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 23
September 2010 was 358.05 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 23
September 2010 was 354.95 pence excluding current period revenue.

24 September 2010