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 20 March 2014 was 588.86 pence 
including current period revenue.                                                                     
                                                                        
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share 
of the Company as at 20 March 2014 was 581.14 pence 
excluding current period revenue.                                                                     
                                                                        
                                                                        
21 March 2014