Result of AGM

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

At the Annual General Meeting held today, the following Ordinary Resolutions
were passed on a show of hands, the proxy votes received were:

1. To receive the audited accounts for the period ended 31 March 2011,
together with the report of the Directors and Auditors thereon.
   
Votes for: 22,321,857

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

2. To receive and approve the Directors' Remuneration Report.
   
Votes for: 22,321,857

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

3. To declare a final dividend of 6.76p per Ordinary share.
   
Votes for: 22,321,857

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

4. To re-elect Roger Cuming as Director of the Company.
   
Votes for: 22,000,187

Votes against: 21,670

Votes at the Chairman's discretion: 0

Votes withheld: 300,000

5. To re-appoint KPMG Audit Plc as Auditors to the Company and to authorise
the Directors to determine their remuneration.
   
Votes for: 22,321,857

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

In addition the following Resolutions were passed on a show of hands as Special
Business of which Resolutions 6, 8, 9 and 10 were Special Resolutions. The
proxy votes received were:

6. To authorise the Directors to make market purchases of the Company's own
Ordinary shares.

Votes for: 22,300,187

Votes against: 21,670

Votes at the Chairman's discretion: 0

Votes withheld: 0

7. To authorise the Directors to allot relevant securities up to two-thirds of
issued Ordinary share capital with pre-emption rights.

Votes for: 22,162,406

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 159,451

8. To authorise the Directors pursuant to section 570 and section 573 of the Companies Act 2006 to
allot equity securities up to 10% of the current issued share capital without pre-emption rights.

Votes for: 22,119,322

Votes against: 198,670

Votes at the Chairman's discretion: 0

Votes withheld: 3,865

9. To authorise the Directors in certain circumstances to issue shares held in
Treasury at a discount to NAV.

Votes for: 20,105,891

Votes against: 1,248,771

Votes at the Chairman's discretion: 0

Votes withheld: 967,195

10. To hold a General Meeting other than an Annual General Meeting on not less
than 14 clear day's notice.

Votes for: 22,270,612

Votes against: 51,245

Votes at the Chairman's discretion: 0

Votes withheld: 0