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 03             
December 2012 was 460.05 pence including current period revenue.                          
                                                                                          
                                                                                          
The fair value net asset value per Ordinary 10p Share of the Company as at 03             
December 2012 was 454.83 pence excluding current period revenue.                          
                                                                                          
04 December 2012