Correction to net asset value announcements

MONTANARO UK SMALLER COMPANIES                         

                     INVESTMENT TRUST PLC ("the Company")                      

Correction to net asset value announcements

The announcements of the fair value net asset value per Ordinary 10p Share of
the Company including current period revenue for the period 27 June - 2 July
2012 inclusive were incorrect, as they did not deduct the Dividend of 6.76p
from the ex-dividend date of 27 June in accordance with AIC guidelines.

The corrections are as follows

          As released     Corrected NAV

27 June   425.08p         418.32p

28 June   423.86p         417.10p

29 June   429.23p         422.47p

2 July    433.15p         426.39p

The fair value net asset value per Ordinary 10p Share of the Company excluding
current period revenue remains unchanged throughout this period.

04 July 2012

Enquiries:

Charles Montanaro 020 7448 8600

Peter Lee Capita Sinclair Henderson 01392 477576