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 25
May 2010 was 291.08 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 25
May 2010 was 286.55 pence excluding current period revenue.

26 May 2010