Change of Adviser

Montanaro European Smaller C.TstPLC
24 November 2006



To:       RNS


From:     Montanaro European Smaller Companies Trust plc


Date:     24 November 2006


Change of Adviser


The Board of Montanaro European Smaller Companies Trust plc is pleased to
announce that, following the changes in investment policy and investment manager
approved by shareholders in September, the Company has retained Intelli
Corporate Finance as Financial Adviser and appointed Cenkos Securities as
Stockbroker.

Enquiries:


G R Hay Smith

Company Secretary

F&C Asset Management plc


Tel: [phone]



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