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 October 2014 was 478.48 pence including current period revenue.                                                                                                                                                      
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company 
as at 15 October 2014 was 471.72 pence excluding current period revenue.                                                                                                                                                              
                                                                                
16 October 2014