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 10          
January 2014 was 593.35 pence including current period revenue.                        
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 10          
January 2014 was 586.58 pence excluding current period revenue.                        
                                                                                       
13 January 2014