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           
August 2013 was 538.92 pence including current period revenue.                          
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 22           
August 2013 was 534.23 pence excluding current period revenue.                          
                                                                                        
23 August 2013