Net Asset Value(s)

Net Asset Values per share as at close of business on 07 April 2020.

The unaudited net asset values (NAVs) of the Company are noted below (where applicable) in pence per share. NAVs are calculated in accordance with stated policies. Applicable accounting standards and AIC recommendations are followed.

                                                                                              Pence per share      Pence per share

                                                                                              Cum Income           Ex Income

Montanaro European Smaller Companies Trust plc

LEI: 213800CWSC5B8BG3RS21                                               996.59                   986.20

08 April 2020