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 20           
February 2013 was 513.30 pence including current period revenue.                        
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 20           
February 2013 was 507.70 pence excluding current period revenue.                        
                                                                                        
21 February 2013