Director Shareholding

Montanaro UK Smaller Companies Investment Trust PLC ('MUSCIT').

The Company wishes to announce that Mr C Jones, a Director of MUSCIT, has today
purchased 5,000 Ordinary 10p shares of the Company (representing 0.01% of the
issued class of capital) at a price of 109 pence per share.

Mr Jones is now the beneficial owner of 10,000 Ordinary 10p shares
(representing 0.03% of the issued class of capital).

30.05.03