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 17           
May 2013 was 528.89 pence including current period revenue.                             
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 17           
May 2013 was 520.00 pence excluding current period revenue.                             
                                                                                        
20 May 2013