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 14           
March 2013 was 530.22 pence including current period revenue.                           
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 14           
March 2013 was 523.32 pence excluding current period revenue.                           
                                                                                        
15 March 2013