Holding(s) in Company

Montanaro European Smaller C.TstPLC
30 May 2007

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 issuer of
existing shares to which voting rights are attached:
                                                              Montanaro European Smaller Companies
                                                              Trust PLC


2. Reason for notification (yes/no)
                                                                                        X

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):_Decrease in issued share capital_____________


3. Full name of person(s) subject to notification    Newton Investment Management Limited
obligation:


4. Full name of shareholder(s) (if different from    Newton Investment Management Limited
3):


5. Date of transaction (and date on which the        23/05/2007
threshold is crossed or reached if different):


6. Date on which issuer notified:                    24/05/2007


7. Threshold(s) that is/are crossed or reached:      Increase from 12.78% to 13.33%






8: Notified Details                                  Take on of 95,700 shares






A: Voting rights attached to share


Class/type of   Situation previous to the Resulting situation after the triggering transaction
shares          triggering transaction
                Number of    Number of    Number of    Number of voting rights Percentage of voting
If possible use shares       voting       shares                               rights
ISIN code                    rights

                                                       Direct      Indirect    Direct       Indirect
GB0004543517    2,229,450    12.78%       N/A          N/A         2,325,150   N/A          13.33%




B: Financial Instruments


Resulting situation after the triggering transaction


Type of financial    Expiration date      Exercise/ conversion No. of voting rights  Percentage of voting
instrument                                period/date          that may be acquired  rights
                                                               (if the instrument
                                                               exercised/converted)
-






Total (A+B)


Number of voting rights                              Percentage of voting rights
2,325,150                                            13.33%






















9. Chain of controlled undertakings through which the voting rights and /or the financial instruments are effectively
held, if applicable:
Newton Investment Management holds these shares as discretionary Investment Managers


Proxy Voting:


10. Name of proxy holder:

                                                     N/A
11. Number of voting rights proxy holder will cease  N/A
to hold:


12. Date on which proxy holder will cease to hold    N/A
voting rights:




13. Additional information:


14 Contact name:                                      Susan Edgar


15. Contact telephone name:                           0207  628 8000












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