Net Asset Value(s)

Net Asset Values per share as at close of business on 28 July 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                                               1,325.32                   1,314.59

29 July 2020