Transaction in Own Shares

MONANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that it has today cancelled 908,120 Ordinary shares that
were held in treasury.

Prior to this cancellation, 1,196,400 shares were held in treasury, of which
288,280 could be issued under the remaining authority granted at the 2004
Annual General Meeting. The shares cancelled today represent the proportion of
these shares that could not be issued.

The Company now holds 288,280 shares in treasury.

The number of Ordinary shares now in issue is 35,609,458. The number of
Ordinary shares in issue, less the total number of Ordinary shares held in
treasury, remains 35,321,178.

13 June 2005