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 16 July 2014 was 532.21 pence
including current period revenue.                      

                    
The fair value net asset value per Ordinary 10p Share
of the Company as at 16 July 2014 was 526.82 pence
excluding current period revenue.         

                                      
17 July 2014