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 21 October 2014 was 495.12 pence including current period revenue.                                                                               
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company 
as at 21 October 2014 was 487.96 pence excluding current period revenue.                                                                               
                                                                                
                                                                                
22 October 2014