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 June 2014 was 544.85 pence including current period revenue.
                                                                           
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company
as at 20 June 2014 was 533.28 pence excluding current period revenue

                     
                                                                                
23 June 2014