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 7
March 2011 was 432.88 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 7
March 2011 was 426.38 pence excluding current period revenue.

8 March 2011