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 21           
February 2013 was 508.06 pence including current period revenue.                        
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 21           
February 2013 was 502.48 pence excluding current period revenue.                        
                                                                                        
22 February 2013