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 22         
November 2012 was 454.99 pence including current period revenue.                      
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 22         
November 2012 was 449.71 pence excluding current period revenue.                      
                                                                                      
23 November 2012