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 27             
December 2012 was 469.35 pence including current period revenue.                          
                                                                                          
                                                                                          
The fair value net asset value per Ordinary 10p Share of the Company as at 27             
December 2012 was 464.33 pence excluding current period revenue.                          
                                                                                          
28 December 2012