AGM Results

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

At the Annual General Meeting held today, the following Ordinary Resolutions
were passed :

 1. To receive the audited accounts for the period ended 31 March 2009,
    together with the Report of the Directors and Auditors thereon.
   
Votes for: 25,026,618

Votes against: 33,000

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

 2. To receive and approve the Directors' remuneration report.
   
Votes for: 25,026,618

Votes against: 33,000

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

 3. To declare a final dividend of 6.85p per Ordinary share.
   
Votes for: 25,059,618

Votes against: 0

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

4. To re-elect Mr Christopher Jones as a Director of the Company.

Votes for: 22,736,474

Votes against: 2,322,705

Votes at the Chairman's discretion: 384,067

Votes withheld: 439

 5. To re-elect Mr Laurie Petar as a Director of the Company.
   
Votes for: 24,004,101

Votes against: 1,055,517

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

 6. To elect Mr Roger Cuming as a Director of the Company.
   
Votes for: 24,004,101

Votes against: 1,055,517

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

 7. To re-appoint KPMG Audit Plc as Auditors to the Company and to authorise
    the Directors to determine their remuneration.
   
Votes for: 25,026,618

Votes against: 33,000

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

In addition the following Resolutions were passed as Special Business of which
Resolutions 8, 10 and 11 were Special Resolutions.

 8. To authorise the Directors pursuant to Section 166 of the Companies Act
    1985 to make market purchases of the Company's own Ordinary shares.
   
Votes for: 25,026,618

Votes against: 33,000

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

 9. To authorise the Directors pursuant to Section 80 of the Companies Act 1985
    to allot relevant securities up to 10% of the issued Ordinary share
    capital.
   
Votes for: 25,059,618

Votes against: 0

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

10. To authorise the Directors pursuant to Section 95(1) of the Companies Act
    1985 to allot equity securities up to 10% of the current issued share
    capital.
   
Votes for: 20,365,708

Votes against: 4,693,910

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

11. To authorise the Directors to issue shares held in Treasury at a discount
    to NAV.
   
Votes for: 21,468,570

Votes against: 3,591,048

Votes at the Chairman's discretion: 384,067

Votes withheld: 0

12. To release the Directors from the obligation to convene a General Meeting
during 2010 to propose the winding up of the Company.

Votes for: 24,995,369

Votes against: 63,810

Votes at the Chairman's discretion: 384,067

Votes withheld: 439

In accordance with the Listing Rules, a copy of the full text of Resolutions 9
to 12, each having been proposed as special business, has been submitted to the
UK Listing Authority and will be available shortly for inspection at the UK
Listing Authority's Document Viewing Facility, which is situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London E14 5HS

Tel no: 020 7676 1000

Antony Hardy retired as a Director of the Company at the AGM, the Board would
like to thank Antony for his hard work and valuable contribution to the Company
and extend our very best wishes to him for the future.

Following the retirement of Antony Hardy the Chairman announced that Michael
Moule had been appointed as Chairman of the Audit Committee.

31 July 2009