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 26 June 2014 was 543.37 pence 
including current period revenue.                                                                              
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share 
of the Company as at 26 June 2014 was 531.54 pence 
excluding current period revenue.                                                                              
                                                                                
                                                                                
27 June 2014