Director Shareholding

Montanaro UK Smaller Companies Investment Trust PLC ('MUSCIT').

The Company wishes to announce that Mr L G Petar, a Director of MUSCIT, has
today purchased 10,000 Ordinary 10p shares of the Company (representing 0.03%
of the issued class of capital) at a price of 108 pence per share.

Mr Petar is now the beneficial owner of 10,000 Ordinary 10p shares
(representing 0.03% of the issued class of capital).

28.05.03