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 24 February 2014
was 600.53 pence including current period revenue.                                                                      
                                                                        
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 24 February 2014 
was 593.64 pence excluding current period revenue.                                                                      
                                                                        
                                                                        
25 February 2014