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 
29 January 2015 was 533.93 pence including current period revenue.                                                                               
                                                                                
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company as at 
29 January 2015 was 525.71 pence excluding current period revenue.                                                                               
                                                                                
                                                                                
30 January 2015