MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC (the "Company")

Result of AGM

Montanaro European Smaller Companies Trust plc announces that, at the Annual General Meeting held on 27 July 2017, all 14 resolutions proposed were duly passed.

The full text of the resolutions can be found in the Notice of Annual General Meeting set out in the Annual Report and Accounts of the Company for the year ended 31 March 2017, which has been submitted to the National Storage Mechanism and is available for inspection at www.morningstar.co.uk/uk/nsm

The Board of Directors notes that in relation to resolution 7 (re-election of Mr R B M Graham) and resolution 8 (re-election of Mr R A Hammond-Chambers) that a significant minority of shareholders voted against these resolutions.

The Board will continue to engage with shareholders in this regard. As explained in the Company's Annual Report, the Company has embarked upon a period of Board refreshment and intends to communicate further with shareholders in due course.

All Enquiries:

F&C Investment Business Limited

Company Secretary

020 7628 8000