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 15 April 2014 was 561.27 pence 
including current period revenue.                                                                             
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share 
of the Company as at 15 April 2014 was 552.83 pence 
excluding current period revenue.                                                                             
                                                                                
                                                                                
16 April 2014