Montanaro UK Smaller Investment Trust : Change of Auditor and Board Committee structure

Montanaro UK Smaller Companies Investment Trust plc

(the 'Company'')

LEI: 213800UDDXXTXIF29P85

NOTIFICATION OF CHANGE OF AUDITOR AND BOARD COMMITTEE STRUCTURE

The Company announces that following a formal tender process, the Board has approved the proposed appointment of BDO LLP ('BDO') as auditors to the Company for the financial year ending 31 March 2021.

The appointment of BDO will be recommended to shareholders for approval at the Company's Annual General Meeting in July 2020. Ernst & Young LLP ('EY') will continue in its role as external auditor to the Company for the current year ending 31 March 2020.

EY, which has provided audit services to the Company since July 2016, did not participate in the tender process. Further disclosure on the formal competitive tender process conducted by the Audit and Management Engagement Committee will be set out in the Company's 2020 Annual Report.

The Company also announces that following a review of its Board Committee structure and composition, it has decided to rationalise the structure of its Board Committees to amalgamate the Nomination Committee and Remuneration Committee.

The newly constituted Nomination and Remuneration Committee will be chaired by Arthur Copple and its membership will be comprised of all current Non-executive Directors, being James Robinson and Catriona Hoare.

Anne-Marie Wells

Link Company Matters Limited

Company Secretary

T: 020 7954 9685

[e-mail]