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
February 2009 was 197.94 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 26
February 2009 was 191.23 pence excluding current period revenue.

27 February 2009