Transaction in Own Shares

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that 300,000 Ordinary shares of 10p each were today sold
by the Company from the shares held in treasury at a price of 163.0p per share
which equates to an estimated discount to net asset value at the time of sale
of 15.5%.

The resultant total number of Ordinary shares held in treasury by the Company
is 2,450,000. The number of Ordinary shares that the Company has in issue, less
the total number of Ordinary shares held by the Company in treasury following
this sale, is 34,067,578.

Enquiries:

Charles Montanaro - Montanaro Investment Managers Limited

Tel: [phone]