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 22 July 2014 was 530.66 pence
including current period revenue.                                                                              
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share
of the Company as at 22 July 2014 was 525.35 pence
excluding current period revenue.                                                                              
                                                                                
                                                                                
23 July 2014