Result of Meeting

For

%

Against

%

% Of ISC#

Voted

VotesWithheld

Resolution 1: To authorise the Directors to allot shares.

47,063,607

99.47

250,358

0.53

24.98

217,307

Resolution 2: To approve the disapplication of pre-emption rights (10% authority).*

46,961,660

99.03

460,360

0.97

25.03

109,252

Resolution 3: To authorise the Company to purchase its own shares.*

44,235,290

93.37

3,139,718

6.63

25.01

156,264

Resolution 4: To allow general meetings to be called on not less than 14 days' notice.*

46,862,123

98.86

538,555

1.14

25.02

130,594

1.

All resolutions were passed.

2.

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 "% of ISC voted" for any resolution.

3.

The number of shares in issue at close of business on 21 February 2022 was 189,427,600 Ordinary Shares in issue of £0.05 each. Each Ordinary Share carries one vote. The total voting rights in the Company as at 21 February 2022 were 189,427,600 votes.

4.

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

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

5.

In accordance with listing rule 9.6.2R, a copy of resolutions 1-4 passed at the GM will shortly be submitted to the National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.