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 12
January 2010 was 293.22 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 12
January 2010 was 290.76 pence excluding current period revenue.

13 January 2010