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 March 2014 
was 600.35 pence including current period revenue.                                                                     
                                                                        
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share 
of the Company as at 10 March 2014 
was 593.03 pence excluding current period revenue.                                                                     
                                                                        
                                                                        
11 March 2014