Statement re Treasury Shares

MONANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces today that, in accordance with the Treasury Share policy
disclosed in the Company's Annual Report, it has cancelled 1,828,000 Ordinary
shares that were held in Treasury.

There are now no shares held in Treasury.

The number of Ordinary 10p shares in issue and circulation will now be
33,475,958.

10 December 2008