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 Strategic Report the Reports of the Directors and the
    Auditor and the audited financial Statements for the year ended 31 March 2014.
   
Votes for: 16,915,915

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

 2. To receive and approve the Directors' Remuneration Report for the year
    ended 31 March 2014.
   
Votes for: 16,915,915

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

 3. To receive and approve the Directors Remuneration Policy as set out in the
    Directors Remuneration Report for the year ended 31 March 2014.
   
Votes for: 16,915,915

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

 4. To declare a final dividend of 7.50p per Ordinary share for the year ended
    31 March 2014
   
Votes for: 16,915,915

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

5. To elect James Robinson as a Director of the Company.

Votes for: 16,910,957

Votes against: 4,958

Votes at the Chairman's discretion: 0

Votes withheld: 0

6. To re-elect Roger Cumming as a Director of the Company

Votes for: 16,904,039

Votes against: 11,876

Votes at the Chairman's discretion: 0

Votes withheld: 0

7. To appoint KPMG LLP as Auditor to the Company to hold office from this
Meeting until the conclusion of the next General Meeting.

Votes for: 12,690,623

Votes against: 4,218,777

Votes at the Chairman's discretion: 0

Votes withheld: 6,515

In addition the following Resolutions were passed on a show of hands as Special
Business of which Resolutions 8, 10 and 12 were Special Resolutions. The proxy
votes received were:

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

Votes for: 16,915,915

Votes against: 0

Votes at the Chairman's discretion: 0

Votes withheld: 0

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

Votes for: 16,906,397

Votes against: 9,518

Votes at the Chairman's discretion: 0

Votes withheld: 0

10. 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: 16,908,357

Votes against: 7,558

Votes at the Chairman's discretion: 0

Votes withheld: 0

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

Votes for: 15,868,059

Votes against: 1,046,706

Votes at the Chairman's discretion: 0

Votes withheld: 1,150

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

Votes for: 16,560,912

Votes against: 355,003

Votes at the Chairman's discretion: 0

Votes withheld: 0