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 2
February 2009 was 201.49 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 2
February 2009 was 194.97 pence excluding current period revenue.

3 February 2009