Director Shareholding

Montanaro UK Smlr Cos Inv Tst PLC
9 November 2001


Montanaro UK Smaller Companies Investment Trust PLC (MUSCIT).

The Company has been informed that Antony Hardy, a Director of MUSCIT,
purchased 5,000 Ordinary shares of the Company on 8 November 2001 at a price
of 154 pence per share.


09.11.01