Closed Period - Compliance with MAR

23rd May 2022

Montanaro European Smaller Companies Trust plc

(the "Company'')

LEI: 213800CWSC5B8BG3RS21

Compliance with Market Abuse Regulation - Closed Period Notification 

The Company announces that it is satisfied that all inside information which the Directors and the Company may have in the period leading up to the announcement of its results for the year ended 31 March 2022 has previously been, and will continue to be, notified to the London Stock Exchange via a regulatory information service and, therefore, dealings by the Company in its own securities are permitted.

The Company further announces that it has today entered the mandatory closed period under the Market Abuse Regulation which will last until the results for the year ended 31 March 2022 are published.

Zahida Hussain

Link Company Matters Limited

Company Secretary

MESCT@linkgroup.co.uk