AGM Statement

Montanaro UK Smlr Cos Inv Tst PLC
31 July 2001

Montanaro UK Smaller Companies Investment Trust PLC

Results of Resolutions at AGM

31 July 2001

Shareholders of Montanaro UK Smaller Companies Investment Trust PLC (the
'Company') today voted at its Annual General Meeting in favour of Resolutions
1 to 7 and against Resolution 8 proposed by Millennium Partners L.P. under
Section 376 of the Companies Act 1985.


Under Resolution 7, shareholders voted in favour of an increase in the fixed
investment management fee payable to Montanaro Investment Managers Limited
from 0.5 per cent. to 1 per cent. of the Company's gross assets and to amend
its entitlement to a performance fee by the introduction of a performance fee
'hurdle' and 'high water-mark'.


Resolution 8 stated 'that the Board is hereby instructed to put to
shareholders proposals for a reorganisation, reconstruction or liquidation of
the Company which enable the shareholders to realise the whole of their
investment at a price related to net asset value, with such proposals to be
put to shareholders within two months of the passing of this resolution.'


On a poll vote, 4,377,500 shareholders voted in favour of Resolution 8 and
27,238,272 voted against, representing 86 per cent. of shares voted. The total
number of shares voted represented 79 per cent. of the Company's issued share
capital.


The Company's Chairman, Brandon Gough, said 'The Board has always believed
that an investment trust is the optimum structure for investment in quoted UK
'smaller' companies. It is this structure which has enabled the Investment
Manager, Montanaro Investment Managers Limited, to achieve substantial returns
for shareholders.'