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 2013 was 572.76 pence including current period revenue.                       
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 31          
December 2013 was 565.96 pence excluding current period revenue.                       
                                                                                       
02 January 2014