Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC ('the Company')                    
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 19          
October 2012 was 458.13 pence including current period revenue.                        
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 19          
October 2012 was 453.10 pence excluding current period revenue.                        
                                                                                       
22 October 2012