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 8
January 2009 was 214.37 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
January 2009 was 207.95 pence excluding current period revenue.

9 January 2009