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 12
December 2008 was 199.36 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 12
December 2008 was 193.80 pence excluding current period revenue.

15 December 2008