Director Shareholding

Montanaro UK Smaller Companies Investment Trust PLC

The Company has today been informed that Antony Hardy, a Director of the
Company, purchased 5,000 Ordinary 10p shares of the Company on 28 May 2002 at a
price of 172 pence per share. Following this purchase, Mr Hardy has a total
holding of 10,000 Ordinary 10p shares, representing 0.03% of the issued class
of capital.

29.5.02