Director Declaration

Montanaro UK Smaller Companies Investment Trust PLC              

The Company has been informed by Miss Matthews, a Director of Montanaro UK
Smaller Companies Investment Trust PLC, that APERAM, a Luxembourg public
limited company (société anonyme) which was previously unquoted and of which
Miss Matthews is a director, has been admitted to trading on the Luxembourg
Stock Exchange's regulated market. Applications have also been made for the
listing of these shares on the Euronext Paris and Euronext Amsterdam

2 February 2011