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 7
July 2009 was 220.39 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 7
July 2009 was 218.54 pence excluding current period revenue.

8 July 2009