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 4
May 2010 was 312.95 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 4
May 2010 was 308.42 pence excluding current period revenue.

5 May 2010