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 30 September 2014 was 521.91 pence
including current period revenue.                                                                             
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share
of the Company as at 30 September 2014 was 515.22 pence
excluding current period revenue.                                                                             
                                                                                
                                                                                
01 October 2014