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 11
May 2009 was 227.83 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 11
May 2009 was 226.75 pence excluding current period revenue.

12 May 2009