Result of AGM

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

At the Annual General Meeting held today, the following Ordinary Resolutions were passed on a show of hands, the proxy votes received were:

1. To receive the Strategic Report, the Reports of the Directors and the Auditor and the audited financial Statements for the year ended 31 March 2015.

Votes for: 18,029,080

Votes against: 0

Votes at the Chairman’s discretion: 0

Votes withheld: 0

2. To receive and approve the Directors’ Remuneration Report for the year ended 31 March 2015.

Votes for: 17,637,685

Votes against: 2,600

Votes at the Chairman’s discretion: 0

Votes withheld: 388,795

3. To declare a final dividend of 8.9p per Ordinary share for the year ended 31 March 2015.

Votes for: 18,029,080

Votes against: 0

Votes at the Chairman’s discretion: 0

Votes withheld: 0

4.  To elect Kate Bolsover as a Director of the Company.

Votes for: 18,023,480

Votes against: 5,600

Votes at the Chairman’s discretion: 0

Votes withheld: 0

5. To re-elect Kathryn Matthews as a Director of the Company

Votes for: 18,026,080

Votes against: 3,000

Votes at the Chairman’s discretion: 0

Votes withheld: 0

6. To re-appoint KPMG LLP as Auditor to the Company and to authorise the Directors to determine their remuneration.

Votes for: 13,839,313

Votes against: 4,189,767

Votes at the Chairman’s discretion: 0

Votes withheld: 0

In addition the following Resolutions were passed on a show of hands as Special Business of which Resolutions 7, 9 and 11 were Special Resolutions. The proxy votes received were:

7. To authorise the Directors to make market purchases of the Company’s own Ordinary shares.

Votes for: 18,023,462

Votes against: 5,618

Votes at the Chairman’s discretion: 0

Votes withheld: 0

8. To authorise the Directors to allot relevant securities in accordance with Section 551 of the Companies Act 2006.

Votes for: 16,794,980

Votes against: 1,234,100

Votes at the Chairman’s discretion: 0

Votes withheld: 0

9. To allot equity securities for cash and to disapply pre-emption rights, in accordance with Sections 570 and 573 of the Companies Act 2006.

Votes for: 18,023,480

Votes against: 5,600

Votes at the Chairman’s discretion: 0

Votes withheld: 0

10. To authorise the Directors in certain circumstances to issue shares held in Treasury at a discount to NAV.

Votes for: 16,585,911

Votes against: 1,443,169

Votes at the Chairman’s discretion: 0

Votes withheld: 0

11. To hold a General Meeting other than an Annual General Meeting on not less than 14 clear days’ notice.

Votes for: 17,568,979

Votes against: 460,101

Votes at the Chairman’s discretion:  0

Votes withheld: 0

In response to shareholder concerns regarding the tenure of the incumbent Auditor, the Board has resolved to review the position later on this year.