2020 AGM Update

MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

("THE COMPANY")

LEI: 213800CWSC5B8BG3RS21

ANNUAL GENERAL MEETING 2020 - UPDATE

As announced on 18 June 2020, the Company's Annual General Meeting ("AGM") will be held at 12.30pm on 10 September 2020. In accordance with the provisions introduced under the Corporate Insolvency and Governance Act 2020, resulting from the Covid-19 pandemic, the AGM will be held on a closed basis by electronic or telephonic means. Shareholders, other than those forming the quorum, will not be permitted to attend the meeting.

Shareholders who wish to vote must submit a valid form of proxy and are strongly encouraged to appoint the "Chair of the meeting" as their proxy, rather than a named person, who will not be permitted to attend the meeting.

To ensure that shareholders still have an opportunity to engage with the Company's Board and Manager, the Manager will post a video, in the format of the usual presentation held at the AGM, on the Company's website https://montanaro.co.uk/trust/montanaro-european-smaller-companies-trust/ on 1 September 2020. If shareholders would like to ask questions for the Board or Manager to respond to in the presentation, please submit these questions via e-mail to the Company Secretary at [email protected] no later than close of business on 24 August 2020.

There are no further changes to the previously notified details of the AGM.

We hope shareholders will understand the need for this restriction in the interests of the health and well-being of all shareholders.

Georgina Gearing-Bell

Link Company Matters Limited

Company Secretary

T: 020 7954 9531

[email protected]