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 13 October 2014 was 481.32 pence including current period revenue.
                                                                                
The fair value net asset value per Ordinary 10p Share of the 
Company as at 13 October 2014 was 474.54 pence excluding current period revenue. 
                                                                                
                                                                                
14 October 2014