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 Reports of the Directors and Auditor and the audited
   financial statements for the year ended 31 March 2013.
   
   Votes for: 24,826,506
   Votes against: 0
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 680,000

2. To receive and approve the Directors' Remuneration Report for the year
   ended 31 March 2013.
   
   Votes for: 24,826,506
   Votes against: 0
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 680,000

3. To declare a final dividend of 6.76p per Ordinary share for the year ended
   31 March 2013.
   
   Votes for: 24,826,506
   Votes against: 0
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 680,000

4. To re-elect David Gamble as a Director of the Company. (Resolution
   withdrawn)
   
5. To re-elect Kathryn Matthews as a Director of the Company.

   Votes for: 23,342,236
   Votes against: 246,516
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 1,917,753

6. To re-appoint KPMG Audit Plc as Auditor and to authorise the Directors to
   determine their remuneration.

   Votes for: 24,649,506
   Votes against: 177,000
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 680,000

In addition the following Resolutions were passed on a show of hands as Special
Business of which Resolutions 7, 9, 10 and 12 were Special Resolutions. The
proxy votes received were:

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

   Votes for: 24,649,506
   Votes against: 177,000
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 680,000

8. To allot relevant securities in accordance with Section 551 of the Companies
   Act 2006.

   Votes for: 24,823,506
   Votes against: 0
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 683,000

9. To allot relevant securities for cash and to disapply pre-emption rights, in
   accordance with Sections 570 and 573 of the Companies Act 2006.

   Votes for: 24,817,256
   Votes against: 0
   Votes at the Chairman's discretion: 9,168
   Votes withheld: 689,250

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

    Votes for: 20,170,316
    Votes against: 4,656,189
    Votes at the Chairman's discretion: 9,168
    Votes withheld: 680,000

11. To release the Directors from the obligation to convene a General Meeting
    during 2014 to propose the winding up of the Company.

    Votes for: 25,441,668
    Votes against: 18,700
    Votes at the Chairman's discretion: 7,618
    Votes withheld: 47,688

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

    Votes for: 24,592,054
    Votes against: 240,070
    Votes at the Chairman's discretion: 3,550
    Votes withheld: 680,000