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 24           
May 2013 was 519.87 pence including current period revenue.                             
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 24           
May 2013 was 510.74 pence excluding current period revenue.                             
                                                                                        
28 May 2013