Change of Benchmark

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

CHANGE TO BENCHMARK

The Company confirms that as previously announced in its half yearly report to
30 September 2012 its Benchmark changed with effect from 1 April 2013.

The Board previously stated that it had undertaken a review to assess the most
appropriate benchmark against which its performance should be measured.  From
1 April 2013 the Company adopted The Numis Smaller Companies Index (excluding
investment companies) ("NSCI") as its Benchmark.

As previously stated, there will be no change in the investment approach or
objectives.

Any enquiries please contact:

Charles Montanaro
Montanaro Asset Management Limited
[e-mail]

David Lindley
Montanaro Asset Management Limited
[e-mail]

020 7448 8600