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 
06 January 2015 was 526.58 pence including current period revenue.         
                                                                            
                                                                                
                                                                                
The fair value net asset value per Ordinary 10p Share of the Company as at 
06 January 2015 was 518.67 pence excluding current period revenue.          
                                                                     
                                                                                
                                                                                
07 January 2015