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         
November 2013 was 543.93 pence including current period revenue.                      
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 22         
November 2013 was 537.75 pence excluding current period revenue.                      
                                                                                      
25 November 2013