Transaction in Own Shares

MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

LEI: 213800CWSC5B8BG3RS21

TRANSACTION IN OWN SHARES

Montanaro European Smaller Companies Trust plc (the "Company") today purchased 32,915 of its own Ordinary shares at a price of 153.487 pence per share, to be held in Treasury.

Following the transaction, the Company's share capital comprises:

179,924,679 Issued Ordinary Shares (excluding Treasury shares)

9,502,921 Ordinary shares held in Treasury

189,427,600 Issued Ordinary Shares (including Treasury shares)

For reporting purposes under the FCA's Disclosure Guidance and Transparency Rules the market should exclude any Ordinary shares held in Treasury and should use the figure 179,924,679 when determining if they are required to notify their interest in, or a change to their interest, in the Company.

Juniper Partners Limited

Company Secretary

Enquiries: 0131 378 0500