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 29           
April 2013 was 511.57 pence including current period revenue.                           
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 29           
April 2013 was 503.81 pence excluding current period revenue.                           
                                                                                        
30 April 2013