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 07 March 2014 was 
601.75 pence including current period revenue.                                                                     
                                                                        
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 07 March 2014 was 
594.39 pence excluding current period revenue.                                                                     
                                                                        
                                                                        
10 March 2014