Company Montanaro European Smaller Companies Trust plc

Montanaro European Smaller Companies Trust plc is an investment trust. Its objective is to achieve capital growth by investing principally in Continental European quoted smaller companies. The Company invests principally in quoted smaller companies within the European Union, Norway and Switzerland (but is not restricted from investing in smaller companies quoted on other European stock exchanges). It may invest in Companies listed on non-European stock exchanges that derive significant revenues or profits from Europe, European securities, such as global depositary receipts, listed on other international stock exchanges, and debt issued by European governments or denominated in European currencies. Its portfolio includes investments in various sectors, such as information technology, healthcare, industrials, consumer discretionary, financials, consumer staples, communication services, real estate, materials and energy. Its Investment Manager is Montanaro Asset Management Limited.