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 30 June 2014 was 547.24 pence
including current period revenue.                                                                              
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share
of the Company as at 30 June 2014 was 535.47
pence excluding current period revenue.                                                                              
                                                                                
                                                                                
01 July 2014