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 07                 
December 2012 was 464.80 pence including current period revenue.                              
                                                                                              
                                                                                              
The fair value net asset value per Ordinary 10p Share of the Company as at 07                 
December 2012 was 459.64 pence excluding current period revenue.                              
                                                                                              
10 December 2012