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 
03 February 2015 was 539.91 pence including current period revenue.                                                                              
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company as at 
03 February 2015 was 531.76 pence excluding current period revenue.                                                                                                                                                              
                                                                                
04 February 2015