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 29
October 2010 was 379.91 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 29
October 2010 was 374.71 pence excluding current period revenue.

1 November 2010