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 22 October 2014 was 497.44 pence including current period revenue. 
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the 
Company as at 22 October 2014 was 490.30 pence excluding current period revenue.   
                                                                                
                                                                                
23 October 2014