Holding in Company

Montanaro UK Smlr Cos Inv Tst PLC
12 October 2001

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC


The Company has today been informed that following the sale of 150,000
Ordinary shares on 11 October 2001 by Exeter Smaller Companies Income Fund,
Exeter Asset Management Limited now hold in aggregate 1,450,000 Ordinary
shares, (representing 3.89% of the issued share capital).

The breakdown is now as follows:



Exeter Smaller Companies Income Fund       1,000,000 (representing 2.68%
                                           of the issued share capital)

Exeter Managed Growth Fund                 200,000 (representing 0.54% of the
                                           issued share capital)

Exeter Selective Assets Investment Trust   250,000 (representing 0.67%
                                           of the issued share capital)



12.10.01