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 21
December 2009 was 283.75 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 21
December 2009 was 281.61 pence excluding current period revenue.

22 December 2009