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 15          
January 2014 was 594.80 pence including current period revenue.                        
                                                                                       
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 15          
January 2014 was 587.97 pence excluding current period revenue.                        
                                                                                       
16 January 2014