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 14
May 2010 was 311.33 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 14
May 2010 was 306.70 pence excluding current period revenue.

17 May 2010