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
October 2010 was 367.15 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 8
October 2010 was 363.75 pence excluding current period revenue.

11 October 2010