Transaction in Own Shares

MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

LEI: 213800Z7ABM7RLQ41516

TRANSACTION IN OWN SHARES

Montanaro European Smaller Companies Trust plc (the "Company") today purchased 50,000 of its own Ordinary shares at a price of 155.75 pence per share, to be held in Treasury.

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

187,827,600 Issued Ordinary Shares (excluding Treasury shares)

1,600,000 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 187,827,600 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