Transaction in Own Shares

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that 288,280 Ordinary shares of 10p each were today sold
by the Company from the shares held in treasury at a price of £1.825 per share.
Following this transaction, the Company no longer has any shares held in
treasury.

The number of Ordinary shares that the Company has in issue remains as
35,609,458.

Enquiries:

Charles Montanaro - Montanaro Investment Managers Limited

Tel: [phone]

14.06.05