Compliance with Model Code

Transactions in a Close Period - Listing Rule 15.5.1 (4)

Montanaro UK Smaller Companies Investment Trust plc ("the Company")
 confirms that:

There is no unpublished information which constitutes price sensitive
information in respect of the Company's securities.

The Company is therefore exempt during the close period from the provisions of
the Model Code in respect of dealings by persons discharging managerial
responsibilities, purchases of its own securities and the sale of treasury
shares for cash or transfers.  If, in the period leading up to the announcement
of the results, the directors or the Company come into possession of any inside
information, this will be notified to a RIS before any such transactions are
undertaken.

The close period to which this notification relates is in respect of
the financial year ended 31 March 2010.

17 May 2010