Holding in Company

Montanaro UK Smlr Cos Inv Tst PLC
30 March 2001

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC



The Company has today been informed that following the purchase of 250,000
ordinary shares on 29 March 2001 by Exeter Selective Assets Investment Trust,
Exeter Asset Management Limited now hold in aggregate 1,750,000 ordinary
shares, (representing 4.36% of the issued share capital).

The breakdown is as follows:



Exeter Smaller Companies Income Fund    1,500,000 (representing 3.74%
                                                  of the issued share capital)

Exeter Selective Assets Investment Trust   250,000 (representing 0.62%
                                                  of the issued share capital)



30.03.01