Annual Report and Accounts

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

Annual Report for the period ended 31 March 2004

A copy of the above document has been submitted to the UK Listing Authority and
is available 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

10.06.04