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 19 August 2014 was 547.81 pence
including current period revenue.                                                                                
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share
of the Company as at 19 August 2014 was 542.50 pence
excluding current period revenue.                                                                                
                                                                                
                                                                                
20 August 2014