REG-Montanaro UK SmlrCos: Holding(s) in Company

TR-1 (i) NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing shares to which
voting rights are attached (ii):

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

2. Reason for the notification State
Yes/No

An acquisition or disposal of voting rights Yes

An acquisition or disposal of financial instruments which may No
result in the
acquisition of shares already issued to which voting rights are
attached

An event changing the breakdown of voting rights No

Other (please specify): Notification under point 7 of Annex C
(DTR Sourcebook - Transitional Provisions) of the Transparency
Obligations Directive (Disclosure and Transparency Rules)
Instrument 2006

3. Full name of person(s) subject to the notification obligation Co-operative
(iii): Financial
Services Ltd

4. Full name of shareholder(s) (if different from 3.) (iv): Co-operative
Insurance
Society
Limited

5. Date of the transaction (and date on which the threshold is 13th February
crossed 2009
or reached if different) (v):

6. Date on which issuer notified: 22nd May 2009

7. Threshold(s) that is/are crossed or reached: 0%

8. Notified details:

A: Voting rights attached to shares

Class/type of Situation previous Resulting situation after the triggering
shares to transaction (vii)
if possible the Triggering
using the ISIN transaction (vi)
CODE

Number Number Number Number of voting % of voting
of of of rights (ix) rights
Shares Voting shares
Rights
(viii)

Direct Direct Indirect Direct Indirect
(x) (xi)

GB0006007560 1,155,000 1,155,000 0 0 0%

B: Financial Instruments

Resulting situation after the triggering transaction (xii)

Type of Expiration Exercise/ Number of voting % of
financial date (xiii) Conversion rights that may be voting
instrument Period/ Date (xiv) acquired if the rights
instrument
is exercised/
converted

Total (A+B)

Number of voting rights % of voting rights

0 0%

9. Chain of controlled undertakings through which the voting rights and/or the
financial instruments are
effectively held, if applicable (xv):

Co-operative Financial Services Limited is the controlling parent entity of
Co-operative Insurance Society Limited "CIS"

CIS' direct interest in voting rights:

CIS has the following direct interests:

* 0 shares which give rise to 0% of voting rights; and

* No financial instruments giving rise to an aggregate of 0%age of voting
rights.

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting
rights:

13. Additional information:

14. Contact name:

15. Contact telephone number:

END