MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC ("the Company")

The Company announces that James Robinson, a non-executive Director of the
Company, purchased 2,500 ordinary shares at a price of £5.10p each on 7 January
2014.

As a result of this transaction Mr James Robinson has an interest in 2,500
ordinary shares representing 0.07% of the issued ordinary shares.

7 January 2014