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 31         
December 2012 was 473.60 pence including current period revenue.                      
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 31         
December 2012 was 468.64 pence excluding current period revenue.                      
                                                                                      
02 January 2013