 

Total (A+B)                                                                    
                                                                               
Number of voting rights                 Percentage of voting rights            
                                                                               
2,668,031                               7.492479%                              

9. Chain of controlled undertakings through which the voting rights and /or the
financial instruments are effectively held, if applicable:                     
                                                                               
Not applicable                                                                 

Proxy Voting:                                                                  
                                                                               
10. Name of proxy holder:               COIF Charities Investment Fund         
                                                                               
                                        CBF Church of England UK Equity Fund   
                                                                               
                                        CBF Church of England Investment Fund  
                                                                               
                                        The Whitgift Foundation                
                                                                               
11. Number of voting rights proxy       Not applicable as holding has not      
holder will cease to hold:              changed.                               
                                                                               
12. Date on which proxy holder will     Not applicable as holding has not      
cease to hold voting rights:            changed.                               

13. Additional information:                                                    
                                                                               
14 Contact name:                        Jackie Fox                             
                                                                               
15. Contact telephone name:             0207 489 6046                          

For notes on how to complete form TR-1 please see the FSA website.