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 5
October 2009 was 274.76 pence including current period revenue.

The fair value net asset value per Ordinary 10p Share of the Company as at 5
October 2009 was 271.40 pence excluding current period revenue.

6 October 2009