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 9
April 2009 was 204.17 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 9
April 2009 was 203.76 pence excluding current period revenue.

14 April 2009