Directorate Change

Montanaro UK Smaller Companies Investment Trust Plc ("the Company")

Retirement of Director

The Company announces that Mr David Gamble, Director and Chairman of the
Company has informed the Board that, due to personal reasons and other
commitments, he wishes to retire from the Board. The Company is therefore
withdrawing Resolution 4, his proposed re-election at the Annual General
Meeting being held on Friday 26 July. The Board wish him every success in the
future and will miss his valued contribution.

The Board is pleased to announce that Kathryn Matthews will be appointed
Chairman following David's retirement. Kathryn joined the Board in April 2010
following a thirty year career in the investment management industry.

As announced in the Company's annual report the Company is currently seeking to
make an additional appointment to the Board and expects to make a further
announcement shortly.

25 July 2013