Montanaro Regulatory News (MTE)

1.

Details of PDMR / person closely associated with them ("PCA")

a)

Name

Caroline Roxburgh

2.

Reason for the notification

b)

Position / status

Non-executive director

c)

Initial notification / amendment

Initial Notification

3.

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

a)

Name

Montanaro European Smaller Companies Trust plc

b)

LEI

213800CWSC5B8BG3RS21

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

Identification Code

Ordinary Shares of £0.50 each

ISIN: GB0004543517

b)

Nature of the transaction

Purchase - Dividend reinvestment

c)

Price(s) and volume(s)

d)

Aggregated information

Aggregated volume

Price

N/A - Single transaction

e)

Date of the transaction

12/01/2021

f)

Place of the transaction

London Stock Exchange (XLON)