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 31         
January 2014 was 581.16 pence including current period revenue.                       
                                                                                      
                                                                                      
The fair value net asset value per Ordinary 10p Share of the Company as at 31         
January 2014 was 574.19 pence excluding current period revenue.                       
                                                                                      
03 February 2014