Montanaro UK Smaller Companies Investment Trust (MUSCIT)

The Company's shares are fully eligible for inclusion in ISAs and transfers into existing PEPs.

Montanaro European Smaller Companies plc

Please find below the Fund Prospectus for download as well as a Subscription Agreement. All investors should read the Prospectus and the Subscription Agreement carefully before investing and should consult their investment advisor. Montanaro European Smaller Companies plc and its sub-funds are registered for sale in the following jurisdictions: Ireland, France, The Netherlands, Sweden, Switzerland and the UK.

Montanaro European Smaller Companies Trust

The Company's shares are fully eligible for inclusion in ISAs and transfers into existing PEPs.

UK residents can invest in the Company's shares through share savings plans which are administered by Alliance Trust Savings ("ATS").  ATS provides and administers a range of self-select investment plans, including tax-advantaged PEPs, ISAs and SIPPs, and First Steps, an investment plan for children.  More information can be obtained by contacting ATS on 08000 326 323 or visiting www.alliancetrust.co.uk.

Montanaro Focus Fund

The minimum investment is US$100,000 or currency equivalent.

The Focus Fund may only be offered to Professional or Institutional Investors.  In order to receive a copy of the Prospectus or the Application Form please contact us at enquiries@montanaro.co.uk or on +442074488600