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 10             
December 2012 was 465.49 pence including current period revenue.                          
                                                                                          
                                                                                          
The fair value net asset value per Ordinary 10p Share of the Company as at 10             
December 2012 was 460.37 pence excluding current period revenue.                          
                                                                                          
11 December 2012