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 20        
September 2013 was 545.46 pence including current period revenue.                    
                                                                                     
                                                                                     
The fair value net asset value per Ordinary 10p Share of the Company as at 20        
September 2013 was 539.67 pence excluding current period revenue.                    
                                                                                     
23 September 2013