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 November 2014 was 504.92 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company 
as at 03 November 2014 was 497.62 pence excluding current period revenue.
                                                                                                                                                                                                          
04 November 2014