New Loan Facility

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that it has agreed a new £15 million Floating Rate
Revolving Loan Facility with ING Bank N.V., London Branch at an effective
interest rate of 4.30% per annum. This replaces the existing £15 million
Revolving Credit Facility. The Company has also entered into a £15 million
Interest Rate Swap with ING Bank N.V., Amsterdam.

The key terms of the new facility are that it is for a five year term with
effect from 19 December 2011 to 19 December 2016 and interest is payable at 6
month Sterling LIBOR plus a margin and MLA costs. The Interest Rate Swap is for
5 years, enabling the Company to fix the effective interest costs of the £15
million loan over its term at 4.30% per annum. No breakage charges were payable
in respect of termination of the existing facility.

19 December 2011