Result of AGM

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

At the Annual General Meeting held today, the following Ordinary Resolutions
were passed:

 1. To receive the audited accounts for the period ended 31 March 2010,
    together with the report of the Directors and Auditors thereon.
   
Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

 2. To receive and approve the Directors' remuneration report:
   
Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

 3. To declare a final dividend of 3.20p per Ordinary share
   
Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

 4. To re-elect David Gamble as Director of the Company
   
Votes for: 26,582,439

Votes against: 219,185

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

 5. To re-elect Michael Moule as Director of the Company
   
Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

6. To elect Kathryn Matthews as Director of the Company

Votes for: 26,795,374

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 6,250

7. To re-appoint KPMG Audit Plc as Auditors to the Company and to authorise the
Directors to determine their remuneration

Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

In addition the following Resolutions were passed as Special Business of which
Resolutions 8, 10, 11 and 12 were Special Resolutions

8. To authorise the Directors pursuant to section 701 of the Companies Act 2006
to make market purchases of the Company's own Ordinary shares

Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0

9. To authorise the Directors pursuant to section 551 of the Companies Act to
allot relevant securities up to one-third of issued Ordinary share capital

Votes for: 26,643,829

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 157,795

10. To authorise the Directors pursuant to section 570 and section 573 of the
Companies Act 2006 to allot equity securities up to 10% of the current issued
share capital

Votes for: 24,904,302

Votes against: 12,322

Votes at the Chairman's discretion: 217,645

Votes withheld: 1,885,000

11. To authorise the Directors to issue shares held in Treasury at a discount
to NAV.

Votes for: 23,737,777

Votes against: 1,279,056

Votes at the Chairman's discretion: 217,645

Votes withheld: 1,784,791

12. To authorise pursuant to section 28 of the Companies Act 2006 amendments to
the Company's' Articles of Association

Votes for: 26,801,624

Votes against: 0

Votes at the Chairman's discretion: 217,645

Votes withheld: 0