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 12 March 2014 was 595.42 pence 
including current period revenue.                                       
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share 
of the Company as at 12 March 2014 was 587.72 pence 
excluding current period revenue.                                
       
                                                                        
13 March 2014