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 22           
April 2013 was 500.89 pence including current period revenue.                           
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 22           
April 2013 was 493.33 pence excluding current period revenue.                           
                                                                                        
23 April 2013