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Form of Proxy

MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

Notes

No. Proposition For Against Abstain
1

THAT THE ANNUAL REPORT AND ACCOUNTS OF THE COMPANY FOR THE YEAR ENDED 31ST MARCH 25 BE RECEIVED

2

APPROVE REMUNERATION REPORT

3

THAT THE COMPANYS DIVIDEND POLICY AS SET OUT IN THE ANNUAL REPORT BE APPROVED

4

TO ELECT MS H WILLIAMS AS A DIRECTOR OF THE COMPANY

5

THAT MR R M CURLING, WHO RETIRES ANNUALLY, BE RE-ELECTED AS A DIRECTOR

6

THAT MS C A ROXBURGH, WHO RETIRES ANNUALLY, BE RE-ELECTED AS A DIRECTOR

7

THAT MR G NEILLY, WHO RETIRES ANNUALLY, BE RE-ELECTED AS A DIRECTOR

8

THAT PRICEWATERHOUSECOOPERS LLP BE RE-APPOINTED AS THE COMPANYS AUDITORS, TO HOLD OFFICE FROM THE CONCLUSION OF THIS MEETING UNTIL THE CONCLUSION OF THE NEXT GENERAL MEETING AT WHICH ACCOUNTS ARE LAID BEFORE THE COMPANY

9

THAT THE DIRECTORS BE AUTHORISED TO DETERMINE THE AUDITORS REMUNERATION

10

AUTHORITY TO ALLOT SHARES

11

AUTHORITY TO ALLOT SHARES OTHER THAN ON A PRE-EMPTIVE BASIS

12

AUTHORITY TO BUYBACK SHARES

13

THAT THE COMPANY BE AND IS HEREBY GENERALLY AND UNCONDITIONALLY AUTHORISED TO HOLD GENERAL MEETINGS (OTHER THAN ANNUAL GENERAL MEETINGS) ON 14 CLEAR DAYS NOTICE, SUCH AUTHORITY TO EXPIRE AT THE CONCLUSION OF THE NEXT AGM OF THE COMPANY