Statement re: listing rules

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC              

The Directors of Montanaro UK Smaller Companies Investment Trust PLC (the
'Company') note the publication of the Investment Entities (Listing Rules and
Conduct of Business) Instrument 2003 and announce that it is the Company's
policy to invest no more than 15% of its gross assets in other listed
investment companies (including listed investment trusts).

20 October 2003