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 30           
January 2013 was 491.97 pence including current period revenue.                         
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 30           
January 2013 was 486.37 pence excluding current period revenue.                         
                                                                                        
31 January 2013