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 25         
October 2012 was 455.90 pence including current period revenue.                       
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 25         
October 2012 was 450.79 pence excluding current period revenue.                       
                                                                                      
26 October 2012