Result of AGM

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

At the Annual General Meeting held today, the following Ordinary Resolutions
were passed :

 1. To receive the audited accounts for the period ended 31 March 2008,
    together with the Report of the Directors and Auditors thereon.
   
Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

 2. To receive and approve the Directors' remuneration report.
   
Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

 3. To declare a final dividend of 3.65p per Ordinary share.
   
Votes for: 25,084,877

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

4. To re-elect Mr Christopher Jones as a Director of the Company.

Votes for: 23,877,809

Votes against: 560,914

Votes at the Chairman's discretion: 0

Votes withheld: 646,154

 5. To re-elect Mr David Gamble as a Director of the Company.
   
Votes for: 24,661,690

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 390,187

 6. To re-elect Mr Michael Moule as a Director of the Company.
   
Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

7. To re-elect Mr Antony Hardy as a Director of the Company.

Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

 8. To re-appoint KPMG Audit Plc as Auditors to the Company and to authorise
    the Directors to determine their remuneration.
   
Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

In addition the following Resolutions were passed as Special Business of which
Resolutions 9, 11, 12 and 13 were Special Resolutions.

 9. To authorise the Directors pursuant to Section 166 of the Companies Act
    1985 to make market purchases of the Company's own Ordinary shares.
   
Votes for: 25,084,877

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

10. To authorise the Directors pursuant to Section 80 of the Companies Act 1985
    to allot relevant securities up to 10% of the issued Ordinary share
    capital.
   
Votes for: 25,084,877

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

11. To authorise the Directors pursuant to Section 95(1) of the Companies Act
    1985 to allot equity securities up to 10% of the current issued share
    capital.
   
Votes for: 25,051,877

Votes against: 33,000

Votes at the Chairman's discretion: 0

Votes withheld: 0

12. To authorise the Directors to issue shares held in Treasury at a discount
    to NAV.
   
Votes for: 21,388,585

Votes against: 3,696,292

Votes at the Chairman's discretion: 0

Votes withheld: 0

13. To amend the Company's Articles of Association.
   
Votes for: 25,084,302

Votes against: 575

Votes at the Chairman's discretion: 0

Votes withheld: 0

In accordance with the Listing Rules, a copy of the full text of Resolutions 9
to 13, each having been proposed as special business, has been submitted to the
UK Listing Authority and will be available shortly for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel no: 020 7676 1000

18 July 2008