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 22          
October 2013 was 554.76 pence including current period revenue.                        
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 22          
October 2013 was 548.80 pence excluding current period revenue.                        
                                                                                       
23 October 2013