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 9
March 2011 was 433.16 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 9
March 2011 was 425.93 pence excluding current period revenue.

10 March 2011