Purchase of Own Securities

Montanaro UK Smaller Companies Investment Trust PLC
19 November 1999

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC

The Company announces that on 18 November 1999 it repurchased in the market,
for cancellation, 2,400,000 ordinary shares at a price of 156p per share.

The repurchase will reduce the number of ordinary shares in issue to
40,101,048.