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 22 June 2015 was 603.62 pence including current period revenue. The fair value net asset value per Ordinary 10p Share of the Company as at 22 June 2015 was 590.62 pence excluding current period revenue. 23 June 2015