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 14 May 2014 was 564.22 pence 
including current period revenue.                                                                               
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share 
of the Company as at 14 May 2014 was 554.77 pence 
excluding current period revenue.                                                                               
                                                                                
                                                                                
15 May 2014