Transaction in Own Shares

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that on 21 January 2008 it purchased 30,000 Ordinary 10p
shares in the market at a price of 234.2 pence per share. The shares so
purchased will be cancelled.

The number of Ordinary 10p shares in issue will now be 35,474,458. This figure
is inclusive of the 1,828,000 Ordinary shares held in treasury.

21.01.08