Transaction in Own Shares

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that on 10 December 2007 it purchased 1,828,000 Ordinary
10p shares in the market at a price of 244.5 pence per share. The shares so
purchased will be held in treasury.

The number of Ordinary 10p shares in issue will remain as 35,609,458. This
figure is inclusive of the 1,828,000 Ordinary shares held in treasury.

11.12.07