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 27
March 2009 was 195.86 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 27
March 2009 was 188.47 pence excluding current period revenue.

30 March 2009