Result of AGM

For

%

Against

%

% Of ISC

Voted#

VotesWithheld

Resolution 1:

To receive the annual report and audited financial statements for the year ended 31 March 2022

83,355,312

99.99%

8,033

0.01%

49.80%

16,191

Resolution 2: To approve the Directors' Remuneration Report.

83,279,364

99.90%

87,399

0.10%

49.80%

12,773

Resolution 3: To approve the Directors' Remuneration Policy.

83,266,732

99.89%

90,399

0.11%

49.80%

22,405

Resolution 4: To approve the Company's dividend policy to continue to pay four quarterly interim dividends

83,361,376

99.98%

18,160

0.02%

49.80%

0

Resolution 5: To re-elect Arthur Copple as a Director of the Company.

82,733,665

99.25%

629,111

0.75%

49.80%

16,760

Resolution 6: To re-elect James Robinson as a Director of the Company.

82,736,665

99.25%

626,111

0.75%

49.80%

16,760

Resolution 7: To re-elect Catriona Hoare as a Director of the Company.

82,742,129

99.26%

620,647

0.74%

49.80%

16,760

Resolution 8: To elect Barbara Powley as a Director of the Company

82,730,512

99.24%

632,264

0.76%

49.80%

16,760

Resolution 9: To re-appoint BDO LLP as Auditor to the Company.

83,281,874

99.92%

63,237

0.08%

49.79%

34,425

Resolution 10: To authorise the Audit and Management Engagement Committee to determine the Auditor's remuneration.

83,339,080

99.95%

39,956

0.05%

49.81%

500

Resolution 11: To authorise the Directors to allot ordinary shares.

83,303,783

99.93%

55,616

0.07%

49.80%

20,137

SPECIAL RESOLUTIONS

Resolution 12 To disapply statutory pre-emption rights.*

83,251,881

99.87%

106,730

0.13%

49.80%

20,925

Resolution 13 To authorise the Company to purchase its own ordinary shares.*

75,096,507

90.08%

8,272,524

9.92%

49.80%

10,505

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 26 July 2022 was 167,379,790 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 167,379,790.

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-uk-smaller-companies-investment-trust/.

8.

In accordance with listing rule 9.6.2R, a copy of resolutions 11-13 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.