Substantial Holding

Montanaro UK Smlr Cos Inv Tst PLC
7 November 2000


Montanaro UK Smaller Companies Investment Trust plc

The Company has been informed that, following the purchase of 500,000 ordinary
10p shares (representing 1.25% of the issued class of capital) on 1 November
2000, Exeter Smaller Companies Income Fund Ltd is now interested in 1,500,000
ordinary 10p shares (representing 3.74% of the issued class of capital).

7 November 2000