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 24             
December 2012 was 468.59 pence including current period revenue.                          
                                                                                          
                                                                                          
The fair value net asset value per Ordinary 10p Share of the Company as at 24             
December 2012 was 463.54 pence excluding current period revenue.                          
                                                                                          
27 December 2012