Notification of Transactions by

Persons Discharging Managerial Responsibilities and

Persons Closely Associated with them

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Arthur Copple

2

Reason for the notification

a)

Position/status

Director

b)

Initial notification /Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Montanaro UK Smaller Companies Investment

Trust plc

b)

LEI

213800UDDXXTXIF29P85

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary Shares

Identification code

GB00BZ1H9L86

b)

Nature of the transaction

Acquisition

c)

Price(s) and volume(s)

Price(s)

Volume(s)

£1.004

25,000

d)

Aggregated information

- Aggregated volume

25,000

- Price

£25,100

e)

Date of the transaction

16.01.25

f)

Place of the transaction

XLON