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 20 October 2014 was 487.38 pence including current 
period revenue.              
                                                  
The fair value net asset value per Ordinary 10p Share of the 
Company as at 20 October 2014 was 480.20 pence excluding current 
period revenue.                                 

                                
21 October 2014