Holding in Company

Montanaro UK Smlr Cos Inv Tst PLC
22 October 2001

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

Further to an announcement made on 15 October 2001, the Company has today been
informed that, following a stock loan return of 346,400 Ordinary shares on 22
October 2001, the Co-operative Insurance Society Limited now has an interest
in 1,746,400 Ordinary shares, representing 4.68% of the issued capital.


22.10.01