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 28 February 2014
was 605.32 pence including current period revenue.                                                                      
                                                                        
                 
The fair value net asset value per Ordinary 10p Share of the Company as at 28 February 2014
was 598.26 pence excluding current period revenue.                                                                      
                                                                        
                                                                        
03 March 2014