Transaction in Own Shares

Montanaro European Smaller Companies Trust PLC ('the Company')

LEI: 213800CWSC5B8BG3RS21

Transaction in Own Shares

In accordance with Rule 5.6.1A of the Financial Conduct Authority's ('FCA') Disclosure Guidance and Transparency Rules, the Company announces that it has today purchased 31,786 Ordinary shares at a price of 170.03p per share. These shares will be held in Treasury.

Following the transaction, the Company's issued share capital comprises 189,427,600 Ordinary shares, of which 30,283,218 Ordinary shares are held in Treasury. Therefore, the total number of Ordinary shares with voting rights is 159,144,382.

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 159,144,382 when determining if they are required to notify their interest in, or a change to their interest, in the Company.

For further information, please contact:

Juniper Partners Limited

Company Secretary

email: [email protected]

Telephone: 0131 378 0500