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           
March 2013 was 534.63 pence including current period revenue.                           
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 18           
March 2013 was 527.79 pence excluding current period revenue.                           
                                                                                        
19 March 2013