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 11         
January 2013 was 489.14 pence including current period revenue.                       
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 11         
January 2013 was 484.09 pence excluding current period revenue.                       
                                                                                      
14 January 2013