Director Shareholding

Montanaro UK Smlr Cos Inv Tst PLC
21 November 2001

Montanaro UK Smaller Companies Investment Trust PLC (MUSCIT).

The Company was yesterday informed that Peter Griffiths, a Director of MUSCIT,
purchased 6,000 Ordinary shares of the Company on 20 November 2001 at a price
of 161 pence per share.


21.11.01