TR-1 NOTIFICATION OF MAJOR INTERESTS IN SHARES

1.   Identity of the issuer or the underlying issuer of existing shares to    
     which voting rights are attached :                                       
                                                                              
     Gartmore Smaller Companies Trust p.l.c.                                  

2.   Reason for the notification (place an X inside the appropriate bracket/s)
     :                                                                        
                                                                              
     An acquisition or disposal of voting rights                       ( )    
                                                                              
     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 (Reduction due to application of Trading Book              ( X )   
     exemption)                                                               

3.   Full name of person(s) subject to the notification obligation :          
                                                                              
     JPMorgan Chase & Co.                                                     

4.   Full name of shareholder(s) (if different from 3) :                      
                                                                              
     Bear, Stearns International Trading Limited                              

5.   Date of the transaction (and date on which the threshold is crossed or   
     reached if different) :                                                  
                                                                              
     7 July 2008                                                              

6.   Date on which issuer notified :                                          
                                                                              
     8 July 2008                                                              

7.   Threshold(s) that is/are crossed or reached :                            
                                                                              
     4% and 3%                                                                

8.   Notified Details :                                                       
                                                                              
     Not Applicable                                                           

A: Voting rights attached to shares

Class/type of Situation previous    Resulting situation after the Triggering   
  shares if    to the Triggering                   transaction                 
  possible        transaction                                                  
  using the                                                                    
  ISIN CODE                                                                    
                                                                               
              Number of Number of  Number of  Number of voting    % of voting  
               Shares     Voting    shares         rights           rights     
                          Rights                                               
                                                                               
                                    Direct    Direct   Indirect Direct Indirect
                                                                               
GB0005323091   605,000   605,000      Nil       Nil      N/A     Nil     N/A   

B: Financial Instruments

Resulting situation after the triggering transaction

  Type of f   Expiration   Exercise/Conversion  Number of voting   % of voting 
  inancial        date         Period/Date     rights that may be     rights   
 instrument                                     acquired if the                
                                                 instrument is                 
                                               exercised/converted             
                                                                               
Not Applicable                                                                 

Total (A+B) :                                                                 
                                                                              
Number of voting rights                % of voting rights                     
                                                                              
Nil                                    Nil                                    

9.   Chain of controlled undertakings through which the voting rights and/or  
     the financial instruments are effectively held, if applicable :          
                                                                              
     Total disclosable holding for JPMorgan Chase & Co.: Nil (Nil%)           
                                                                              
     Bear, Stearns International Trading Limited: Nil (Nil%)                  

Proxy Voting:

10.  Name of proxy holder :                                                   
                                                                              
     Not Applicable                                                           

11.  Number of voting rights proxy holder will cease to hold :                
                                                                              
     Not Applicable                                                           

12.  Date on which proxy holder will cease to hold voting rights :            
                                                                              
     Not Applicable                                                           

13.  Additional information :                                                 
                                                                              
     The JPMorgan Chase & Co. group of companies has other holdings which are 
     covered by exemptions                                                    

14.  Contact name :                                                           
                                                                              
     David Pearson                                                            

15.  Contact telephone number :                                               
                                                                              
     020-7782 2617                                                            

16.  Date of notification :                                                   
                                                                              
     9 July 2008                                                              



END


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