Compliance with Model Code

Montanaro European Smaller C.TstPLC
01 April 2008

To:                RNS

From:              Montanaro European Smaller Companies Trust plc

Date:              1 April 2008



Compliance with Model Code



In accordance with Listing Rule 15.5.1 (4), Montanaro European Smaller Companies
Trust plc (the 'Company') announces that it is satisfied that all inside
information which the Directors and the Company may have to 1 April 2008 has
previously been notified via a regulated information service and, therefore, the
dealings referred to in LR 15.5.1 (3) are permitted.





Name of contact and telephone number for enquiries:





GR Hay Smith

For F&C Investment Business Limited

Company Secretary

0131 718 1018




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