Appointment of new Non - Executive Director

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC              

The Directors are pleased to announce that Laurence Petar has accepted an
invitation to join the Board as a non-executive Director with effect from 23
May 2003.

Mr Petar is currently a director of Close FTSE 100 Trust PLC and Jupiter Asset
Management Ltd and was a Director of The Media & Income Trust PLC until 2
September 2002.

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

23.05.03