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 17 June 2014 was 535.38 pence 
including current period revenue.                                                                              
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share 
of the Company as at 17 June 2014 was 523.95 pence 
excluding current period revenue.                                                                              
                                                                                
                                                                                
18 June 2014