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 12 December 2014 
was 506.46 pence including current period revenue.                                                                                                                                                                                                                                             
The fair value net asset value per Ordinary 10p Share of the Company as at 12 December 2014 
was 498.35 pence excluding current period revenue.                                                                                                                                                             
                                                                                
15 December 2014