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 25          
October 2013 was 553.73 pence including current period revenue.                        
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 25          
October 2013 was 547.65 pence excluding current period revenue.                        
                                                                                       
28 October 2013