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 report of the Directors and Auditor and the audited
    financial statements for the year ended 31 March 2012.
   
    Votes for: 19,349,431

    Votes against: 0

    Votes at the Chairman's discretion: 0

    Votes withheld: 0

 2. To receive and approve the Directors' Remuneration Report.
   
    Votes for: 19,349,431

    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: 19,349,431

    Votes against: 0

    Votes at the Chairman's discretion: 0

    Votes withheld: 0

 4. To re-elect Michael Moule as a Director of the Company.
   
    Votes for: 19,349,431

    Votes against: 0

    Votes at the Chairman's discretion: 0

    Votes withheld: 0

 5. To re-appoint KPMG Audit Plc as Auditors to the Company and to authorise
    the Directors to determine their remuneration.
   
    Votes for: 19,172,431

    Votes against: 177,000

    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, 10 and 11 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: 19,172,431

   Votes against: 177,000

   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: 19,142,406

   Votes against: 0

   Votes at the Chairman's discretion: 0

   Votes withheld: 207,025

8. To authorise the Directors to allot equity securities up to 10% of
   the current issued share capital without pre-emption rights.

   Votes for: 19,171,566

   Votes against: 177,865

   Votes at the Chairman's discretion: 0

   Votes withheld: 0

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

   Votes for: 12,060,883

   Votes against: 2,754,461

   Votes at the Chairman's discretion: 0

   Votes withheld: 4,534,086

10. To amend the Company's Articles of Association to permit the realised
    Capital Reserve to be classified as a distributable reserve.

    Votes for: 19,348,856

    Votes against: 0

    Votes at the Chairman's discretion: 0
    
    Votes withheld: 575

11. To hold a General Meeting other than an Annual General Meeting on not less
    than 14 clear days' notice.

    Votes for: 19,332,399

    Votes against: 16,457

    Votes at the Chairman's discretion: 0

    Votes withheld: 575