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 18           
July 2013 was 519.88 pence including current period revenue.                            
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 18           
July 2013 was 515.77 pence excluding current period revenue.                            
                                                                                        
19 July 2013