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 20
May 2010 was 298.73 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 20
May 2010 was 294.16 pence excluding current period revenue.

21 May 2010