Directorate Change

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC              

The Directors announce that, with effect from today, Sir Brandon Gough has
resigned both as Chairman and as a Director of the Company. The Directors thank
him for his valued contribution to the Board and wish him well for the future.

Mr David Gamble, currently a Director of the Company, has accepted the Board's
invitation to Chair the Company, with effect from today. The Board wish him
every success in his new role.

The Company is also pleased to announce that Michael Moule has accepted an
invitation to join the Board as a non-executive Director with effect from 28
January 2005. Mr Moule has extensive knowledge of UK and overseas equity
markets having worked in the City since 1963. His specific expertise is in the
investment trust sector having managed Bankers Investment Trust for 26 years
and Law Debenture Corporation for 16 years until his retirement in June 2003.

Mr Moule has an interest in 7,000 Ordinary shares of the Company, representing
0.02% of the issued voting shares.

Mr Moule is a director of the following publicly quoted companies:

The Bankers Investment Trust PLC

Lowland Investment Company plc

Foreign & Colonial Eurotrust PLC

Old Mutual South Africa Trust PLC

There are no other details required to be disclosed pursuant to paragraph 6.F.2
(b) to (g) of the UKLA Listing Rules.

28.01.05