Portfolio Update

Montanaro European Smaller C.TstPLC
08 October 2007

          
To:       RNS
From:     Montanaro European Smaller Companies Trust plc
Date:     8 October 2007

Listing Rule 15.5.1 (4)

In accordance with Listing Rule 15.5.1 (4), Montanaro European Smaller Companies
Trust plc (the 'Company') announces that it is satisfied that all inside
information which the Directors and the Company may have to 1 October 2007 has
previously been notified and, therefore, the dealings referred to in LR 15.5.1
(3) are permitted.


Name of contact and telephone number for enquiries:

G R Hay Smith
F&C Investment Business Limited
0131 718 1018


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