Substantial Shareholding Notification

Montanaro UK Smlr Cos Inv Tst PLC
12 April 2000


Montanaro UK Smaller Companies Investment Trust plc - Holding in Company

Pursuant to enquiries made under Section 212 of the Companies Act (1985), the
Company has been informed that Devon County Council are now interested in
1,575,000 ordinary 10p shares (representing 3.93% of the issued class of
capital).