Form of Proxy

MONTANARO EUROPEAN SMALLER COMPANIES TRUST PLC

BD Client Code:

Client Name:

Number of Shares Held in a BD Nominee Company:

No.	Proposition		For	Against	Abstain
1	THAT THE COMPANY BE AUTHORISED TO MAKE MARKET PURCHASES OF UP TO 10 PERCENT OF ITS ORDINARY SHARES PURSUANT TO ONE OR MORE TENDER OFFERS