Directorate Change

Montanaro UK Smaller Companies Investment Trust PLC ("the Company")

The Board is pleased to announce the appointment of Kate Bolsover as a
non-executive Director of the Company, with effect from today.

Mrs Bolsover is a non-executive director of JPMorgan American Investment Trust
plc and Fidelity Asian Values plc. She is also chairman of
Tomorrow's People Trust Limited and a director of a number of affiliated
companies. She worked for Cazenove Group plc and J.P. Morgan Cazenove between
1995 and 2005 where she was managing director of the mutual fund business, and
latterly director of Corporate Communications. Prior to this, her work involved
business development and mutual funds experience covering countries in the Far
East.

There are no other details or disclosures required under LR 9.6.13R of the
Financial Conduct Authority Listing Rules.

17 October 2014