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 21           
March 2013 was 532.88 pence including current period revenue.                           
                                                                                        
                                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 21           
March 2013 was 526.05 pence excluding current period revenue.                           
                                                                                        
22 March 2013