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 24 March 
2014 was 585.25 pence including current period revenue.

                                                             
The fair value net asset value per Ordinary 10p Share of the Company as at 24 March
2014 was 577.58 pence excluding current period revenue. 


                                                                    
                                                                        
                                                                        
25 March 2014