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 19         
November 2012 was 448.97 pence including current period revenue.                      
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 19         
November 2012 was 443.64 pence excluding current period revenue.                      
                                                                                      
20 November 2012