Annual Information Update

Montanaro European Smaller C.TstPLC
21 September 2006

                       MONTANARO SMALLER COMPANIES TRUST

                           Annual Information Update



Pursuant to the requirements of the Prospectus Rule 5.2, the following
summarises the information that has been published or made available to the
public by Montanaro European Smaller Companies Trust ('the Company') over the 12
months to 13 September 2006.

The Company uses the London Stock Exchange RNS service to make announcements to
the market.   Copies of announcements can be obtained from the RNS service using
the following link http://www.londonstockexchange.com/en-gb/pricesnews/
marketnews/.

Report and Accounts can be inspected at the UK Listing Authority's Document
Viewing Facility, which is situated at:

Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5HS

Tel: [phone]

Report and accounts are also available from the Company Secretary, F&C Asset
Management Limited, 80 George Street, Edinburgh EH2 3BU.

NOTES:

• Some of the information listed may be out of date at the date of
submission of this Annual Information Update.


                                                                                     Date of Publication/
                                                                                     Filing
Information published on RNS
Notification of Transactions of Directors - Andrew Irvine                            18 September 2006
Results of Annual General Meeting                                                    4 September 2006
Holdings in Company - ING Bank NV                                                    16 August 2006
Holdings in Company - Reed Elsevier Pension Trustee Limited                          16 August 2006
Holdings in Company - Friends Provident Group                                        10 August 2006
Holdings in Company - BA Pension Mgt Ltd                                             10 August 2006
Proposals Regarding The Future of the Company                                        2 August 2006
Month End Portfolio Update                                                           18 July 2006
Listing Rule 15                                                                      4 July 2006
Month End Portfolio Update                                                           13 June 2006
Year End Results for the year ended 31 March 2006                                    16 May 2006
Month End Portfolio Update                                                           15 May 2006
Month End Portfolio Update                                                           13 April 2006
Notification of Major Interests in Shares                                            5 April 2006
Listing Rule 15                                                                      4 April 2006
Management Arrangements                                                              3 April 2006
Top Ten Holdings                                                                     28 February 2006
Directorate Change                                                                   1 Feb 06
Purchase of Own Securities                                                           23 Jan 06
Notification of Interests of Directors and connected persons - Friends Provident     13 Jan 06
Group
Notification of Interests of Directors and connected persons - ING Bank N.V          10 Jan 06
Notification of Interests of Directors and connected persons - Friends Provident     10 Jan 06
Group
Notification of Interests of Directors and connected persons -Andrew Irvine          9 Jan 06
Month End Portfolio Update as at 30 November 2005                                    14 December 2005
Month End Portfolio Update as at 31 October 2005                                     17 November 2005
Interim Results ended 30 September 05                                                9 Nov 2005
Month End Portfolio Update as at 30 September 2005                                   17 October 2005
Schedule 11 - Notification of purchase by Maxi ISA  of 4,000 shares by Bruce Graham  13 October 2005
on 13 October 2005
Schedule 10 - Holdings in Company - Deutsche Bank AG                                 11 October 2005
Schedule 10 - Holdings in Company - Carrousel Capital Ltd                            11 October 2005
Schedule 10 - Holdings in Company - Prudential plc                                   11 October 2005
Purchase of own Securities                                                           7 October 2005
Listing Rule 15 - Top 10 Holdings                                                    4 October 2005
Directorate Change announcing Mr J T Laurenson retirement                            20 September 2005
Information Posted to Shareholders
Annual Report and Accounts                                                           11 August 2006
Circular re. Proposals for the Company's Future                                      11 August 2006
Interim Report and Accounts                                                          9 December 2006






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