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 17         
February 2014 was 586.17 pence including current period revenue.                      
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 17         
February 2014 was 579.17 pence excluding current period revenue.                      
                                                                                      
18 February 2014