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 26          
May 2015 was 604.54 pence including current period revenue.                            
                                                                                       
The fair value net asset value per Ordinary 10p Share of the Company as at 26          
May 2015 was 592.57 pence excluding current period revenue.                            
                                                                                       
                                                                                       
                                                                                       
27 May 2015