Director/PDMR Shareholding

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company has today been informed that Michael Moule, a Director of Montanaro
UK Smaller Companies Investment Trust PLC, purchased 3,000 Ordinary 10p shares
on 24 October 2008 at the price of £1.66 per share.

Following this transaction, Mr Moule is interested in a total of 10,000
Ordinary 10p Shares (representing 0.03% of the issued class of capital).

3 November 2008