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Monday 31 March, 2008

Smallbone PLC

Holding(s) in Company

Smallbone PLC
31 March 2008


TR-1:              NOTIFICATION OF MAJOR INTERESTS IN SHARES

1. Identity of the issuer or the underlying issuer of existing  Smallbone PLC
shares to which voting rights are attached:

2. Reason for the notification (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights                             X

An acquisition or disposal of financial instruments which may result in the acquisition of
shares already issued to which voting rights are attached

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification           Morgan Stanley (Institutional
obligation:                                                     Securities Group and Global Wealth
                                                                Management)
4. Full name of shareholder(s) (if different from 3.):

5. Date of the transaction (and date on which the threshold is  25/03/08
crossed or reached if different):

6. Date on which issuer notified:                               27/03/08

7. Threshold(s) that is/are crossed or reached:                 3%

8. Notified details:


A: Voting rights attached to shares
Class/type of    Situation previous to Resulting situation after the triggering transaction
shares           the Triggering
                 transaction
 if possible     Number of  Number of  Number of    Number of voting rights   % of voting rights
using the ISIN   Shares     Voting     shares
CODE                        Rights     Direct       Direct       Indirect     Direct       Indirect

Ordinary Shares  2,989,771  2,989,771  Below 3%     Below 3%                  Below 3%

GB00B01ZXV57


B: Financial Instruments
Resulting situation after the triggering transaction
Type of financial    Expiration date Exercise/ Conversion      Number of voting rights    % of voting
instrument                           Period/ Date              that may be acquired if    rights
                                                               the instrument is
                                                               exercised/ converted



Total (A+B)

Number of voting rights                            % of voting rights

Below 3%                                           Below 3%


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





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