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 
28 January 2015 was 535.72 pence including current period revenue.   
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company as at 
28 January 2015 was 527.60 pence excluding current period revenue.           

                                                                                
29 January 2015