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 14
August 2009 was 246.09 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 14
August 2009 was 243.67 pence excluding current period revenue.

17 August 2009