Montanaro Regulatory News (MTE)

ORDINARY RESOLUTIONS

For

%

Against

%

% Of ISC#

Voted

VotesWithheld

Resolution 1:

To receive the annual report and audited financial statements for the year ended 31 March 2023.

46,844,812

99.95

13,859

0.03

24.75

25,252

Resolution 2: To approve the Directors' Remuneration Policy.

46,396,462

99.25

343,155

0.73

24.75

144,306

Resolution 3: To approve the Directors' Remuneration Report.

46,455,300

99.27

334,159

0.71

24.75

94,464

Resolution 4: To approve the final dividend.

46,744,115

99.68

132,258

0.28

24.75

350

Resolution 5: To re-elect Richard Curling as a Director of the Company.

45,756,720

97.87

987,558

2.11

24.75

139,645

Resolution 6: To re-elect Caroline Roxburgh as a Director of the Company.

40,741,487

87.15

6,000,791

12.84

24.75

141,645

Resolution 7: To re-elect Gordon Neilly as a Director of the Company.

45,770,181

97.90

972,097

2.08

24.75

141,645

Resolution 8: To re-appoint PWC LLP as Auditor to the Company.

41,732,751

89.02

5,140,342

10.96

24.75

10,830

Resolution 9: To authorise the Directors to determine the Auditor's remuneration.

46,670,559

99.53

211,820

0.45

24.75

1,544

Resolution 10: To authorise the Directors to allot ordinary shares.

46,713,518

99.69

136,095

0.29

24.75

34,310

SPECIAL RESOLUTIONS

Resolution 11 To disapply statutory pre-emption rights.

46,577,250

99.41

267,403

0.57

24.75

39,270

Resolution 12 To authorise the Company to purchase its own ordinary shares.

41,804,365

89.21

5,047,092

10.77

24.75

32,466

1.

All resolutions were passed.

2.

Proxy appointments which gave discretion to the Chairman of the AGM have been included in the "For" total for the appropriate resolution.

3.

Votes "For" and "Against" any resolution are expressed as a percentage of votes validly cast for that resolution.

4.

A "Vote withheld" is not a vote in law and is not counted in the calculation of the percentage of shares voted "For" or "Against" any resolution, nor in the calculation of the proportion of "ISC voted" for any resolution.

5.

The number of shares in issue at close of business on 6 September 2023 was 189,427,600 ordinary shares, carrying one vote each. The Company did not hold any shares in treasury and therefore the number of total voting rights as at the date of the AGM was 189,427,600.

6.

The proportion of "ISC voted" for any resolution is the total of votes validly cast for that resolution (i.e. the total votes "For" and "Against" that resolution) expressed as a percentage of the Issued Share Capital.

7.

The full text of the resolutions passed at the AGM can be found in the Notice of Annual General Meeting which is available on the Company's website at

https://montanaro.co.uk/trust/montanaro-european-smaller-companies-trust/.

8.

In accordance with listing rule 9.6.2R, a copy of resolutions 10 - 12 passed at the AGM will shortly be submitted to the National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.