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 11 June 2014 was 562.74 pence 
including current period revenue.                                                                              
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share 
of the Company as at 11 June 2014 was 551.24 pence 
excluding current period revenue.                                                                              
                                                                                
                                                                                
12 June 2014