Holding in Company

RNS Number:9546W
Armour Trust PLC
9 January 2001


Letter to: Company Announcements Office

We have been advised today of changes to the holdings of shares in Armour Trust
plc managed by Montanaro Fund Managers. These shares are now managed as follows:

(1) Under the discretionary control, but not in the beneficial ownership, of
Montanaro Fund Managers Limited - 6,113,514 shares. These shares are held by the
Montanaro New Millennium Fund (formerly Montanaro UK Smaller Companies Fund),
6,000,000 shares (14.8% of issued capital); and the Montanaro European Smaller
Companies Fund, 113,514 shares (0.28% of issued capital)

(2) Under the management of Montanaro and Company Limited - 1,929,729 shares
(4.8% of issued capital) held by the Montanaro UK Smaller Companies Fund
(Limited Partnerships)

The change is one of management only, 113,514 shares having moved to the
European Smaller Companies Fund from the UK Smaller Companies Fund (Limited
Partnerships): there has been no change in the total number of shares held by
the Montanaro Group.

The legal ownership is as follows:

Roy Nominees Limited:                              6,000,000 shares
Royal & Sun Alliance Trust Company Limited:        1,929,729 shares
Morgan Nominees Limited:                             113,514 shares

Letter from: Armour Trust plc