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 18 February 2014
was 590.42 pence including current period revenue.                                                                      
                                                                        
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 18 February 2014
was 583.43 pence excluding current period revenue.                                                                      
                                                                        
                                                                        
19 February 2014